Mid-July Market Update – Mecklenburg, Union Counties

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Here are the latest market statistics, relevant to our areas. This information is useful in gauging the overall market performance in Mecklenburg and Union Counties real estate, however for a detailed rendition of specific areas, upon request we can provide an analysis based on your desired location.

Mecklenburg County

SALES PENDING
With 7,017 homes on the market right now, we are currently reporting 2,436 pending sales and 4,581 homes still on the market for sale. The pending sales ratio is 34.7%. The higher the ratio, the more that listings are in demand, indicating a continued seller’s market trend.

The highest number of pending contracts fall within properties in the $100,000-$200,000 price range. The same price range bracket of $100,000-$200,000 has a relatively large inventory of properties for sale at 1,416 listings. Mecklenburg County’s average list price for all price ranges is $363,296 – slightly lower than last month’s figure.

CONTRACTS CLOSED
The previous six months have shown a total of 4,427 closed contracts with an average sold price of $240,016 – an improvement from last month. The most sold listings currently have come from the seemingly most active price range of $100,000-$200,000. Alternatively, 3,255 properties have not sold in the last six months. Reasons for a home not selling range from overpricing to inadequate marketing or less than ideal showing condition. The highest number of off-market listings at 1,078 properties also falls within the $100,000-$200,000 price range.

DAYS ON MARKET
The current Days On Market in Mecklenburg County hovers in the same range at 117, just one day less than June’s number. The average DOM over the last 6 months is 105 days, just three fewer days than last month’s DOM. The fastest selling homes during this time were once again in the $1.2M-$1.3M price range with a higher average sold price for the last 30 days of $294,897. The average DOM for these properties was 92 days.

ABSORPTION RATE
We currently have 6.2 months of inventory based on sales in the previous 6 months. Assuming that it would take this much time to sell all the current inventory if market conditions remained the same, this indicates a balanced market.

Union County

SALES PENDING
We have not seen a significant change in the numbers from last month versus today’s statistics. The total number of homes on the market in Union County is currently 2,139 with 631 sales pending and 1,508 active listings. The pending ratio is 29.5%, indicating more supply than there is demand. Once again, homes for sale in the $100,000-$150,000 price range are seeing more contracts pending sale. Similarly, the price range of $150,000-$200,000 is showing a larger inventory of available homes at 267 listings, higher than last month. The average list price for all price ranges in Union County this month is $330,291, very close to the previous month.

CONTRACTS CLOSED
In the last six months we have seen a total number of 1,127 closed contracts averaging in price at $255,058 – with the highest number of sold listings in the $100,000-$150,000 price range, one step lower than the previous month’s report. As of this report, 970 listings have failed to sell in the last six months for various reasons stemming from marketing technique, inadequate pricing or poor property condition. The highest number of off-market listings at 174 properties are in the $100,000-$150,000 price range, mirroring the price bracket change from our last update.

DAYS ON MARKET
Homes in Union County are taking an average of 135 days to sell and the DOM during the last six months was reported at 111 days, hovering very closely to last month’s number. The previous six months saw an average sold price of $255,058 with the fastest selling properties once again selling in the $450,000-$500,000 price range.

Union County’s average sold price during the last 30 days dipped slightly at $259,500 with an average DOM of 99 days, just two days short of last month’s number.

ABSORPTION RATE
Slightly down from last month, we are at 8.0 months of inventory in Union County based on the number of properties sold in the last 6 months. According on this, assuming market conditions were unchanged, it would take 8 months to sell all existing property listings on the market.
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Keep in mind, these numbers are general and will impact each prospective buyer, seller and investor differently based on the goals at hand. We encourage you to contact us for a customized consultation, entailing detailed and relevant information suited to your specific real estate needs.

Download Your Reports at the Links Below!
Union County: http://www.scribd.com/doc/99943235/NC03005-Union-County
Mecklenburg County:http://www.scribd.com/doc/99943230/NC03005-Mecklenburg-County