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Now that we have crossed into the second half of the year, we are watching as the numbers play out and indicate what we can expect to see happening in our marketplace over the next several months. Though these figures do reflect how things are currently and how they have been in the past 6 months, with our upcoming Presidential election all indicators usually point to a market that is stronger than usual for this time of year. Here is a snapshot of how both the Mecklenburg and Union Counties are performing in today’s real estate market.
Mecklenburg County Click Here for Complete Report >>
INVENTORY ON HAND
We are currently seeing a significant number of available properties on the market at 4,426 overall and 1,456 listings in the $100,000-$200,000 price range. The average list price for all properties is reported at $357,669.
CONTRACTS CLOSED
The previous six months have shown a total of 5,033 closed contracts with an average sold price of $246,179 – with the highest number of sales taking place within the $100,000-$200,000 price range. On the other hand, 3,072 properties are still on the market and have failed to sell in the last six months. This usually occurs for a few reasons such as too high prices, properties that are showing in less than perfect condition or lack of strong marketing techniques. The highest number of off-market listings at 971 properties once again comes under the $100,000-$200,000 price bracket.
DAYS ON MARKET
Higher number of Days On Market indicates a buyers’ market and we have seen little change in the Mecklenburg County market in this regard over the past few months. The current average DOM is 119 days. The average DOM over the last 6 months is 103 days with an average sold price of $246,179 in that same time frame. Properties in the $1.2M-$1.3M price range continue to sell the fastest during the past six months. Looking at the last 30 days the average sold price was $261,417 with a DOM average of 104 days.
ABSORPTION RATE
Our absorption rate has moved down to 5.3 months based on the previous six months numbers. With the rate as it is today, it indicates a fairly balanced market however one that has shifted to the sellers’ side.
Union County Click Here for Complete Report >>
INVENTORY ON HAND
Similar to Mecklenburg County, in Union County we are reporting a reasonably large number of properties available at 1,436 listings on the market with 251 available properties in the $150,000-$200,000 price range. Looking at all the properties in this market, the average listing price is currently at $326,267.
CONTRACTS CLOSED
In the last six months we have reported 1,304 closed contracts with an average price of $264,675 – and the highest number of sold listings remain in the $100,000-$150,000 price bracket. On the other hand, 937 unsold listings remain on the market during the previous six months due to inadequate marketing, less than ideal pricing strategies and imperfect property condition. 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 largely unchanged at 137 days. The average DOM for the last six months is 107 days. We are reporting an average sold price in the last six months at $246,675 and the fastest selling properties selling are in the $50,000-$100,000 price range – a dramatic shift from previous months’ reporting.
The average sold price during the last 30 days in Union County is $300,738 with an average DOM of 101 days.
ABSORPTION RATE
Finally coming to an almost completely level market in terms of supply and demand, we are at 6.6 months of inventory in Union County as per the last 6 month’s sold properties. This would indicate a balanced market assuming it would take this much time to sell all existing property listings on the market assuming conditions remain the same.
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If you would like a customized market report geared toward your specific area – or seek assistance in any other real estate related matter, please contact us today. We look forward to hearing from you and serving your needs!
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