I like to write a monthly blog post about the Cabot real estate market and how it is doing. This helps to look at specific numbers for the area we live and work in. I really enjoy looking at annual real estate figures to help get an idea of ow the overall real estate market is doing in Cabot.
Without looking at the numbers, home sales felt like they were up in the Cabot area this year compared to last year. I am just using our office totals when coming to this conclusion. The Cabot Crye-Leike office closed more real estate transactions this year than last year.
Enough chit chat, let's get to the numbers. I am going to do the total number of Cabot home sales this year compared to the previous five years. These figures should help us get an idea where the Cabot real estate market is headed.
Total Sold Cabot Arkansas Homes 2011 725
Total Sold Cabot Arkansas Homes 2010 738
Total Sold Cabot Arkansas Homes 2009 940
Total Sold Cabot Arkansas Homes 2008 842
Total Sold Cabot Arkansas Homes 2007 967
Total Sold Cabot Arkansas Homes 2006 1,063
I guess I was wrong on what I thought the overall numbers were going to look like. This year was the lowest number of overall homes sales in the past six years for the Cabot real estate market. I feel the 2009 numbers are inflated because of the first time home buyer tax credit that was in effect during that time period. There is a large difference in overall home sales when the Cabot real estate market was sprawling in 2006 to now. About a 32% drop in total home sales.
These figures are based upon Cabot home sales recorded in the multiple listing service.
December is historically a slow month for home sales around the nation. People are interested and concerned about the holidays and not thinking much about buying a home. Starting about mid November through the first of the year, home sales slow down dramatically.
Comparing December Cabot home sales to previous December's is a great way to find out year over year home sales. Below are the figures for Cabot home sales this December and the Previous five Decembers.
2011 December Cabot Homes Sold 62
2010 December Cabot Homes Sold 53
2009 December Cabot Homes Sold 65
2008 December Cabot Homes Sold 60
2007 December Cabot Homes Sold 44
2006 December Cabot Homes Sold 68
This December was slightly ahead of the curve for home sales in the Cabot area. The average number of homes sold in the six Decembers listed is 58.5 homes sold per December. These figures are based upon homes sales recorded in the multiple listing service for the Cabot Arkansas area. Our next post will look at the Cabot annual home sales.
How the time flies, it is already December. Time for Christmas and enjoying family and friends. From the numbers I have seen this year, the Cabot real estate market has still not recovered all the way. We are fortunate that the Cabot real estate market never went as low as some other markets on the coastal United States. We have two more real estate reports to get out for the year and then we will look at the year end totals for the Cabot real estate market. This report is for sold homes in Cabot during the month of November. I will try and follow up with some other reports for November focusing on price ranges, foreclosures, short sales, etc., but I am not sure how much I will get to.
Below is the break down of Cabot AR sold homes in November of 2011 compared to previous years.
Cabot AR sold homes Nov. 2011 45
Cabot AR sold homes Nov. 2010 51
Cabot AR sold homes Nov. 2009 73
Cabot AR sold homes Nov. 2008 40
Cabot AR sold homes Nov. 2007 64
Cabot AR sold homes Nov. 2006 67
The two Novembers prior to 2008 are the ones I would consider to be the most accurate figures as to where we should be before the down market began. The number for 2009 is a skewed number because of the first time home buyer tax credit. With out the tax credit I think it would be more inline with 2011 and 2010 numbers.
I will try to get to some other posts that focus more in detail about November 2011 sold homes in Cabot Arkansas.
Our last post finally caught us up to the current Cabot home sale statistics for October. We established that there were a total of 61 homes sold last month in the Cabot area. That number is up from last year and close to the average number of Cabot October home sales over the past five years.
Now since we are caught up, let's look at some of the higher priced Cabot home sales and lower priced Cabot home sales. First let's look at Cabot home sales in the month of October priced 250K and above. Below are the statistics for this year and the previous four years.
October 2011 Cabot Homes Sold over 250K 4
October 2010 Cabot Homes Sold over 250K 2
October 2009 Cabot Homes Sold over 250K 5
October 2008 Cabot Homes Sold over 250K 3
October 2007 Cabot Homes Sold over 250K 5
As you can see, the homes over 250K are not hot sellers in the Cabot area for the month of October. The four closed this year compared to the total number of homes sold in the Cabot area is actually a higher percentage than other years.
