Mecklenburg and Union Counties – Sept. 2012 Market Update

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It’s time for the real estate market update again and as usual I’ve shared with you the latest numbers on homes sold, homes pending, average days on market and more. If you would like a customized consultation about your particular neighborhood, contact me today.

Mecklenburg County Click here for a complete report >>

LISTINGS ON THE MARKET

At the present time we are reporting 4,210 active listings.  With no pending sales on record for now we are not able to report any data on pending sales ratio.

The existing inventory on the market is falling largely in the $100,000-$200,000 price range, with 1,348 of the total listings in this price bracket. Mecklenburg County’s average list price for all price ranges is $358,803.

CONTRACTS CLOSED

The previous six months have shown a total of 5,326 closed contracts with an average sold price of $248,863 while 3,105 listings remain on the market and have remained so for the last six months for a multitude of reasons ranging from overpricing and inadequate marketing to properties shown in less-than-optimal condition.  The highest number of off-market listings at 972 properties falls within the $100,000-$200,000 price range.

DAYS ON MARKET

The higher the number of Days On Market, the stronger a buyers market it is and in Mecklenburg County the current average DOM is 123 days for active listings, again indicating a buyers’ market.  The average DOM over the last 6 months is 100 days with the fastest selling homes during this time frame in the $0-$100,000 price range and a six-month average sold price of $248,863. The average sold price for the last 30 days was $249,245 with a DOM average of 92 days.

ABSORPTION RATE

We currently have 4.7 months of inventory based on the last 6 months of sales.  Assuming that it would take this much time to sell all the current inventory if market conditions remained the same, this indicates a reasonably balanced market leaning toward buyers at the present time.

Union County    Click here for a complete report >>


LISTINGS ON THE MARKET

The total number of homes on the market in Union County is currently 1,385. As with Mecklenburg County, since there are no pending sales currently in the pipeline, we cannot report on a pending ratio. Similar to Mecklenburg County, the price range of $150,000-$200,000 is reporting a larger inventory of properties for sale at 237 listings.  The average list price for all price ranges in Union County is $323,633.

CONTRACTS CLOSED

The last six months have had 1,400 closed contracts with an average price of $263,448– with the highest number of sold listings in the $100,000-$150,000 price range.  Conversely, 944 listings remain unsold during the last six months for the same reasons afflicting unsold properties in Mecklenburg County.  The highest number of off-market listings at 177 properties are in the $150,000-$200,000 price range.

DAYS ON MARKET

The average number of Days On Market for property listings in Union County is 140 days, with the DOM during the last six months reported at 103 days.  The previous six months reveals an average sold price of $263,448 with the fastest selling properties in the $0-$50,000 price range.

The Union County average sold price during the last 30 days was $252,043 with an average DOM of 97 days.

ABSORPTION RATE

Right now we are looking at 5.9 months of inventory in Union County as per the last 6 month’s sold properties.  This would indicate a seemingly balanced market given that it would take that much time to sell all existing property listings on the market assuming conditions remain the same.
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If you would like to explore your options, study the market statistics above in greater details or would like an assessment of your current real estate situation – contact me and I will be glad to assist you with all your real estate endeavors!

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