Cabarrus County North Carolina Market Update for:

Real Estate Market Update

Single Family Homes in Cabarrus County North Carolina Area 11 including:

Cabarrus Neighborhoods: Ashebrook, Beaver Pond, Beverly Hills, Bradford Park, Braxton Estates, Cabarrus Crossing, Canterfield, Central Park, Christenbury Mews, Cochran Farms, English Woods, Falcon Chase, Glen Grove, Governors Pointe, Greystone, Harbour Towne, Havenbrook, Hawick Commons, Heatherstone, Hidden Pond, Highland Creek, Highland Street Commons, Kellswater Bridge, Landsdowne, Magnolia Springs, Mallard Pointe, Mission Hills, Morris Glen, Moss Creek, Mountain Laurel, Paradise Estates, Park Place, Parkwood, Providence Manor, Quail Hollow, Ramsgate, Remington Estates, Roberta Farms, Rocky River Crossing, Rocky River Plantation, Shenandoah Estates, Shiloh Village, Skybrook North Villages, Southern Chase, The Farm at Riverpointe, Victoria Park, Winding Walk & Yate Meadow.

Data gathered for August 1- August 31, 2009

New Listings

In August, 346 single family listings were added to the inventory of homes for sale in area 11. This was a 4.85% increase from July and a decrease of 18.97% from the past year.

Pending Sales

158 single family detached homes received a contract in August. This was 27.52% lower than those written the year prior and 26.51% fewer than were written in August 2007.

Sold Listings

129 homes closed in Area 11 of Charlotte in August. Closings for August were down 22.29% compared to 2008 and down 46.91% compared with 2007.

Average Sold Price

In August, single family detached homes that sold in area 11 sold at an average of $197,769 which was a 7.92% increase than in July and a decrease of 13.17% when compared to August 2008. This is also an increase of 2.21% over August 2006. The year to todate average sold price is $182,336 compared to the YTD sold price for 2008 of $201,003.

Days on Market

Of the homes which closed in August in Cabarrus County, the average days on market was 110, a 7.84% increase from a year prior. 77 listings sold in less than 100 days while 52 sold in 100 days or greater.

Seller Concessions

71 of the 129 (55%) homes which sold in in August offered the buyer a seller concession. Of those properties, the concessions averaged $4,425.

Tax Value as compared to Sold Price

112 of the homes that closed in Area 11 of Cabarrus County in August had a tax value assigned. Those listings sold at 90.20% of their listed tax values. 87 sold below tax value, with the lowest being a property which sold at 22.46% of tax value. There were 2 properties selling well over tax value (normally new construction or extreme renovations) with these unusually high factors removed the average drops to 84.61% of tax value.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 11 of Cabarrus County was $192,334. This averages to 90.09% of the original listing price with concessions and 91.40% without concessions. Sellers whose property sold in less than 100 days received 93.16% of their original asking price, while sellers needing more than 100 days received only 85.54%.

Buyer Financing

Of the closings in Cabarrus County in August, 65 used conventional financing, 41 FHA, and 19 paid cash, 2 utilized VA form of financing, 1 used Owner Financing and 1 Assumed the loan of the seller.

Jonathan Osman
Charlotte Real Estate