Statesville NC September 2011 Market Update

The Statesville real estate market has been a roller coaster this year to say the least.  For a market that is normally busy in the spring and a little quieter in the summer, this year has been to opposite for me.  My spring was a little slow going and the summer was HOT!  Not only have sales increased this summer, the foreclosure market seems to be slowing, giving “regular” sellers a better chance of selling their homes.  Statesville has always been known to have plenty of affordable homes and our current market stats show this fact.  You will see in the charts below that the average sales price for homes sold since January 1, 2011 is $108,708 and I can attest to the fact that most of our sales have been for homes under $140,000.   We have a large investor market in Statesville for homes under $90,000 and the numbers show that increase.

 

On the brighter side, I have also experienced a larger demand for homes over $150,000 than we have seen in previous years.  Prices on those homes have dropped slightly and buyers are finally taking notice and taking advantage of some great deals on these homes.  The biggest hole in our market now is the availability of new construction.  New homes that had been foreclosed on in the past several years have been sold and builders are still not constructing many new homes in our area.  We have a few “track” builders that are building some spec homes but custom homes are non existent.
Currently in Statesville, we have 496 active listings with an average list price of $195,928 and an average Days on the market of 184 days.

*All information obtained from Carolina Multiple Listing Service

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Since January 1, 2011 – Statesville has had 348 single family residential homes sell with an average days on the market of 136 days.  This compares to 376 listings sold for the same period of 2010 with average days on the market of 135.  Of the 348 sales, 100 were categorized as a Foreclosure with an average sales price of $72,109.

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This chart shows the fact that our foreclosures in Statesville have fallen to only 3.6 months of inventory verses 21.5 months for regular resales and 19.4 months for short sales.  The question is:  Will we see more foreclosures in the future or will the cooperation of the banks with the short sales and loan modifications finally slow the foreclosure market? image

 

 

 

 

 

 

 

 

 

In the end, the Statesville market is continuing to improve in certain areas and stay stale in others.  Homes over $200,000 still struggle to find buyers while we see multiple offers on homes under $200,000.  There are bright spots in every market and the Statesville market is no exception.  With interest rates at close to 4%, the USDA 100% program going strong for rural areas and prices holding steady – our market looks pretty good right now.

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Statesville NC Community Spotlight on True Homes – Valleybrook

Community Spotlight:

Valleybrook – True Homes

True Homes Valleybrook

 

This month my spotlight is on True Homes and the Valleybrook Community just off Davie Avenue in Statesville NC.  Their June promotion offers 3 bonus items to buyers that purchase before June 30th that include:

1. $5000 Style Package to upgrade your new home

2. 3% in Closing Costs paid by True Homes

3. Move in Package to include a Refrigerator, Washer/Dryer and Blinds for the whole house!

They have prices starting as low as $108,900 (on specific lots) for the Camden Plan (1600 s.f.) and $118,000 for the Hudson (2000 s.f.). Both have a one car garage, two story. 3BR/2BA.  That is a great price! Why search for distressed homes or hassle with short sales when you can have a brand new home for about the same amount of money. Build time is 3 months.

Low credit scores – unable to qualify for financing right now?  True Homes offers a new Buyer Education Plan to help you get back on tract and into a home.  Call me today for all the details or to schedule an appointment to preview their model home. 

Remember:  Always have your buyer’s agent with you when looking at new construction.

Other Area communities by True Homes include:

Martha’s Ridge– Model Home located in this community

Olde Statesville– USDA 100% financing available

View all homes for sale in ValleyBrook, Martha’s Ridge, Olde Statesville.

Seach all homes for Sale in Statesville

America’s Home Builder comes to Statesville NC – DR. Horton Homes

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  D.R. Horton Builders has purchased lots in two communities in the Statesville and Troutman areas.  The first is Martha’s Ridge, located by the Signal Hill Mall in Statesville.  They have 22 lots that are available for buyers and 5 floor plans ranging from 1654 s.f to over 3000 s.f. and prices starting in the low 130’s to high 180’s.   There are only 2 story plans available and annual HOA dues are only $240.  The community does not have amenities on site but the community is located right down the street from the new Statesville Fitness and activity Center and Statesville Soccer complex with entry to the greenway.  There is no model home in the community to preview but there will be one at their other community in Pine Forest that are the same models offered in Martha’s Ridge.  Pre-Grand Opening Specials are now running that offer the first 3 buyers $12,500 in FREE Design Center Options.

This community is conveniently located just off I-77 and I-40 and close to shopping centers and schools.  Schools will be East Iredell Elementary and Middle and Statesville High School.

 

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The second community D.R. Horton is building in is Pine Forest.  This subdivision is located just off I-77 at Exit 45, directly across from the Fox Den Country Club.  They have purchased 48 lots in this community and will build 7 models here including one ranch style model.  Prices start in the low 150’s to the low 200’s.  Annual HOA dues will be $240.  The same Pre-Grand Opening Special also applies to this community.  The model home for both communities will be build here for buyers to preview.  Once buyers have selected a home for purchase, you will go to the design center in Charlotte to select your materials and colors for your home. 

When visiting the community, please be sure to have your buyer’s agent with you before discussing any details with on-site sales representatives. 

 

About DR Horton: Donald R. Horton began his own construction business in 1978 in the Dallas/Fort Worth area.  In 1987, D.R. Horton began expanding its operations by seeking out the nation’s most active homebuilding markets.  Since 1987, the company has geographically diversified into 85 markets and states across the United States.  D.R. Horton also provides mortgage and title insurance services in many of its markets.

Pine_Forest_Flyer The_Holden_Plan The_Franklin_Plan Pine_Forest_Map

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Statesville NC Real Estate Guide –Sonya Leonard, Exit Home Team Realty Agent Sonya Leonard of Exit Home Team Realty is your local real estate expert in Statesville North Carolina.  The Statesville Real Estate Guide provides free access to individualized home searches for all homes in Statesville, Mooresville, Troutman, Lake Norman and the entire Lake Norman Area.  Explore buyer and seller reports, community resources, new home communities, and be sure to sign up for you’re my exclusive FREE Weekly Distressed Sales List.  Let Sonya help you INVEST in Real Estate and your Future! (704) 450-0588. Exit Home Team Realty