Real Estate Market Update for

Single Family Homes in Union County North Carolina including:

Matthews, Stallings, Indian Trail, Weddington, Monroe, Marvin, Wesley Chapel, Mineral Springs, Waxhaw, Marshville, Wingate, and Peachland

Data gathered for May 1 2009 - May 31, 2009 from the CMLS

Active Listings

In May, 459 single family detached homes were listed for sale in Union county North Carolina. May's new listings were 15.93% less than in April and 24.75% fewer than were listed in May 2008.

Pending Units

229 Single Family homes received a contract. This was 7.51% more than received a contract in April but 22.37% fewer contracts than in May 2008. When compared to May 2007 and 2006, 50.43% and 49.56% fewer contracts were written and accepted this past May.

Sold Units

165 Single Family Detached Homes were sold in May 2009. This was an decrease of 17.86% from April and a decrease of 26.01% from May 2008. Most notably the decrease from 2007 and 2006 are as follows for sold units 53.26% and 56.92%.

Average Sold Price

In May, single family detached homes that sold in Union County sold at an average of $255,379, which was a 5.19% decrease from April and 5.19% decrease when compared to May 2008. Looking back to 2007 and 2006 there is also a decrease of 8.08% and a decrease of 9.27% in the average sold price.

Average Days on Market

Of the 165 homes that closed in May, they were on the market for an average of 108 days before receiving an offer. That was 8% increase than the month earlier 13.68% increase than a year earlier, and 38.46% greater than in 2006. 94 Single Family homes sold in less than 100 days while 71 homes in 100 days or greater. 4 homes were listed for over a year before receiving an offer.

Seller Concession

72 out of the 165 homes (or 44%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $4,861.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. 7 closed listings offered such a concession, with the sellers receiving an average of 90.84% of their original asking price and closing in 47 days.

Sold Price as a Percentage of Tax Value

123 of the 140 homes that sold in May in Union County had a tax value assigned to the listing. The homes that sold in May sold at an average of 97.62% of their listed tax values. 71 homes sold below tax value, the lowest which sold at 25.16% of its tax value. There were also 2 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 92.54% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Union County, sellers received 89.24% of their original asking price. With seller concessions included, sellers received on average 88.25% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 92.75% of their original asking price including concessions while homes listed for greater than 100 days received only 82.29%.

Buyer Financing

Of the homes that sold in May, 6 buyers used VA financing, 51 used FHA, 81 used Conventional Financing, 21 cash, 1 NC Bond, 3 Owner Financed and 2 other.

Jonathan Osman
Charlotte Real Estate