Mecklenburg, Union Counties – Mid-June Market Status Update

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Welcome back to the mid-month real estate update featuring useful information that you can utilize to make informed real estate decisions. As has become customary, please find below important statistics reported at this point in our market in the middle of June 2012. Using this will provide you with an understanding of where we stand today and where we are headed in the future of buying and selling properties in our region.

Mecklenburg County

SALES PENDING
With 7,026 homes on the market right now, right now we are reporting 2,458 pending sales and 4,568 active listings. The pending sales ratio is 35.0%, showing an even greater likelihood for 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 $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 1,373 listings. Mecklenburg County’s average list price for all price ranges is $366,177.

CONTRACTS CLOSED
The previous six months have shown a total of 4,164 closed contracts with an average sold price of $224,743 – the most sold listings coming under the $100,000-$200,000 price range. Conversely, 3,318 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 1,100 properties also 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 118 days, level with last month’s market update. The average DOM over the last 6 months is 108 days with the fastest selling homes during this time frame in the $1.2M-$1.3M price range. The average sold price for the last 30 days was $256,882 with a DOM average of 101 days.

ABSORPTION RATE
We currently have 6.6 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 2,099 with 625 sales pending and 1,474 active listings. The pending ratio is 29.8%, indicating more supply than there is demand. Like last month, homes available in the $100,000-$150,000 price range are still experiencing a relatively large number of contracts pending sale.  The price range of $150,000-$200,000 is reporting a larger inventory of properties for sale at 249 listings. The average list price for all price ranges in Union County is $331,805.

CONTRACTS CLOSED
The last six months have had 1,078 closed contracts with an average price of $254,287 – with the highest number of sold listings in the $150,000-$200,000 price range, one bracket up from last month’s update. Conversely, 997 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 185 properties are in the $150,000-$200,000 price range, also one price bracket up from the last update.

DAYS ON MARKET
The average number of Days On Market for property listings in Union County is 136 days, with the DOM during the last six months reported at 114 days. The previous six months reveals an average sold price of $254,287 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 $265,099 with an average DOM of 101 days.

ABSORPTION RATE
Slightly down from last month, we are at 8.2 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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As always, I invite you to contact me if you would like to explore your options, look further in detail at the market statistics provided above or to assess your real estate outlook – contact me and I will be glad to assist you with all your real estate endeavors!