Now let's take a look at Cabot homes priced under 100K that sold in October this year compared to the previous four years. Remember this year in October there were a total of 61 homes recorded as sold for the Cabot Arkansas area.
October 2011 Cabot Homes Sold under 100K 9
October 2010 Cabot Homes Sold under 100K 7
October 2009 Cabot Homes Sold under 100K 27
October 2008 Cabot Homes Sold under 100K 20
October 2007 Cabot Homes Sold under 100K 19
There is a large difference in the number of homes in Cabot sold under 100K from 2007-2009 compared to the last two years. There could be a couple of different explanations for this drop in sales. One could be that home values in the Cabot area have increased enough that there are not as many homes 100K and lower. Another obvious explanation is that there were more homes sold in those years than the last two years. That is true, but taken by percentages the numbers still do not match up. My thought is the different loan programs available that has a direct effect on the amount of homes under 100K sold in the Cabot area. Starting in 2008, there were and continue to be a large amount of changes in lending practices that directly impacts home buyers and especially home buyers in the lower price ranges.
Next post we will look at the number of foreclosure sales in October of this year compared to the previous four Octobers as well as the number of Cabot foreclosures sold this year-to-date.
Alright, Finally caught up to where we need to be. If you have been following, you know that I have fell behind on the last couple of Cabot real estate updates. This post will catch us up and allow us to spend a little more time looking at more than just the basic number of home sales in Cabot Arkansas. This post will be only be listing the number of sold homes in the Cabot area for Oct. of this year and compare to the previous 4 years. After that we will break the numbers down into a couple of categories.
I have had several comments of people telling me they like the foreclosure statistics. How many are on the market and how many sold each month. We will also focus on a post that will look into the higher priced home sales in Cabot compared to lower priced home sales in Cabot. We may also look at the number of sold and active short sales in the Cabot area. There feels like there has been an increase in the number of short sales available in the Cabot area. We will look at the numbers to see.
Well, let's get to it. Here are what the home sales look like for the month of October in the Cabot Arkansas area.
Cabot sold homes Oct.1 - Oct. 31 2011 61
Cabot sold homes Oct.1 - Oct. 31 2010 47
Cabot sold homes Oct.1 - Oct. 31 2009 98
Cabot sold homes Oct.1 - Oct. 31 2008 66
Cabot sold homes Oct.1 - Oct. 31 2007 76
This October was an improvement from last year but does even compare to October of 2009 Cabot home sales. The average number of sold Cabot homes in October for the past five years is 69 homes. As you can see, this year is slightly under the average. The next post we will take some time to break down these home sales and look at some different stats like the ones mentioned above.
We are still trying to play catch up on the Cabot real estate updates, so let's get in to it.
Cabot Arkansas Sold Homes Sept. 2011
Cabot Sold Homes Sept.1 - Sept 30 2011 78
Cabot Sold Homes Sept.1 - Sept 30 2010 59
Cabot Sold Homes Sept.1 - Sept 30 2009 97
Cabot Sold Homes Sept.1 - Sept 30 2008 46
Cabot Sold Homes Sept.1 - Sept 30 2007 86
The number of Cabot home sales in Sept. for this year and the past four years is very erratic. This year was a better year, but there is no consistency in the numbers. Next is Cabot Arkansas October 2011 home sales. This will catch us up to the current month.
I have been been behind on posting Cabot Arkansas real estate updates. It has been hectic around here. On the next few post to catch us up to current Cabot real estate numbers, I will make them short and sweet. Posting the numbers and then going to the next month to catch us up. With that being said, here are the Cabot real estate numbers for August of 2011:
Sold Cabot Homes August 2011
Number of Cabot Homes sold August 1 - August 31, 2011 79
Number of Cabot Homes sold August 1 - August 31, 2010 54
Number of Cabot Homes sold August 1 - August 31, 2009 68
Number of Cabot Homes sold August 1 - August 31, 2008 80
Number of Cabot Homes sold August 1 - August 31, 2007 98
As you can see, the numbers this year are higher than the previous two years, but nowhere near where they were in 2007. Next post will be soon on Cabot Arkansas homes sales for Sept. 2011. Hang in there we will be caught up shortly.
