Union County Real Estate Market Report- October 1-October 31,2009
Waxhaw, NC Homes for Sale- Homes Sold
There were 51 Homes sold in Waxhaw, at an average price of $395,148, on an average 3639 sf, or an average of $108/sf at a reported average of 98 Days on Market. In 2008, there were 38 home sales, at an average of $366,874, at an average sf of3373, at not quite $109/sf. So the market is holding steady '08 to '09.
Waxhaw Homes for Sale
At the end of October there were 572 homes for sale in Waxhaw. The average monthly Waxhaw home sales is 57 (Since June) which equates to about a rought 10 month supply of homes. certainly a strong buyers market, but not grotesque!
Weddington Homes For Sale
There were 7 homes sold in Weddington, at an average price of $713,214 on 5,118 sf, or an average of $139.00/sf, at a reported average of 187 Days on market. In 2008, there were 6 Weddington homes sold, at an average of $574,221, on 3,964 square feet, or $144/sf, and a reported Days on market of 94.
There were 122 Weddington Homes for Sale as of 10/31/2009. The average monthly sales- based on monthly sales since June, is 6.6, reflecting an 18 month supply of homes- bascially a buyers dream.
What accounts for this turn around--for decades Weddington led the way, now there is a strong bias in favor of Waxhaw, why?
The main artery to Weddington is Providence Road, and the expansion is nearing completion, but for the last 3 years Weddington has been nearly inaccessible.
First Home Buyers Tax Credits Affects Union County Homes For Sale Under $200,000
In the areas of 10-1, 10-2 and 10-3- the Weddington-Waxhaw-Marvin-Wesley Chapel area, there were a total of 131 homes sold.
Assuming a "First home balance"* sales price of $230,000- , there were 58 first home buyers in 2009, or 44% of the market. This compares with 34 home sales a year earlier, suggesting a dominant role in first home buyers in 2009- the tax credits at work .
*First Home Balance" sales price is an assumption based on the reality that there is no way to determine in real time who is a first time home buyer- but we know it is some percentage of our market. The "balance" works this way: take a home sales price number and assume that the number of homes sold, that were Not first home buyers, is offset by the people Above the sales price who WERE first home buyers. So when we "balance" the price at $230,000 for statistical analysis, we aren't saying all first home buyers bought below $230,0000 but that this quantity of sales is the balanced number we will uses to compare year to year, in this geographic area.
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