Unveiling Concord, NC's Real Estate Landscape: A Comparative Analysis of July 2023 and July 2022

For homeowners in Concord, North Carolina, who are contemplating the prospect of selling their properties, understanding the latest market trends is a crucial step towards making informed decisions. In this article, we'll delve into the key metrics that offer a comprehensive comparison of Concord's real estate market in July 2023 with the corresponding period in 2022. 

New Listings: Examining Supply Trends In July 2023, Concord observed the introduction of 189 new property listings, signifying a notable 22.9% decline compared to the previous year. Up until July, the total count of new listings for the year amounted to 1,493, revealing a 10.6% decrease. These figures provide invaluable insights into the level of competition sellers can anticipate in Concord's market. 

Pending Sales: Reflecting Demand Dynamics July 2023 witnessed a commendable 7.7% increase in pending sales compared to the same month in 2022, with a total of 197 pending transactions. Nonetheless, the cumulative pending sales for the year through July experienced a slight dip of 2.3%, amounting to 1,338. This metric acts as a mirror reflecting the existing demand for homes in Concord, NC. 

Closed Sales: Insights into Completed Transactions The closing of real estate transactions in Concord during July 2023 saw a tally of 171, marking a 14.1% reduction from the numbers observed in July 2022. Through the year up to July, the aggregate closed sales reached 1,231, illustrating a 10.7% decrease. This particular metric is a window into the recent activity within Concord's real estate market. 

Median Sales Price: Unveiling Price Trends The median sales price in Concord for July 2023 surged to $300,000, showcasing an impressive 20.0% increase when compared to July 2022. Progressing through the year until July, the median sales price hit $289,900, reflecting a noteworthy 13.7% ascent. This metric unveils the evolving landscape of property values in Concord, North Carolina. 

Average Sales Price: A Holistic Perspective Concord's real estate landscape for July 2023 showcased an average sales price of $362,828, indicating a modest 1.7% increase from the preceding year. In the year-to-date calculations, the average sales price experienced a slight adjustment with a mere 0.3% rise, reaching $339,159. This metric offers a more comprehensive viewpoint on the price dynamics at play. 

Percent of Original List Price Received: The Art of Negotiation July 2023 recorded a percentage of 96.3% for the original list price received in Concord, marking a 2.6% decrease from the prior year. For the year up to July, this percentage settled at 96.8%, showcasing a 2.9% decrease. This particular metric sheds light on the equilibrium between the expectations set by listing prices and the actual offers from buyers. 

List to Close Time: Navigating the Transaction Process July 2023 witnessed a 27.4% increase in the time it took for properties to transition from listing to closing in Concord, amounting to an average of 79 days. Over the year up to July, this increase stood at 25.4%, resulting in an average of 84 days. This metric provides insights into the timeline for completing real estate transactions in Concord, NC. 

Days on Market Until Sale: Finding the Right Match Concord's average days on the market until sale in July 2023 was 34 days, indicating a substantial 126.7% increase from the corresponding month in 2022. Extending through the year until July, this increase reached 78.9%, averaging at 34 days. This metric showcases the pace at which properties are finding buyers in Concord. 

Cumulative Days on Market Until Sale: Prolonged Exposure July 2023 saw a noteworthy 160.0% increase in cumulative days on the market until sale in Concord, culminating in an average of 39 days. Over the year leading up to July, the increase was pegged at 100.0%, resulting in an average of 40 days. This metric accentuates the extended exposure a property might undergo before being successfully sold. 

Average List Price: Setting Seller Expectations Concord's average list price for July 2023 was $375,861, depicting a 3.2% increase in comparison to July 2022. The year-to-date average list price trended upwards, reaching $391,737 and reflecting a 6.6% increase. This metric offers insights into the expectations sellers have for pricing their properties in Concord, NC. 

Inventory and Months Supply: Striking a Balance The inventory of homes available for sale in Concord displayed a decrease of 15.6%, moving from 326 in July 2022 to 275 in July 2023. The months supply of inventory experienced a decline of 6.3%, signaling a delicate balance between demand and supply dynamics in Concord's real estate market. If you're a homeowner considering selling your property in Concord, North Carolina, these metrics hold substantial value in guiding your decision-making process. Remember, real estate markets can vary widely, so it's pivotal to collaborate with knowledgeable professionals who can provide tailored advice. If you're ready to explore the Concord market further, feel free to reach out to us at ‪(980) 285-8089 for personalized insights and guidance. Your journey to informed decision-making starts here.