I hope everyone is doing great and enjoying the summer. Liz and I have been busy with real estate, and are going to Little Switzerland for a few days later this month. Neither of us has been there - if you have any advice or recommendations, be sure and let us know.
There are so many different factors influencing real estate (interest rates, inflation, employment, local growth, etc.) which make it difficult to forecast the direction of our market. What I can be certain of is a few local statistics, plus our experience in the market as it is exists now. In Cabarrus County, inventory is finally starting to increase, price/SF (which had been increasing at a rate of 20+% per year) is slowing to a more normal 5% per year, and average days on market (which have been up and down) were at 13 in July. While statistically some of the insanity is gradually normalizing, it's still a very strong sellers market. We consider a balanced market to be 3-5 months of inventory. Our market currently has only 13 days.
Liz and I have put 4 homes under contract within the last few weeks. The offer totals for each were 21, 8, 5 and 10. All sold for over full price. We're putting a couple of homes on the market next week and expect similar results. According to the Cabarrus Economic Development Corp, commercial project announcements for the last year total $2.2 billion and will produce 2,400 jobs. Barring a large national recession or unforeseen world events, our local market should continue to be strong through the coming months.
Rapid Increase of Price/SF is Leveling Off
Days On Market Averaged 13 in July
Inventory Is Gradually Increasing
With all of that being said, I've always felt buying or selling a home is more about when it's the right time for you rather than trying to time the market. So please let us know when we can help with any questions you might have regarding buying or selling. Liz and I are always glad to talk with you.
