Hope you are doing well as we approach Memorial Day. Liz and I spent some time in Ocracoke earlier this month and it was nice to get away for a while. In this world of cruises, international travel and all-inclusive resorts, it's easy to forget the beauty in our own state.
If not for the men and women who made the ultimate sacrifice for our country, none of us would be able to sit peacefully on a dock and take pictures of the sunset. They aren't here to thank, but we can continue to honor them by supporting our country, our God, and the principles they fought for in the Constitution.
So how's the Housing Market?
The short answer:
It's good, especially for sellers. We've gotten multiple offers on the last 3 listings we put on the market, with two of them being significantly over full price. For the last 2 months, all but one offer we've made for buyers was a multiple offer situation.
The longer, but still short answer:
The big driver of our local market now is supply and demand. The growth in our area has resulted in more buyers, but our inventory remains historically low. We had a peak inventory of 1378 homes in 2018. Our inventory in April of this year was 826.
The average price per square foot in Cabarrus dipped a little for the 2 months preceding and following the new year in 2023 as the market experienced a slight lull, but started to rise again in March and April. Long term, I think the shortage of inventory and homes getting over full price due to multiple offers will contribute to continued price growth.
Please let us know if we can help with any questions you might have regarding buying or selling a home. Liz and I are always glad to talk with you.
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