Union County Real Estate Talk

Buyers Market or Sellers Market in Union County NC?

Who's on top in the Union County real estate market? Buyers or sellers?

Before we can answer that question, we need to understand how a buyers market and a sellers market are defined.  The generally accepted definition is based on the supply of housing available versus the demand for it.  The number of closed sales per month for a given time period is divided into the number of homes currently listed to reach a number that shows how many months of housing supply are available.

A sellers market has fewer than five months of supply.

A balanced market has five to seven months of supply.

A buyers market has more than seven months of supply.

An analysis of the Union County NC real estate market shows that the county as a whole has maintained an eight month supply of homes.  That's a buyers market and buyers have a stronger position in the current market.

See all the numbers for Union County by clicking on the link below.

Union County NC--Buyers Market or Sellers Market?

It's important to remember that there may be areas within Union County or certain price points that are more balanced or perhaps tipping into a sellers market.  These areas will be explored in future posts.

Want to know more about buying and selling real estate in Union County NC?  Visit www.CarolinaSmallTownLiving.com.

Copyright 2012.  Carol Fox.  Allen Tate Realtors.  *Buyers Market or Sellers Market in Union County NC?*

The First Quarter 2012 Union County NC Real Estate Market—Four Facts

It's time to look at the real estate market in Union County NC and to assess how home buyers and home sellers fared during the first quarter of 2012.

Here are four facts about the Union County marketplace in January to March 2012.

• The median closed price for single family homes declined 7.4% compared with 2011 to a median price of $175,000.
• The median closed price for townhomes and condominiums remained nearly the same as the 2011 price.
• Approximately a third of all home sales were distressed sales.
• Almost a quarter of all home sales were new construction.

What do these four facts mean for Union County NC buyers and sellers?

1. Union County home sellers face declining prices from the pressure of the large number of distressed sales.
2. Union County home buyers will find the county real estate market more affordable than ever.
3. Home builders are back in Union County offering new home opportunities for buyers and competition for sellers of resale homes.

Want to learn more about the real estate market in Union County NC and see all the numbers for each of the past four years?  Click on the link below.

Union County NC Real Estate Market Report—January-March 2012

Copyright 2012. Carol Fox. Allen Tate Realtors. *The First Quarter 2012 Union County NC Real Estate Market—Four Facts*

The 2011 Union County NC Real Estate Market—Seven Facts

It's time to look at the real estate market in Union County NC and to assess how home buyers and home sellers fared in 2011.

Here are seven facts about the Union County marketplace in 2011.

• The number of single family homes sold rose above the units sold in 2009 and 2010 but remained below 2008 sales.
• The median sales price for single family homes in 2011 continued to drop.  At $189,000, it was 5.5% lower than the median price in 2010 and 12.9% lower than in 2008.
• Fewer townhomes and condos sold in 2011 than in any of the previous three years. 
• The median sales price for townhomes in 2011 was $113,500, also lower than the median sale price of previous years.
• A quarter of Union County’s home sales in 2011 were distressed sales.
• Eighteen percent of all home sales were new construction in 2011.
• Of Union County’s small towns, only Wesley Chapel, Stallings, and Indian Trail saw increases in the median sales price of home sold in 2011.

What do these seven facts mean for Union County buyers and sellers?

• The large number of foreclosures and short sales in 2011 likely exerted a downward pressure on the median sales price in most parts of Union County.
• Sellers of townhomes and condos face a continuing decline of demand for their homes and resulting drop in prices.
• With new construction at almost 20% of the market, Union County is a good place to find a new home to purchase.
• Union County homes are more affordable than ever.

Want to learn more about the real estate market in Union County and see all the numbers for each of the past four years? Want to know how Union County’s small towns fared in 2011? Click on the link below.

Union County NC Real Estate Market Report—Year 2011

Copyright 2012. Carol Fox. Allen Tate Realtors. *The 2011 Union County NC Real Estate Market—Seven Facts*

Union County NC Real Estate Market—July-September 2011

The single family real estate market in Union County NC showed a lower median sales price and fewer sales in the third quarter versus the second quarter.  The median sales price, however, was higher than the first quarter as were the number of sales.  Days on market increased slightly to 93 days.

