Home Sales Statistics for Cartersville Bartow County for July 2007 (Part 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 Three of Three and focuses on Total Market Home Sales.
The median home price for Total Market Home Sales rose 1.9% to $156,500 from July last year and up a whopping 12.2% 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 114 homes closed. However, the number of homes that have gone under contract fell 46.1%, down from 149 last July to only 102 this July. The number of homes under contract gives us an indication of where the market is headed.
The Total number of Homes for sale has reached an all time high in July of 1713, up 11.9% 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 14.2 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 90 days, almost identical to last July. This is referred to as Days on Market (DOM). This represents only the homes that sold and not homes that did not. During July, 161 homes had their listing expire or were withdrawn from the market. A 31.1% rise in homes that could not be sold from just 2 years ago.
| Total Bartow County | July-05 | July-06 | July-07 | 1 year % | 2 year % |
| Median Home Price | $137,450 | $153,450 | $156,500 | 1.9% | 12.2% |
| Homes Sold | 114 | 114 | 112 | -1.8% | -1.8% |
| Homes For Sale | 1239 | 1510 | 1713 | 11.9% | 27.7% |
| Homes Under Contract | 126 | 149 | 102 | -46.1% | -23.5% |
| Average Days to Sell | 83 | 89 | 90 | 1.1% | 7.8% |
| Months Supply of Inventory | 8 | 8.3 | 14.2 | 41.5% | 43.7% |
| Homes Expired (off market) | 111 | 129 | 161 | 19.9% | 31.1% |
While the number of buyers appears to be constant, the increasing number of both New and Existing Homes coming on the market is placing downward pressure on home prices. July saw a large drop in contracts so we see a substantial drop in buyers on the market.
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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