Year End Statistics for Cabot Home Sales
In 2008 we seen one of the worst recessions in years. Home sales were low and gas prices were high. Some people lost jobs and others lost money in the stock market. A report I read a couple of days ago said that in some coastal states home prices were down over 50% from their highs a couple of years earlier.
I have been saying it for the past year and I still believe that Cabot has not seen that kind of a decline. Yea, home sales are considerably slower, but homes have not lost 50% of their value. In a report from the Arkansas Realtors Association, Lonoke County home prices fell about 12% since their highs in 2006.
It is hard for me to figure the loss in home value with the tools I have. That is why I focus on sold homes in Cabot. That is normally a decent indicator of how the real estate market is doing. Here are the number of homes sold in Cabot for the last four years.
2008- 820
2007- 953
2006- 1045
2005- 1013
Cabot home sales are down substantially from 2006. Over 20% from 2006. My next post will focus on new construction homes in Cabot. The national statistics show that new home sales are down lower than existing. We will see if that is true.
Good day
Be sure to check out our website designed for homes in Little Rock. You can find foreclosures and existing homes listed for sale.