The median sales price for townhomes and condominiums remained stable in the third quarter at $115,000.  The number of sales has been stable as well all year.  Days on market increased to 128 days.

Single Family Homes

Source: Carolina Multiple Listing Service

Townhomes and Condominiums

Source: Carolina Multiple Listing Service

Union County NC Small Town Price Changes from 2009, 2010 to Third Quarter 2011

What about the small towns in Union County?  Which ones saw price declines in the second quarter and which ones had price increases?  Prices in Union County, as a whole, dropped 5% when comparing the third quarter median price with the 2010 median closed price.  Each of the small towns saw comparative price declines in the third quarter.  Weddington and Monroe had the sharpest declines while Marvin and Waxhaw saw the least declines.

Single Family Homes

Source: Carolina Multiple Listing Service

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

Union County NC Real Estate Market—April-June 2011

The single family real estate market in Union County NC bounced back in the second quarter of 2011 with a 17.1% increase in the median sales price over the first quarter and a 2.5% increase over the median sales price in 2010.  The number of homes sold in the second quarter was up 58.65 over the first quarter while median days on market decreased 25.9%.

The median sales price for townhomes and condominiums also increased.  The second quarter median price was up 22.5% over the first quarter and only 4.2% off 2010 prices.  Seventeen townhomes sold during the quarter.  Days on market remained stable.

Single Family Homes

Source: Carolina Multiple Listing Service

Townhomes and Condominiums

Source: Carolina Multiple Listing Service

Union County NC Small Town Price Changes from 2009, 2010 to Second Quarter 2011

What about the small towns in Union County?  Which ones saw price declines in the second quarter and which ones had price increases?  The second quarter 2011 numbers show that Wesley Chapel and Indian Trail were the only towns where median prices increased.  Wesley Chapel had the largest increase of 5.3%.  The rest of the small towns had declines in their median prices.  Lake Park had the largest decrease followed by Weddington and Monroe.

Single Family Homes

Source: Carolina Multiple Listing Service

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

Union County NC Real Estate Market—January-March 2011

The single family real estate market in Union County NC showed a decline in median sales prices of 12.5% in the first quarter of 2011 compared with the median price in 2010.  399 homes sold from January through March of 2011.  Days on market increased 14.8% over DOM in 2010.

Townhomes and condominiums showed greater erosion in median prices.  First quarter 2011 prices dropped 21.8% from 2010 median prices.  Sixteen townhomes sold during the quarter.  Days on market increased slightly over 2010.

Single Family Homes

Source: Carolina Multiple Listing Service

Townhomes and Condominiums

Source: Carolina Multiple Listing Service

Union County NC Small Town Price Changes from 2009, 2010 to First Quarter 2011

What about the small towns in Union County?  Which ones saw price declines in the first quarter and which ones had price increases?  The first quarter 2011 numbers show that Stallings and Marvin were the only towns where median prices increased.  Marvin had the largest increase of 2.7%.  The rest of the small towns had declines in their median prices.  Monroe had the largest decrease followed by Waxhaw and Weddington.

Single Family Homes

Source: Carolina Multiple Listing Service

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

Union County NC Real Estate Market Update—Year 2010

How did the Union County NC real estate market fare in 2010 and how did it do compared with 2008 and 2009? 

Nearly 2000 single family homes sold in Union County NC in 2010.  The number of homes closed dropped slightly from 2008 but was off 16% from 2008. The median sales price of closed homes in Union County was up 2.5% over 2009 but off 7.8% from 2008.  The highest priced home sale in 2010 was $2,275,000.  Median days on market more than doubled from 2009 to 2010.

Single Family Homes

Source:  Carolina Multiple Listing Service

The townhome and condominium market is very small in Union County NC.  There were 79 townhome sales in 2010, off slightly from 2009.  Median sales prices dropped by 9.1%.  The highest priced townhome sale was $202,500.  Median days on market more than tripled in 2010.

