Union County Real Estate Talk

The 2011 Monroe NC Real Estate Market--Five Facts

It's time to look at the real estate market in Monroe NC and to assess how home buyers and home sellers fared in 2011.  Monroe offers some of the most affordable housing in Union County NC.

Here are five facts about the Monroe marketplace in 2011.

1. 234 single-family homes sold in Monroe, the most since 2008.
2. Prices continued to decline with the median sales price of single-family homes dropping to $113,950.
3. Townhomes and condominiums were a very small part of the marketplace with only 10 units sold during the year.
4. Over 30% of the year's home sales were foreclosures and short sales.
5. New construction accounted for only 7% of Monroe's home sales.

What do these five facts mean for Monroe buyers and sellers?

• The distressed sales that are a large part of the Monroe market created great buying opportunities and most likely increased the number of homes sold.
• The price declines since 2008 have caused headaches for Monroe's home sellers.
• Opportunities to buy a townhome or new construction are limited in Monroe.

Want to learn more about the real estate market in Monroe and see all the numbers for each of the past four years?  Want to know where the most active Monroe neighborhoods were in 2011?  Click on the link below.

Monroe NC Real Estate Market Report--Year 2011

Copyright 2012.  Carol Fox.  Allen Tate Realtors.  *The 2011 Monroe NC Real Estate Market--Five Facts*

Monroe NC Real Estate Market Report—July-September 2011

The number of single family home sales in Monroe NC increased by a third during the third quarter of 2011.  The median sales price dropped 4.3% during the same period.  Days on market have remained stable in 2011 at approximately 90 days.

Only two townhomes sold in Monroe during the third quarter.  The median sales price increased to $123,450, the highest of 2011.  Median days on market saw a huge improvement, dropping from over a year to under six months.

What do the third quarter 2011 numbers mean for Monroe NC buyers and sellers?

• Single family home sellers in have seen fairly stable median prices over the spring and summer of 2011.  Townhome sellers saw an improving market.
• Housing, both single family and townhomes, remains more affordable for buyers in Monroe than recent years. 

Single Family Homes

Monroe Single Family Homes	Year 2008	Year 2009	Year 2010	Quarter 1 Year 2011	Quarter 2 Year 2011	Quarter 3 Year 2011
Median Sales Price	$141,500	$121,950	$128,000	$105,000	$115,000	$110,000
Number of Homes Sold	248	200	173	44	45	60
Median Days on Market	38	48	83	97	93	92

Source: Carolina Multiple Listing Service

Townhomes and Condos

Monroe Townhomes and Condos	Year 2008	Year 2009	Year 2010	Quarter 1 Year 2011	Quarter 2 Year 2011	Quarter 3  Year 2011
Median Sales Price	$119,235	$123,740	$157,933	$65,000	$100,950	$123,450
Number of Homes Sold	23	15	17	6	2	2
Median Days on Market	88	10	84	428	596	163

Source: Carolina Multiple Listing Service

Most Active Neighborhoods in Monroe NC Third Quarter 2011

The following neighborhoods had the most sales activity during the third quarter.

Colonial Village   Glendalough

Copyright 2011. Carol Fox. Allen Tate Realtors. *Monroe NC Real Estate Market Report—July-September 2011*

Monroe NC Real Estate Market Report—April-June 2011

Monroe NC is the county seat of Union County NC.   A beautiful restored courthouse sits in the heart of downtown Monroe where many historic homes can be found.

The single family median price improved in the second quarter of 2011 compared with the first.  The median price was up 9.5% although still below median prices for 2010.  The number of homes sold from April to June remained nearly the same as the first quarter.  Median days on market dropped slightly.  Only two townhomes or condos sold in the second quarter.  The median price increased 55.3% while days on market increased to almost two years.

What do the second quarter 2011 numbers mean for Monroe NC buyers and sellers?

• Sellers in Monroe saw some relief from the drastically lower prices of the first quarter.
• Buyers for properties in Monroe can find affordable prices.

