Home Sales Statistics for Cartersville Bartow County for July 2007 (Part One)
Overview and Analysis of new and Existing Homes Sales Statistics for Cartersville Bartow County for July 2007 (First of Three)
Statistics for Home Sales for July 2007 for Bartow County are in. The Cartersville Housing Market information is provided via BrokerMetrics, a report generating service for First Multiple Listing Service (FMLS), the mls service used by Realtors in Bartow County. This article is Part one on three parts and focuses on Existing Home Sales.
The median home price for Existing Home Sales fell 2.3% to $140,000 from July last year. The Median home price is the value where half of the homes sold below and half of the homes sold above. The rate of sales stayed relatively flat falling 2.3% to 88 homes closed. However, the number of homes that have gone under contract fell 56.6%, down from 119 last July to only 76 this July. The number of homes under contract gives us an indication of where the market is headed.
The number of Existing Homes for sale has reached an all time high in July of 1160, up 9.3% from a year ago. Coupled with the number of homes under contract, this brings the Months Supply of Inventory (MSI) of Existing Sales to a record high of 12.6 Months. MSI is an imaginary number that represents how long it would take to sell all the homes on the market should no other homes enter.
Of the homes that sold, the average time that it took to sell these homes was 81 days, up 16% from a year ago. This is referred to as Days on Market (DOM). This represents only the homes that sold and not homes that did not. During July, a record 124 homes had their listing expire or were withdrawn from the market. A 31.5% rise in homes that could not be sold from just 2 years ago.
| Existing Home Sales | July-05 | July-06 | July-07 | 1 year % | 2 year % |
| Median Home Price | $133,000 | $143,250 | $140,000 | -2.3% | 5.0% |
| Homes Sold | 88 | 90 | 88 | -2.3% | 0.0% |
| Homes For Sale | 900 | 1052 | 1160 | 9.3% | 22.4% |
| Homes Under Contract | 98 | 119 | 76 | -56.6% | -28.9% |
| Average Days to Sell | 71 | 68 | 81 | 16.0% | 12.3% |
| Months Supply of Inventory | 7.3 | 7.1 | 12.6 | 43.7% | 42.1% |
| Homes Expired (off market) | 85 | 94 | 124 | 24.2% | 31.5% |
If we were to compare homes sales in Bartow County with selling bread at the local bakery where homes were as loaves of bread and homes sellers were the bakers, this would be the picture. Loaves of bread would be disappearing from the shelves at about the same rate every day, however, more and more bakers are putting their loaves on the shelves. The shelves are overflowing. Customers are shopping but have become very picky and only buy the freshest loaves at the best price. Loaves that aren’t sold quickly become stale. Some bakers choose to set there stale loaves on the sale rack while others want to keep trying and keep there stale stock on the shelf.
Sales statistics are only a starting point for determining how the real estate market is doing. If you’re thinking of buying or selling in the Cartersville, Adairsville, Acworth area, you’ll need more detailed information in order to make an informed decision. Be sure to call Bonnie Mullinax at 770.606.0054 or email her at bonniemullinax@mullinaxteam.com for more detailed market information and personalized home searches. Visit her Website for homes searches and other relevant real state information.
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