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Right
now, as we come off the presidential election period and settle back into our
daily lives, things on the real estate front remain active. Many people have
opted to wait the election out to see whether there will be any special
outcomes as a result. But truth be told, much of the marketplace is as it was
just a month ago. Here is a look Mecklenburg and Union Counties as of October:
INVENTORY
LEVELS
Right now
we are reporting a total of 3,645 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 1,096. The average list
price for all the properties in the market as of this time period is $372,027.
CONTRACTS
CLOSED
Over the
last six months we have had 5,508 contracts closed and the average sold price
is reported at $248,853. The highest number of sold listings appeared in the
$100,000 to $200,000 price point. On the other hand, 3,145 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 (987 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 125 days. The
average DOM over the last 6 months is 98 days with the fastest selling homes
during this time frame in the $0 to $100,000 price range. The average sold
price for the past 6 months is $248,853. The average sold price for the last 30
days was $232,983 with a DOM average of 98 days.
ABSORPTION
RATE
In terms
of the number of months inventory on hand, we have 4 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 1,237 homes for sale in Union County with a reasonably
large number of available homes in the $150,000 to $200,000 price range, with 222
listings in this group. The average listing price for the homes in this market
is $327,751.
CONTRACTS
CLOSED
Over the
last six months there have been 1,494 contracts that have closed and the
average sold price was $259,548. 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 981 listings
still on the market, most of which come under the $150,000 to $200,000 price
bracket with 183 unsold listings in that price range.
DAYS ON
MARKET
Our active
listings are averaging 145 Days On Market in Union County and the number for
the past six months is a relatively lower 99 days, with an average sold price
of $259,548. 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 is 90 days and the average sold price comes in
lower at $226,571.
ABSORPTION
RATE
As
inventory continues to dwindle down, we keep moving toward a seller-centric
market. Right now we are holding 5 months of inventory according to the last 6
months of sales, steadily moving downward. What this means is that assuming
market conditions remain the same it would take 5 months to sell all the homes
in our current inventory.
~
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.
