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 Two of Three and focuses on New Home Sales.

The median home price for Existing Home Sales rose 17.7% to $194,838 from July last year and up a whopping 27.8% from just 2 years ago.  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 remained flat at 24 homes closed.  However, the number of homes that have gone under contract fell 15.4%, down from 30 last July to only 26 this July.  The number of homes under contract gives us an indication of where the market is headed. 

The number of New Homes for sale has reached an all time high in July of 553, up 17.2% 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 18.8 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 139 days, up 5% 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  During July, 37 homes had their listing expire or were withdrawn from the market.  A 15.8% rise in homes that could not be sold from just 2 years ago.

New Home prices have been rising at a staggering rate, mainly due to the rise in land prices and not neccesarily due to the rise in demand for higher priced housing.  It has been difficult for home builders to maintain low priced housing and still maintain a profit.  The 27.8% rise in new home prices is not all caused by pure inflation but by builders constructing larger houses.

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.