Single Family Homes

Monroe Single Family Homes	Year 2008	Year 2009	Year 2010	Quarter 1 Year 2011	Quarter 2  Year 2011
Median Sales Price	$141,500	$121,950	$128,000	$105,000	$115,000
Number of Homes Sold	248	200	173	44	45
Median Days on Market	38	48	83	97	93

Source: Carolina Multiple Listing Service

Townhomes and Condos

Monroe Townhomes and Condos	Year 2008	Year 2009	Year 2010	Quarter 1 Year 2011	Quarter 2  Year 2011
Median Sales Price	$119,235	$123,740	$157,933	$65,000	$100,950
Number of Homes Sold	23	15	17	6	2
Median Days on Market	88	10	84	428	596

Source: Carolina Multiple Listing Service

Copyright 2011.  Carol Fox.  Allen Tate Realtors.  *Monroe NC Real Estate Market Report—April-June 2011*

Monroe NC Real Estate Market Report—January-March 2011

Median prices for both single family homes and townhomes in Monroe NC dropped dramatically during the first quarter of 2011.  Single family prices were off 17.9% while townhome prices plummeted 58.8%.  The lower townhome pricing was due to the fact that most sales during the first quarter were in one complex.  Forty four single family homes closed and 6 townhomes sold.  Days on market were up slightly for the single family homes and up 400% for the townhomes that sold.

What do the first quarter 2011 numbers mean for Monroe buyers and sellers?

• Sellers in Monroe face a downward pressure on home prices. 
• Buyers for properties in Monroe may be able to find better values now than in 2010.

Single Family Homes

Monroe Single Family Homes	Year 2008	Year 2009	Year 2010	Quarter 1  Year 2011
Median Sales Price	$141,500	$121,950	$128,000	$105,000
Number of Homes Sold	248	200	173	44
Median Days on Market	38	48	83	97

Source: Carolina Multiple Listing Service

Townhomes and Condos

Monroe Townhomes and Condos	Year 2008	Year 2009	Year 2010	Quarter 1  Year 2011
Median Sales Price	$119,235	$123,740	$157,933	$65,000
Number of Homes Sold	23	15	17	6
Median Days on Market	88	10	84	428

Source: Carolina Multiple Listing Service

 Most Active Neighborhoods in Monroe  First Quarter 2011

The following neighborhoods had the most sales activity during the first quarter.  Click on the neighborhood for more information and a list of homes for sale.

Historic District	Myers Meadows
Cameron Woods	Middleton Place

Copyright 2011.  Carol Fox.  Allen Tate Realtors.  *Monroe NC Real Estate Market Report—January-March 2011*

Monroe NC Real Estate Market Report—Year 2010

How did the Monroe NC real estate market fare during 2010 and how did 2010 market activity compare with 2009 and 2008?

The tables below compare the Monroe NC real estate market for years 2008 through 2010.  173 single family homes and 17 townhomes closed in Monroe in 2010.  The highest priced single family home sale was $392,500.  The highest priced townhome sale was $165,000.  Median days on the market jumped for both single family homes and townhomes.  The median list to sale ratio in 2010 was 96% for single family homes and 98% for townhomes.

Single Family Homes in Monroe NC

The median sales price in Monroe was up 4.9% from 2009 but down 9.5% from 2008.  The number of homes sold showed a decrease of 13.5% from 2008 to 2009 and a decrease of 30.2 % from 2008 to 2010.  Median days on the market were up 72% from 2009.

Monroe Single Family Homes	Year 2008	Year 2009	Year 2010
Median Sales Price	$141,500	$121,950	$128,000
Number of Homes Sold	248	200	173
Median Days on Market	38	48	83

Source:  Carolina Multiple Listing Service

Townhomes and Condominiums in Monroe NC

Monroe doesn’t have very many townhome or condominium complexes so there aren’t many units sold each year.  The number of townhomes sold in Monroe during 2010 increased slightly from 2009.  The median sales price in 2010 was up 27.6% from 2009.  This most likely reflect a large proportion of sales from one new construction complex.  Median days on the market increased substantially in 2010 again likely from the new construction complex.

Monroe Townhomes and Condos	Year 2008	Year 2009	Year 2010
Median Sales Price	$119,235	$123,740	$157,933
Number of Homes Sold	23	15	17
Median Days on Market	88	10	84

Source:  Carolina Multiple Listing Service

Most Active Neighborhoods in Monroe NC

The most active Monroe NC neighborhoods in 2010 are listed below.  Click on each neighborhood to get a detailed description of the neighborhood, a summary of 2009 and 2010 real estate activity and to search for current homes for sale.

