News of New Casino Coming To the Mountains Drives Pending Home Sales Up 68% - May 2010 Real Estate Report for Murphy NC and Cherokee County
By Kate Wheeler, CCIM - Murphy NC Real Estate for Sale
(Country Homes and Land Murphy NC Realtor )
Sellers in Murphy North Carolina and Cherokee County saw a huge increase in activity in May. Pending home sales rose 68% over April's figures as buyers entered the market after the Eastern Band of Cherokee Indians announced plans to buy 800 acres of land and build a new Class II gaming facility between Murphy and Marble, North Carolina. News that the Tribe will spend $6.4 million purchasing land in Cherokee County was announced early in May. Although the Federal tax credit expired on April 30, buyers seemed more motivated by the casino news and mortgage rates that moved even lower than they have been in recent months. In May, 37 homes went under contract, the largest number in months. April's pending sales totaled 22. Here are the statistics for May 1 -31, 2010: ...