union county market update

7/31/2019 Union County Market Update

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TABLE OF CONTENTS

Charts and Commentary .. Pages 1-2

Market Summary Table .. Page 3

Glossary ... Page 4

Su M Tu W Th F Sa Sunday, July 15 6 71 2 3 4

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201219 20 21

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UNION COUNTYUNION COUNTYUNION COUNTYUNION COUNTYEAL ESTATE MARKET REPORT

The Lars Hedenborg Home Selling Teamwww.HomesByLars.com

[email protected]

704-800-1200, ext 6

Real Market ReportsRealMarketReports.com


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Taking a closer look, we notice

the $100K - $150K price range ha

relatively large number of contrpending sale.

We also notice that the $150K - $2

price range has a relatively la

inventory of properties for sale at

listings. The average list price

asking price) for all properties in

market is $330,291.

A total of 1127 contracts have clo

in the last 6 months with an ave

sold price of $255,058. Breakin

down, we notice that the $100

$150K price range contains

highest number of sold listings.

Alternatively, a total of 970 list

have failed to sell in that same peof time. Listings may fail to sel

many reasons such as being pr

too high, having been inadequa

marketed, the property was in p

condition, or perhaps the owner

second thoughts about selling at

particular time. The $100K - $1price range has a high number of

market listings at 174 properties.

"Current inventory is described

as mildly active."

at the real estate market. Currently

here are 631 sales pending in themarket overall, leaving 1508 listings

still for sale. The resulting pending

ratio is 29.5% (631 divided by 2,139).

So you might be asking yourself, that's

great... but what exactly does it mean?

'm glad you asked!

The pending ratio indicates the supply

& demand of the market. Specifically,

a high ratio means that listings are indemand and quickly going to contract.

Alternatively, a low ratio means there

are not enough qualified buyers for the

existing supply.

0

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Properties For Sale

Contracts Pending

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Sold

Off-Market

Union County

Number of Listings For Sale vs. Pending Contract

Union County

Num Sold vs. Off-Market (Last 6 mos.)

et's take a look

1Real Market ReportsRealMarketReports.com

Updated on 7/1/2012, RealMarketReports.Copyright The Lars Hedenborg Home Selling Te

Updated on 7/1/2012, RealMarketReports.comCopyright The Lars Hedenborg Home Selling Team

Sunday, July 1, 2012

Market Dashb

704-800-1200, e

The Lars Hedenborg Home Selling [email protected]


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Analysis of the absorption

indicates an inventory of 8.0 mo

based on the last 6 months of sa

This estimate is often used

determine how long it would tak

sell off the current inventory

properties if all conditions remathe same. It is significant to men

that this estimate does not take

consideration any additional prope

that will come onto the market in

future.

Looking at the chart to the right, you

might be wondering why average days

on market (DOM) is important. This isa useful measurement because it can

help us to determine whether we are

n a buyer's market (indicated by high

DOM), or a seller's market (indicated

by low DOM). Active listings

(properties for sale) have been on the

market for an average of 135 days.

Analysis of sold properties for the last

six months reveals an average sold

price of $255,058 and 111 days on

market. Notice that properties in the$450K - $500K price range have sold

quickest over the last six months.

The recent history of sales can be

seen in the two charts below. The

average sold price for the last 30 days

was $259,500 with an average DOM

of 99 days.

Since the recent DOM is less than the

average DOM for the last 6 months, it

s a positive indicator for demand. It isalways important to realize that real

estate markets can fluctuate due to

many factors, including shifting interest

rates, the economy, or seasonal

changes.

Ratios are simple ways to express the

difference between two values such as

list price and sold price. In our case,

we typically use the list-to-sale ratio todetermine the percentage of the final

list price that the buyer ultimately paid.

It is a very common method to help

buyers decide how much to offer on a

property.

"The average list-to-sales ratio

for this area is 95.7%."

0

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Sold

For Sale

$220K

$230K

$240K

$250K

$260K$270K

Feb Mar Apr May Jun Jul

0

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120140

Feb Mar Apr May Jun

Union County

Average Days on Market (DOM)

Union County

Average Days on Market (Sold)

Union County

Average Sold Prices


Updated on 7/1/2012, RealMarketReports.cCopyright The Lars Hedenborg Home Selling Te

Copyright The Lars Hedenborg Home Selling TeamUpdated on 7/1/2012, RealMarketReports.com

Copyright The Lars Hedenborg Home Selling TeUpdated on 7/1/2012, RealMarketReports.c


Market Dashb

704-800-1200, e



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Date Range = 01/01/2012 to 07/01/2012 Data believed to be accurate but not guaran

Price Range TotalNum

AvgDOMMin. Max.