Yorkshire	Myers Meadows	Historic District
Hamilton Place	Gleneagles	Colonial Village
Brekonridge

Copyright 2011.  Carol Fox.  Allen Tate Realtors.  *Monroe NC Real Estate Market Report—Year 2010*

Monroe NC Real Estate Market Report—July-September 2010

How did the Monroe NC real estate market fare in the third quarter of 2010 and how does 2010 market activity compare with 2009?

Market activity in Monroe NC dropped in the third quarter of 2010 both in number of sales and in average sales price.  Single family average prices were off 1% from 2009 prices and off 6% from the second quarter of 2010.  There were 43% fewer single family homes sold in the third quarter than in the second quarter.  There haven’t been many townhome or condominium sales in Monroe in 2010.  Average prices in the third quarter dropped 15% from 2009 and were off 9% the third quarter.

Monroe NC Average Real Estate Prices, Homes Sold, and Average Days on Market

Single Family Homes in Monroe NC

2009 Average Sales Price:  $124,851   First Quarter 2010 Average Sales Price:  $119,357  Second Quarter 2010 Average Sales Price:  $131,493  Third Quarter 2010 Average Sales Price:  $123,724

2009 Number of Homes Sold:  218    First Quarter 2010 Number of Homes Sold:  30  Second Quarter 2010 Number of Homes Sold:  72   Third Quarter 2010 Number of Homes Sold:  41 

2009 Average Days on Market:  117   First Quarter 2010 Average Days on Market:  127   Second Quarter 2010 Average Days on Market:  99  Third Quarter Average Days on Market:  121

Townhomes and Condominiums in Monroe NC

2009 Average Sales Price:  $125,269    First Quarter 2010 Average Sales Price:  $109,617   Second Quarter 2010 Average Sales Price:  $117,525  Third Quarter 2010 Average Sales Price:  $106,555  

2009 Number of Homes Sold:  15       First Quarter 2010 Number of Homes Sold:  2    Second Quarter 2010 Number of Homes Sold:  8     Third Quarter 2010 Number of Homes Sold:  5

2009 Average Days on Market:  93     First Quarter 2010 Average Days on Market:  399    Second Quarter 2010 Average Days on Market:  101  Third Quarter 2010 Average Days on Market:  119

Source:  Carolina Multiple Listing Service

Most Active Neighborhoods in Monroe NC

The most active 2009 Monroe NC neighborhoods are listed below. 

Windy Ridge

Hamilton Place

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Monroe NC Real Estate Market Report—July-September 2010*

Monroe NC Real Estate Market Report—April-June 2010

How did the Monroe NC real estate market fare in the second quarter of 2010 and how did it compare with 2009?

The number of homes sold in Monroe NC during the second quarter 2010 was up 140% over the first quarter of the year.  The average sales price in the second quarter increased 10% over the first quarter and 5% over the average sales price in 2009.  This increased activity and the increased prices were most likely due to the federal tax credits.

The number of townhomes quadrupled in the second quarter of 2010 and the average sales price increased 7% over the first quarter.  The average sales price for townhomes remained below the average sales price in 2009.

Monroe NC Average Real Estate Prices, Homes Sold, and Average Days on Market

The chart below shows average sales prices in Monroe NC for single family homes and townhomes in 2008 and 2009 plus first and second quarter 2010.

Single Family Homes in Monroe NC

2009 Average Sales Price:  $124,851   First Quarter 2010 Average Sales Price:  $119,357  Second Quarter 2010 Average Sales Price:  $131,493

2009 Number of Homes Sold:  218    First Quarter 2010 Number of Homes Sold:  30  Second Quarter 2010 Number of Homes Sold:  72   

2009 Average Days on Market:  117   First Quarter 2010 Average Days on Market:  127   Second Quarter 2010 Average Days on Market:  99

Townhomes and Condominiums in Monroe NC

2009 Average Sales Price:  $125,269    First Quarter 2010 Average Sales Price:  $109,617   Second Quarter 2010 Average Sales Price:  $117,525  

2009 Number of Homes Sold:  15       First Quarter 2010 Number of Homes Sold:  2    Second Quarter 2010 Number of Homes Sold:  8    

2009 Average Days on Market:  93     First Quarter 2010 Average Days on Market:  399    Second Quarter 2010 Average Days on Market:  101

Source:  Carolina Multiple Listing Service

Most Active Neighborhoods in Monroe NC

The most active Monroe NC neighborhoods are listed below. 