Townhomes and Condominiums

Source:  Carolina Multiple Listing Service

How did the 2010 real estate market in Union County as a whole compare with the market in its small towns?

Three of the small towns listed below showed price increases in 2010:  Wesley Chapel, Monroe and Stallings.  Marvin had a very slight decrease in median sales price.  Waxhaw, Lake Park, Weddington and Indian Trail median closed prices dropped in 2010.

Click on each small town in the table below to get more details on its marketplace and a comparison with 2008 and 2009.

Union County NC Small Town Price Changes from 2009 to 2010
Single Family Homes

Source:  Carolina Multiple Listing Service

Want to know more about real estate and living in Union County NC?  Click here to request a free Union County NC relocation package.

Copyright 2011.  Carol Fox.  Allen Tate Realtors.  *Union County NC Real Estate Market Update—Year 2010*

Union County NC Real Estate Market Report—July-September 2010

How did the Union County NC real estate market fare during the third quarter of 2010 compared to the second quarter?  The table below compares the third quarter 2010 average sales prices for Union County as a whole and the small towns within the county with the average sales prices for the second quarter. 

Union County NC Average Price Comparison    Third Quarter 2010 vs Second Quarter 2010

Source:  Carolina Multiple Listing Service

The average single family sales price for Union County NC during the third quarter 2010 was $276,172. The average sales price for townhomes was $121,643.   485 single family homes sold during this time and 22 townhomes sold.  Average days on market was 117 days for single family homes and 144 days for townhomes.

Learn more about the July-September 2010 real estate market and the most active neighborhoods in each of Union County’s small towns.

Weddington NC

Lake Park  NC

Indian Trail NC

Wesley Chapel NC

Stallings NC

Waxhaw NC

Monroe NC

Marvin NC

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

Union County NC Real Estate Market Report—April-June 2010

How did the Union County NC real estate market fare during the second quarter of 2010 compared to the first quarter?  The table below compares the second quarter 2010 average sales prices for Union County as a whole and the small towns within the county with the average sales prices for the first quarter. 

The Union County NC average sales price rose 4% in the second quarter of 2010.  Prices also rose in all of Union County’s small towns with the exception of Weddington.  These increases were most likely due to the impact of the federal tax credits which expired on April 30, 2010.

Union County NC Average Price Comparison    Second Quarter 2010 vs First Quarter 2010

Source:  Carolina Multiple Listing Service

The average single family sales price for Union County NC during the second quarter 2010 was $269.368. The average sales price for townhomes was $122,973.   684 single family homes sold during this time and 26 townhomes sold.  Average days on market was 111 days for single family homes and 84 days for townhomes.

Learn more about the April-June 2010 real estate market and the most active neighborhoods in each of Union County’s small towns.

Weddington NC

Lake Park  NC

Indian Trail NC

Wesley Chapel NC

Stallings NC

Waxhaw NC

Monroe NC

Marvin NC

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

Union County NC Real Estate Market Report—January-March 2010

How did the Union County NC real estate market fare during the first quarter of 2010 compared to the 2009 market?  The table below compares the first quarter 2010 average sale price for Union County as a whole and the small towns within the county with the average sales prices for all of 2009.  Prices continued to decline in most areas in January through March.  The exceptions were Weddington, Lake Park and Marvin, which saw increased average sales prices in 2010.

Union County NC Average Price Comparison    January-March 2010 vs. 2009

Source:  Carolina Multiple Listing Service

The average single family sales price for Union County NC during the first quarter 2010 was $256,843.  373 single family homes sold during this time and 14 townhomes sold.  Average days on market was 126 days for single family homes and 185 days for townhomes.

Learn more about the January to March 2010 real estate market and the most active neighborhoods in each of Union County’s small towns.

Indian Trail NC

Stallings NC

Weddington NC

Waxhaw NC

Wesley Chapel NC

Marvin NC

Monroe NC

Lake Park NC

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