List toSales

For Sale[1]

Sold in the Last 6 Months[4]

Absorption ROff-Market in the Last 6 Months[3]

AvgSold Price

TotalNum

PendingRatio

TotalNum

TotalNum

AvgDOM

Avg OrigList Price

AvgList Price

Contracts Pending[2]

$0 $49,999 18 100 39,261$ 13 41.9%

AvgList Price

16 54 74 46,557$ 39,334$ 34,337$ 87.3%

$50,000 $99,999 130 143 80,143$ 62 32.3% 83 125 79 85,964$ 76,846$ 71,873$ 93.5%

$100,000 $149,999 235 127 130,216$ 128 35.3% 174 225 118 140,531$ 131,110$ 126,018$ 96.1%

$150,000 $199,999 267 141 175,733$ 107 28.6% 174 193 124 184,405$ 177,579$ 171,802$ 96.7%

$200,000 $249,999 198 130 226,024$ 57 22.4% 130 133 120 238,632$ 230,732$ 223,931$ 97.1%

$250,000 $299,999 151 140 276,889$ 58 27.8% 102 93 108 295,648$ 284,411$ 275,300$ 96.8%

$300,000 $349,999 111 109 329,669$ 49 30.6% 58 71 96 342,159$ 337,242$ 326,553$ 96.8%

$350,000 $399,999 88 110 377,139$ 38 30.2% 57 58 99 396,618$ 386,181$ 371,318$ 96.2%

$400,000 $449,999 48 109 429,600$ 21 30.4% 28 48 100 454,167$ 440,143$ 425,313$ 96.6%

$450,000 $499,999 46 157 477,542$ 20 30.3% 26 13 66 490,555$

21

486,277$ 476,247$ 97.9%

140 562,278$ 543,426$ 95.8%

$550,000 $599,999 26 123 579,573$ 13 33.3% 22 157 609,834$

520,498$

595,007$ 572,362$ 96.2%

$600,000 $649,999 24 148 17 85 642,834$ 638,967$

631 29.5% 970

$650,000 $699,999 19 157 677,789$ 9 32.1%

Market Summary >>> 1,508 135 330,291$

91.9%1,247,363$

97.7%

676,968$ 665,655$ 97.7%

1,156,885$

1,127 111 278,726$ 266,605$ 255,058$ 95.7%

12 33.3%

21.3% 62

4

21

526,290$ 10 32.3% 18

184 1,063,721$

624,011$

681,456$75

$700,000 + 126 187 1,241,170$ 34

17 8

46

$500,000 $549,999 21

629,749$

88

Status = [1] ACT; [2] COND, ACDDP, CONTG, PEND; [3] WITH, EXP; [4] CLOSD

County = Union

Prop Type = RES



Market Summary T

704-800-1200, e



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1. PROPERTIES FOR SALE

a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchaseagreement.

b. Average Days on Market (DOM): The average marketing period of currently active listings. This does not account

for some listings which have had a previous listing period, but were re-entered as a new listing.

c. Average List Price: The average price that a seller is currently asking.

2. CONTRACTS PENDING

a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed.

b. Pending Ratio: Sometimes called a list-to-pending ratio. This is a measure of how fast properties are going under

contract vs. how fast they are being listed.

Pending Ratio = P (Number of Pending Listings)

A+P (Number of Active + Pending)

(P) represents properties that buyers have chosen

(A+P) represents the entire pool from which they have chosen

3. OFF-MARKET

a. Number Off-Market: The number of listing agreements that have failed to close in the last 6 months. Some

owners may choose to reoffer their property for sale.

4. PROPERTIES SOLD

a. Number Sold: The number of properties that have gone to a closing in the last 6 months.

b. Average Days on Market (DOM): The average marketing time it has taken properties to sell in the last 6 months.

c. Average Original List Price: The average price at which a sold property was originally marketed.

d. Average List Price: The average price at which a sold property was marketed just prior to selling.

e. Average Sold Price: The average price for which a property sold.

f. List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property.

List to Sales Ratio = Average Sold Price

Average List Price

5. OTHER

a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months.

For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of

inventory before counting the additional properties that will come on the market.

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