Local Area Report Update (Q3-07)

By
Real Estate Agent with Lincolnton, NC

Market Index - Q3-07

On a scale of 1 - 5 (1 being a Buyer's Market and 5 being a Seller's Market), the current market index is a 2.

Labor Market:

Employment declined by 308 jobs in July and August. The job losses brought about an increase in the average monthly unemployment rate from 5% to 5.6% in the first two months of this quarter. Despite the job losses, the job situation in Lincoln County still remains a strong factor and should continue to increase the demand for housing. Both historically low mortgage rates and a steady job market should help to keep the market moving.

Housing Market: ***

  

Q2-07

Q3-07

Q4-07

(forecast)

Average Price

$310,400

$278,300

UP

# Homes on the Market *

563

560

Down

# Homes Sold **

167

177

Same

# New Homes Built ***

176

107

Same

Avg # of Days on Market

84

81

Up

* Available as of Mar. 31, 2007.

** May not add to total of zip codes.

*** During the first two months of 1st quarter.

 

 

 

Data by Zip Codes for Q3 2007++

Zip Codes

Average Price

Price Change

***

Total # Homes Sold (Quarter)

% Change in # Homes Sold

***

Average Days on Market

% of Asking Price (Sold/List Price)

28033

$94,000

-39.28%

3

0.00%

68

100.4%

28037

$420,700

-14.46%

77

-1.28%

68

98.5%

28080

$150,300

-25.19%

7

-36.36%

85

96.0%

28092

$145,600

2.90%

54

-25.00%

95

95.9%

28168

$136,900

35.95%

6

-25.00%

174

94.9%

OTHER

$228,000

4.97%

30

-11.76%

75

98.4%

  *** % Change of current quarter compared to the same quarter a year ago.

++ Source: Carolina Multiple Listing Services, Inc. and the National Association of Realtors®
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