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There’s no better way to understand the real estate market than to understand what is happening in your own local marketplace – that’s why each month, I am going to share key and relevant statistics with you. The information you receive will help to shape your real estate plans and also prove to strengthen your understanding of what we are experiencing in our own neck of the woods.
Below are the market stats in terms of some key areas that highly impact where we are headed in the coming months.
Mecklenburg County
SALES PENDING
With 6,697 homes on the market right now, at the present time we are reporting 2,220 pending sales and 4,477 active listings. The pending sales ratio is 33.1%, indicating the beginnings of a balanced supply and demand market. The higher the ratio, the more that listings are in demand.
The highest number of pending contracts fall within properties in the $50,000-$100,000 price range. The next price range bracket of $100,000-$150,000 has a relatively large inventory of properties for sale at 697 listings. Mecklenburg County’s average list price for all price ranges is $349,999.
CONTRACTS CLOSED
The previous six months have shown a total of 3,616 closed contracts with an average sold price of $206,356 – the most sold listings coming under the $100,000-$150,000 price range. Conversely, 3,698 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 692 properties falls within the $100,000-$150,000 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, indicating a buyers’ market. The average DOM over the last 6 months is 112 days with the fastest selling homes during this time frame in the $0-$50,000 price range. Evidence of a shifting market, the average sold price for the last 30 days was $226,783 with a DOM average of 106 days.
ABSORPTION RATE
We currently have 7.4 months of inventory according to the previous 6 months sales figures. 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
SALES PENDING
The total number of homes on the market in Union County is currently 1,981 with 531 sales pending and 1,468 active listings. The pending ratio is 25.9%, indicating more supply than there is demand. Homes available in the $100,000-$150,000 price range are experiencing a relatively large number of contracts pending sale. Similar to Mecklenburg County, the price range of $150,000-$200,000 is reporting a larger inventory of properties for sale at 269 listings. The average list price for all price ranges in Union County is $329,603.
CONTRACTS CLOSED
The last six months have had 964 closed contracts with an average price of $244,799 – with the highest number of sold listings in the $150,000-$200,000 price range. Conversely, 1,036 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 190 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 138 days, with the DOM during the last six months reported at 119 days. The previous six months reveals an average sold price of $244,799 with the fastest selling properties selling in the $450,000-$500,000 price range.
The Union County average sold price during the last 30 days was $235,410 with an average DOM of 116 days, indicating a changing trend toward a sellers market in our marketplace.
ABSORPTION RATE
Right now we are looking at 9.1 months of inventory in Union County as per the last 6 month’s sold properties. This would indicate a sellers 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 even just assess your current real estate situation – contact me and I will be glad to assist you with all your real estate endeavors!
