Navigating Concord's Real Estate Trends: A Comparative Analysis of July 2023 and July 2022

 

Concord North Carolina 

For homeowners in Concord, the heart of North Carolina, who are contemplating the prospect of selling their homes, understanding the prevailing market trends is akin to having a compass in hand. Join us as we delve into the critical metrics that juxtapose Concord's real estate landscape in July 2023 with the analogous period in 2022.

A Glimpse at Supply: New Listings In July 2023, Concord saw the emergence of 189 new listings, marking a 22.9% decline from the previous year. The cumulative new listings until July amounted to 1,493, reflecting a 10.6% reduction. These figures provide a clear snapshot of the competitive landscape for sellers in Concord.

Reflecting Demand: Pending Sales Concord experienced a robust 7.7% surge in pending sales in July 2023 compared to July 2022, with a robust tally of 197 pending sales. However, the year-to-date figure showed a slight decrease of 2.3%, amounting to 1,338. Pending sales offer a glimpse into the current demand for homes in the Concord, NC area.

Completed Transactions: Closed Sales The closing of real estate deals in Concord for July 2023 amounted to 171, marking a 14.1% reduction from July 2022. Over the course of the year leading up to July, the total closed sales numbered 1,231, showcasing a 10.7% decline. These figures encapsulate the rhythm of activity in the recent real estate landscape.

Unveiling Price Trends: Median Sales Price The median sales price in Concord for July 2023 was a robust $300,000, signifying an impressive 20.0% escalation from July 2022. Through the months leading to July, the median sales price settled at $289,900, reflecting a 13.7% upsurge. This metric provides a glimpse into the evolving property values in Concord.

A Holistic Perspective: Average Sales Price July 2023 recorded an average sales price of $362,828 in Concord, indicating a modest 1.7% increment from the preceding year. The year-to-date data revealed a slight 0.3% increase, culminating at an average of $339,159. This number paints a broader mural of pricing trends in the Concord market.

Dynamics of Negotiation: Percent of Original List Price Received In July 2023, the percentage of the original list price received in Concord was 96.3%, marking a 2.6% decrease from July 2022. Over the span of the year, up to July, this percentage settled at 96.8%, showcasing a 2.9% reduction. This metric provides a glimpse into the interplay between list prices and buyer offers.

The Transaction Journey: List to Close Time July 2023 witnessed a 27.4% increase in the time taken for properties to transition from listing to closure in Concord, settling at an average of 79 days. Over the months until July, this increase manifested as 25.4%, culminating in an average of 84 days. This metric offers insights into the timeline for completing transactions in Concord, North Carolina.

Finding the Right Fit: Days on Market Until Sale The days on the market until sale in Concord during July 2023 was 34 days, presenting a staggering 126.7% increase from July 2022. Over the year leading to July, this increase reached 78.9%, showcasing an average of 34 days. This number paints a vivid picture of the pace of property transactions.

Prolonged Exposure: Cumulative Days on Market Until Sale In July 2023, the cumulative days on the market until sale surged by 160.0%, culminating in an average of 39 days in Concord. Over the year leading up to July, this increase was 100.0%, resulting in an average of 40 days. This metric underscores the prolonged exposure a property might undergo before changing hands.

Setting Expectations: Average List Price Concord's average list price for July 2023 was $375,861, reflecting a 3.2% increase from July 2022. Over the year-to-date, the average list price escalated to $391,737, demonstrating a 6.6% increase. This metric provides insights into the nuances of seller expectations in the Concord market.

Balancing Supply and Demand: Inventory and Months Supply In July 2022, Concord showcased an inventory of 326 homes available for sale. This number dwindled by 15.6% to 275 homes in July 2023. The months supply of inventory dipped by 6.3%, a sign of equilibrium between demand and supply in the Concord real estate arena.

Considering Selling to an Investor: Advantages Beyond Traditional Listing

When contemplating selling your Concord home, it's essential to explore all options, including selling to an investor. This alternative approach offers distinct advantages that could align with your needs:

1. Speedy Transactions: Investors often have the ability to close deals quickly, streamlining the selling process and providing you with cash in hand sooner.

2. As-Is Sales: Investors typically buy properties in their current condition, sparing you the need to invest in costly repairs or upgrades.

3. Certainty and Convenience: Selling to an investor reduces uncertainty in the sale, as financing contingencies and negotiations with multiple buyers are often bypassed.

4. No Agent Fees or Commissions: When selling directly to an investor, you can avoid the traditional agent fees and commissions associated with listing through a real estate agent.

5. Flexible Terms: Investors may offer a range of flexible terms, including leaseback options, which can be beneficial if you need more time before moving out.

6. Solutions for Distressed Situations: If you're facing foreclosure or dealing with other financial challenges, an investor might present a viable solution to help you get out of a tough situation.

At Buyers of Charlotte, we offer expertise in both traditional listings and investor sales. We're here to provide personalized advice based on your unique circumstances. To discuss your options, reach out to us at ‪(980) 285-8089. Our dedicated team is ready to guide you through the best path for your Concord home sale journey.