Rowan County NC October 2007/2008 Market Comparison- Better than you'd think!

Let's take a close look at the Rowan County NC single family home market statistics for properties listed on the Carolina Multiple Listing Service for October 2008 as they compare with the statistics from October 2007. This should be interesting...

NEW LISTING INFORMATION: During 10/2008 there were 154 new listings with an average list price of $246,935 - compared to 201 new listings during 10/2007 with an average list price of $198,375.

UNDER CONTRACT INFORMATION: There were 92 homes under contract during 10/2008 with an average list price of $137,871 - compared to 114 under contract in 10/2007 with an average list price of $134,209.

SOLD INFORMATION: There were 73 homes sold in 10/2008 with an average sales price of $136,172 (96.46% of list price) and an average of 102 days on the market - compared to 105 sold in 10/2007 with an average sales price of $134,359 (96.41% of list price) and an average of 87 days on the market.

Based on this information, once could conclude that:

• There were approximately 23% less new listings put on the market in Rowan County during October 2008 than during October 2007.
• The average Rowan County new listing price during October 2008 increased by a little more than 24% above the average new listing price during October 2007. (WOW, this is great)
• Rowan County had approximately 19% less homes under contract with an approximately 3% lower average list price during October 2008 than during October 2007. (NOT BAD ACTUALLY, much better than some nearby areas)
• There were approximately 30% less homes sold(closed) at approximately 1.5% HIGHER sales price in Rowan County during October 2008 than during October 2007. (Disappointing SOLD numbers, but with an average sales price increase)
• The percentage of list price that a Rowan County home sold for during October 2008 remained very high and nearly unchanged as compared to October 2007. (VERY GOOD)

Single Family Homes in Rowan County prices seem to be doing pretty well, when much of the nation is experiencing dramatic decreases in property values. I think that this is at least partially due to the new North Carolina Research Campus in Kannapolis NC, which has brought and will continue to bring many new jobs to the area.