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 September 1 2008 - September 30, 2008 from the CMLS
New Active Listings
In September, 631 homes were listed for sale in Union County's Area 10. This was a increase of 9.36% over August and a 6.05% increase when compared with September 2007, 24.95% increase compared with 2006, and 28.51% increase compared with 2005. September typically averaged around 530 new single family detached units in prior years
Pending Homes
213 single family homes were placed under contract for Area 10 in September 2008. This was down 10.5% from the month prior when 238 homes went under contract. Compared to September 2007, there were 27.55% fewer homes receiving contract than the year prior and 33.85% fewer than during the same period in 2005. However, during September 2008, 9.23% more were placed under contract than during the same period in 2006.
Sold Units
In September, 179 single family detached homes were sold in Area 10 through the MLS. This was a decrease of 7.73% when compared to the month prior and 29.8% fewer than in September 2007. The numbers begin to get staggering when you look back to 2006 and 2005 when the decrease in the sales for this year were 41.5% and 49% respectively.
Percentage of the Listing Price Received
Sellers received on average 95.96% of their asking price before concessions in September. This is a slight decline from the previous month when sellers received 96.99%. Last year, sellers received 98.46% of their asking price, which is down from the high set in September 2005 of 99.52%.
Average Days on Market
The average days on market in September was 110, down 5 days from the August prior when the average DOM was 115. In September 2007, the average days on market for single family homes was 88.
Average Sold Price
In September, the average sales price for a single family detached home in Area 10 decreased 8.62% to $285,486 from August, down 19.29% from September 2007, up 9.19% from September 2006, and down 0.87% from September 2005. The dramatic decline in sales price year over year is as much a factor of fewer homes selling above $400,000 to (38 this september compared to 61 the last) as much as sellers reducing the price to deal with the inventory.
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