The short sale process is often a time consuming and tedious process, but can benefit a seller that is in a tough situation. Short sales are ideal for sellers that are in a tough financial position, but are concerned about keeping their credit. I can only speak for the short sales we have been involved with around the Cabot Arkansas area.
Every bank is different, but most all short sales start with the seller listing their home with a real estate company. Then the seller will need to contact their lender and inform them about being interested in doing a short sale. The lender commonly asks if the home is currently for sale. By having the home for sell when you call, you are letting the lender know that you are trying to sell the home.
After contacting the lender they will ask you to turn in bank statements, w-2, and more. Another item they always ask for is a hardship letter that explains how you got into the financial position you are in. Once all that paperwork and other paperwork they require is turned in, they will inform you if you are approved for the short sale.
If approved for the short sale, keep the home on the market and try to sell it. We have only had one time where the bank let us know up front what they had to make on the short sale. By them letting you know up front, you and your agent can price the home accordingly. Most of the time they do not do that in my experience. That means you and your agent need to get together to figure out a price that you feel the bank will accept.
Once priced and you get an offer, you as the seller have to sign off on the offer. Once you accept the offer, your agent will have to send the offer along with a lot of other paperwork and pictures into the bank. From there it is a waiting game. We have heard back from banks as quick as one week, and we have some banks never respond at all. The bank has to approve the short sale before the process can proceed.
If the bank does accept the short sale offer, it can benefit the seller because the can save their credit and not have a foreclosure on record. If interested in a short sale, we would be happy to discuss the details with you. Feel free to contact us on our website at www.cabot4sale.com.
This post is about sold foreclosures in Cabot July 2011 and current foreclosures on the market as of Aug. 11, 2011.
In July of this year there were 14 sold foreclosures in Cabot. Those foreclosures ranged in price from 20K up to 265K. The average price of sold foreclosures in Cabot was $128,500.
Currently there are 26 foreclosed homes on the Cabot real estate market. Those homes range in price from 21K to 234K. The average foreclosure in Cabot is currently listed at 133K.
Be careful when buying foreclosures in the Cabot area. We have recently had problems with the bank foreclosing on the property with out doing proper title work. This causes big problems and can delay closings for months.
I am sorry for being late in getting this post out. It has been a little busy around here. We have been busy with several short sale listings. I think in the big picture dealing with a lot of short sales is not a good thing for the economy, but it has kept us busy. I am going to write a separate post about the short sale process and what is involved. It is ideal for a family that is in financial trouble, but is interested in saving their credit.
This post is about the Cabot Arkansas real estate market in July of 2011. It refers to the amount of home sales recorded in the local multiple listing service. Below are the numbers:
July 2011 Cabot homes sold: 72
July 2010 Cabot homes sold: 63
July 2009 Cabot homes sold: 105
July 2008 Cabot homes sold: 93
July 2007 Cabot homes sold: 90
July 2006 Cabot homes sold: 93
Cabot home sales were better this July than last year, but last July was after the first time home buyer tax credit had ended. After that artificial stimulus of the economy wore off last year the real estate market tanked. The Cabot real estate market is not back to what it was, but it is holding on. One positive note is the Federal reserve stated that it would keep interest rates the same.
This post is about the Cabot real estate market and year-to-date sales compared to previous years. If you have been reading our Cabot real estate blog post you have seen that the real estate market in Cabot has not been up to par compared to previous years. I feel the sold home numbers last year are skewed because of the first time home buyer tax credit. The tax credit helped to artificially increase home sales in the Cabot area and now that the tax credit has expired the sold home numbers really look skewed.
Below is the number of sold Cabot homes Jan.1-June 30 this year compared to the previous five years.