Windy Ridge

Hamilton Place

 

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Monroe NC Real Estate Market Report—April-June 2010*

Monroe NC Real Estate Market Report—January-March 2010

How did the Monroe NC real estate market fare in the first quarter of 2010 and how did it compare with 2009? 

The average sales price for single family homes in Monroe NC dropped slightly in the first quarter of 2010 compared with 2009.  Average days on market increased slightly to just over four months.  Only two townhomes sold in Monroe during the first quarter and they showed a dramatic drop.

Monroe NC Average Real Estate Prices, Homes Sold, and Average Days on Market

The chart below shows average sales prices in Monroe NC for single family homes and townhomes in 2008 and 2009 plus first quarter 2010.

 

Single Family Homes in Monroe NC

2009 Average Sales Price:  $124,851   First Quarter 2010 Average Sales Price:  $119,357

2009 Number of Homes Sold:  218    First Quarter 2010 Number of Homes Sold:  30    

2009 Average Days on Market:  117   First Quarter 2010 Average Days on Market:  127     

Townhomes and Condominiums in Monroe NC

2009 Average Sales Price:  $125,269    First Quarter 2010 Average Sales Price:  $109,617    

2009 Number of Homes Sold:  15       First Quarter 2010 Number of Homes Sold:  2      

2009 Average Days on Market:  93     First Quarter 2010 Average Days on Market:  399

Source:  Carolina Multiple Listing Service

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Monroe NC Real Estate Market Report—January-March 2010*

Monroe NC Real Estate Market Report—2009

How did the Monroe NC real estate market fare in 2009 and how did it compare with 2008? 

Average sales prices and number of homes sold declined in the Monroe NC real estate market in 2009.  Single family home prices and sales were off 18% and 19% from 2008.  Similarly townhome/condo prices declined 16% and total sales declined 21% in 2009.  Townhome sellers in Monroe sold their homes more quickly in 2009 averaging only 93 days on the market while single family home sellers waited 27% longer for their properties to sell.

Monroe NC Average Real Estate Prices, Homes Sold, and Average Days on Market

The chart below shows average sales prices in Monroe NC for single family homes in 2008 and 2009 plus each 2009 quarter.

Single Family Homes in Monroe NC

2008 Average Sales Price:  $153,515      2009 Average Sales Price:  $124,851    Year-to-Year Change:  -18%

2008 Number of Homes Sold:  271        2009 Number of Homes Sold:  218      Year-to-Year Change:  -19%

2008 Average Days on Market:  92        2009 Average Days on Market:  117      Year-to-Year Change:  +27%

Townhomes and Condominiums in Monroe NC

2008 Average Sales Price:  $149,321      2009 Average Sales Price:  $125,269     Year-to-Year Change:  -16%

2008 Number of Homes Sold:  19          2009 Number of Homes Sold:  15       Year-to-Year Change:  -21%

2008 Average Days on Market:  108      2009 Average Days on Market:  93     Year-to-Year Change:  -13%

Source:  Carolina Multiple Listing Service

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Monroe NC Real Estate Market Report—2009*

How did Monroe NC real estate market activity in the third quarter of 2009 compare with the second quarter 2009? 

This post will summarize third quarter 2009 real estate sales in Monroe NC plus compare changes in sales data with second quarter 2009 results.  The chart shows average sales prices in Monroe NC for 2008 and each quarter of 2009.

Monroe NC Real Estate Market Report--2009 Third Quarter Data and Change from 2009 Second Quarter

Single Family Homes in Monroe NC

Number of Sales:  53

Change from second quarter:  +3%

Average Price:  $121,311

Change from second quarter:  -11%

Average Days on Market:  127

Change from second quarter:  +5%

Current Active Listings:  286

Change from second quarter:  -3%

Most Active Neighborhoods:  Hamilton Place

 

Townhomes and Condominiums in Monroe NC

Number of Sales:  2

Change from second quarter:  -33%

Average Price:  $170,572

Change from second quarter:  +32%

Average Days on Market:  120

Change from second quarter:  +20%

Current Active Listings:  22

Change from second quarter:  +8%

Most Active Neighborhoods:  Charles Town

Source:  Carolina Multiple Listing Service

Compare with the 2008 Monroe NC real estate market.

Copyright 2009.  Carol Fox.  *Monroe NC Real Estate Market Report--July to September 2009*