The real estate market in Cabarrus County isn't all doom and gloom. Compared to many parts of the country we have a lot to be happy about. Here are a few statistics compiled by the Carolina Multiple Listing Service to prove my point.
The average sales price of Single Family Homes in Cabarrus County has risen from $184,159 (YTD Average 1/1/06 to 9/30/06) to $198,773 (YTD Average 1/1/07 to 9/30/07). That is an increase of nearly 8%!
The average days on the market for Single Family Homes in Cabarrus County has remained almost unchanged. Between 1/1/06 & 9/30/06 the average days on market were 76, compared to 79 average days on market between 1/1/07 & 9/30/07.
The average percentage of list price compared to sales price has also remained nearly unchanged, 98.27% from 1/1/06 to 9/30/06, compared to 97.73% from 1/1/07 to 9/30/07.
There has been a slight increase in new Cabarrus County Single Family listings from 3594 (1/1/06 - 9/30/06) to 3748 (1/1/07 & 9/30/07), while there was a decrease in Single Family Homes under contract (2508 to 2336) and Single Family Homes sold (2469 to 2104) during the same period. Although, the real estate market in Cabarrus County is slightly slower so far in 2007 as compared to the same period in 2006, we still have one of the hottest real estate markets in the country.
My advice for potential buyers in the Cabarrus County market is to go ahead and buy a home if the time is right for you personally...the mortgage interest rates are good and the home prices in our area aren't getting any lower. My advice for potential sellers in the Cabarrus County market, is to list your home if you need to sell it, there are still buyers out there.
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