Sold Cabot Arkansas Homes, Jan.1-June 30 2011 322
Sold Cabot Arkansas Homes, Jan.1-June 30 2010 424
Sold Cabot Arkansas Homes, Jan.1-June 30 2009 439
Sold Cabot Arkansas Homes, Jan.1-June 30 2008 470
Sold Cabot Arkansas Homes, Jan.1-June 30 2007 522
Sold Cabot Arkansas Homes, Jan.1-June 30 2006 561
You can see that the sold home numbers in the Cabot real estate market have had a steady decrease for the past six years. Last year's numbers compared to this year have a very sharp drop in the number of sold Cabot homes. Some of the reason for the sharp drop is the first time home buyer tax credit. Many people bought homes last year because of the tax credit. I will do a few post about different price ranges in the Cabot area and how they are selling. A month or two ago, I did a post about homes priced abut 200K. That price range has held up well this year.
This June has not changed the Cabot real estate market at all. Home sales in Cabot are slower this June compared to previous years. It feels like there is a lot of activity in our office and our business, but the numbers don't lie. Below are the Cabot real estate numbers for June of this year compared to the past five years in the same month.
Sold Cabot Real Estate, June 2011: 51
Sold Cabot Real Estate, June 2010: 63
Sold Cabot Real Estate, June 2009: 93
Sold Cabot Real Estate, June 2008: 87
Sold Cabot Real Estate, June 2007: 127
Sold Cabot Real Estate, June 2006: 104
The June Cabot real estate numbers look no different than this year-to-date compared to previous years in the Cabot real estate market. I will post a year-to-date Cabot real estate update my next post. Currently we are down over 50% this June compared to the peak June of 2007.
This post is going to focus on year-to-date Cabot home sales over 200K this year compared to previous years. That price range is one area I have personally noticed a strong amount of interest and sales in. Below are the numbers. The dates specified are Jan. 1-May 31 of this year compared to previous years.
Cabot AR home sales over 200K Jan. 1-May 31 2011 42
Cabot AR home sales over 200K Jan. 1-May 31 2010 46
Cabot AR home sales over 200K Jan. 1-May 31 2009 44
Cabot AR home sales over 200K Jan. 1-May 31 2008 39
Cabot AR home sales over 200K Jan. 1-May 31 2007 57
Cabot AR home sales over 200K Jan. 1-May 31 2006 59
The 200K and above price range is is strong and going very well. The numbers show that the number of sales in that price range are right up where they should be and holding strong. I will try to figure out the price range that is hurting from this decline in Cabot home sales once I do, I will write a post that is focused on it.
My last post looked at Cabot AR home sales in May of this year. I know that home sales have been substantially lower this year compared to previous years. I wanted to write a quick real estate report about this year's Cabot home sales compared to previous years.
The dates that will be focused on is Jan. 1 to May 31 of this year compared to those same dates of previous years.
Cabot AR Home Sales Jan. 1-May 31 2011 267
Cabot AR Home Sales Jan. 1-May 31 2010 361
Cabot AR Home Sales Jan. 1-May 31 2009 346
Cabot AR Home Sales Jan. 1-May 31 2008 383
Cabot AR Home Sales Jan. 1-May 31 2007 395
Cabot AR Home Sales Jan. 1-May 31 2006 457
The difference from this year compared to 2006 when the Cabot real estate market was rolling is eye opening. Almost a 50% change in the number of home sales.
Anyone who has read the Cabot AR homes reports on this blog has should have noticed that this year has been slow. The home sales are not improving this year compared to last year. Last year was a tough year for the Cabot real estate market, this year is turning out to be worse. Last year did have the first time home buyer tax credit that helped to boost sales. Once that tax credit died out last year home sales really tanked.
From a personal stand point it feels like the market is trying to come back and there are buyers interested in buying homes in the Cabot area. These summer months are the busy months of the year and we have a lot of activity in our office. Unfortunately the numbers don't lie. Below are Cabot AR real estate sales numbers for May of 2011 compared to previous Mays.
May 2011 59 Sold Cabot AR Homes
May 2010 80 Sold Cabot AR Homes
May 2009 93 Sold Cabot AR Homes
May 2008 75 Sold Cabot AR Homes
May 2007 97 Sold Cabot AR Homes
May 2006 122 Sold Cabot AR Homes
As you can see, the Cabot sold home numbers are substantially lower this year compared to all the previous years. May is generally a very productive month for home sales in the Cabot area. My next post will focus on year-to-date Cabot home sales.