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INVENTORY
LEVELS
Right
now we are reporting a total of 4,041 available homes on the market, with the
largest inventory in the $100,000 to $200,000 price range. The number of homes
on the market in this price bracket is coming in at 1,262. The average list
price for all the properties in the market as of this time period is $369,638.
CONTRACTS
CLOSED
Over the
last six months we have had 5,419 contracts closed and the average sold price
is reported at $250,115. The highest number of sold listings appeared in the
$100,000 to $200,000 price point. On the other hand, 3,073 listings have not
sold during the last six months, most likely due to non-aggressive marketing,
the condition of the home or a pricing strategy that failed to work. We saw the
most off-market listings (951 listings) in the $100,000 to $200,000 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 127 days. The
average DOM over the last 6 months is 99 days with the fastest selling homes during
this time frame in the $0 to $100,000 price range. The average sold price for
the last 30 days was $246,210 with a DOM average of 101 days.
ABSORPTION
RATE
In terms
of the number of months inventory on hand, we have 4.5 months as per the last
six months of sales, pointing to a seller-centric real estate environment given
the fewer available homes and increased demand.
INVENTORY
LEVELS
We are
reporting a total of 1,358 homes for sale in Union County with a reasonably
large number of available homes in the $150,000 to $200,000 price range, with
236 listings in this group. The average listing price for the homes in this
market is $321,937.
CONTRACTS
CLOSED
Over the
last six months there have been 1,410 contracts that have closed and the
average sold price was $263,980. As seems consistent with our present market
statistics, the highest number of closed contracts appeared in the $100,000 to
$150,000 price range. Looking at homes that did not sell, we have 937 listings
still on the market, most of which come under the $150,000 to $200,000 price
bracket with 171 unsold listings in that price range.
DAYS ON
MARKET
Our
active listings are averaging 144 Days On Market in Union County and the number
for the past six months is a relatively lower 102 days, with an average sold
price of $263,980. Interesting to note is that the fastest selling properties
fall in the $0 to $50,000 price point. The
average DOM for the past 30 days mirrors our 6 month DOM stats but the average
sold price comes in lower at $242,222.
ABSORPTION
RATE
As
inventory continues to dwindle down, we keep moving toward a seller-centric
market. Right now we are holding 5.8 months of inventory according to the last
6 months of sales, indicating a fairly balanced market. What this means is that
assuming market conditions remain the same it would take 5.8 months to sell all
the homes in our current inventory.
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Please
feel free to get in touch to discuss your real estate needs – I’d be happy to
look over your home, guide you through the process and help achieve your real
estate goals.
