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Thursday, October 4, 2012

Mecklenburg, Union Counties – October Market Status Update



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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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