Have you been wondering how the home sales real estate market is going not just in Mooresville and Lake Norman but in Iredell County overall? You can always call Alford Realty Group at 704-408-2834 or visit us on the web at www.AlfordReatlyGroup.com for personalized help. In a recent article published Tuesday Septemer 16, 2014 in the Mooresville Tribune, they addressed the current real estate trends in Iredell County overall.
In the article, they compared year over year sales from August of 2013 to August of 2014 and found that the overall new home sales dropped 2.7% to 219 new home sales. They also found that the number of new home listings dropped by 13%. Meaning their are fewer new homes coming available. However, the price of the average Iredell County home rose by 14.8% to $284,407 and the median price went up 5.4% to $185,000.
In the existing homes market, the total number of sales dropped by 6.3% to 1,478 and new listings dropped 8.2% to 2,675. In a similar trend to the new home sales, in existing homes we see the average price increased 9.5% to $272,430 and the median sales price rising 5.6% to $190,000.
What this information tells us that overall in Iredell County, we are starting to see a leveling out of the real estate market. The natural laws of supply and demand are catching up and our real estate market is much healthier than in recent years. Natural laws of supply and demand dictate that when the inventory is up, prices come down. When inventory is low, prices go up.
If you are looking for an agent that understands the complexities of today’s market, look no further than Alford Realty Group. We are real estate experts and we specialize in home sales in Mooresville, Lake Norman and Iredell County. Feel free to give us a call or visit us on the web for more details on how we can help you with all your real estate needs.