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Sales of Real Estate Owned Homes Remain Strong in Fayetteville

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By : John Cutts    99 or more times read
Economists and realtors from Fayetteville, North Carolina, mostly agree that the housing market of the city has performed better than other metro areas in the U.S. during the decade. Although the housing crisis did affect sales of real estate owned homes and other residential properties in the area, the city was able to avoid drastic fluctuations in sales and prices that characterized most big city markets in the country.

Fayetteville bank owned properties also saw increases during the housing market crisis that started in 2006, but was able to maintain steady sales growth and housing prices for the whole 2000 decade better than other U.S. cities. Sales closings last year totaled 5,731, representing a decline of 5% compared with 2009 figures. New housing sales also declined in 2010 to 2,156, while sales of existing dwellings dropped to 3,575. Both segments recorded a decline of 7% when compared with year-ago levels.

Although sales declined last year, economists stated that the drop was minimal compared with other cities of the U.S.; and despite an increase in the number of North Carolina bank owned homes during the industry crisis, total closings in the city actually increased by 34% since 2001.

Throughout the period of 2000s, sales of real estate owned homes and other residential properties were able to maintain steady numbers. Prices actually increased steadily throughout the 10-year period, economists reported, with the city recording an average price increase of 5.5% each year. The average price of homes in 2001 was $106,582. Last year, the average price was pegged at $162,329.

A number of housing industry analysts predicted that in 2011, bank owned property sales and sales of other types of residential properties will remain much the same as the previous year and will average around 6,100. They stated that while other cities and states are trying to recover from the housing bust, Fayetteville's housing market is at a steady level.

They stated that prices and sales of real estate owned homes and other residential properties in the city did not experience the turbulent ups and downs that most U.S. markets experienced during the decade. Because of this, there is no bottom from which the area's markets need to get out of.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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