Cabarrus County NC Single Family Market Report - October 2007/2008 Comparison

I thought that it would be interesting to compare the Cabarrus County NC single family home market during October 2008 with that during October 2007, here is what I found.

NEW LISTING INFORMATION: During 10/2008 there were 315 new listings with an average list price of $258,971 - compared to 423 new listings during 10/2007 with an average list price of $243,607.

UNDER CONTRACT INFORMATION: There were 127 homes under contract during 10/2008 with an average list price of $165,157 - compared to 217 under contract in 10/2007 with an average list price of $200,483.

SOLD INFORMATION: There were 122 homes sold in 10/2008 with an average sales price of $187,417 (96.61% of list price) - compared to 170 sold in 10/2007 with an average sales price of $201,494 (98.21% of list price).

Based on this information, once could conclude that:

• There were approximately 25% less new listings put on the market in Cabarrus County during October 2008 than during October 2007.
• The average Cabarrus County new listing price during October 2008 increased by a little more than 6% above the average new listing price during October 2007.
• Cabarrus County had approximately 40% less homes under contract with an approximately 17% lower average list price during October 2008 than during October 2007. (YIKES THAT ONE HURTS!)
• There were approximately 28% less homes sold(closed) at approximately 7% lower sales price in Cabarrus County during October 2008 than during October 2007. (NOT great either!)

We are DEFINITELY in a Buyer's market and there are some great bargains to be had right now. If I were in the market to buy a house, I would be excited about the opportunity to SAVE BIG now and reap the rewards later!