2019 has come to a close and I would like to share some current information, as well as a year-end review with you!
How can you gauge what kind of market we currently have? Many Real Estate Professionals consider the absorption rate to gauge demand for homes in a certain geographical area. It also shows what kind of home inventory this area has. You calculate the absorption rate by dividing how many homes have gone under contract in the last 30 days by how many homes are currently active for sale on the market.
20% and below is considered a Buyer’s Market.
33% and above is considered a Seller’s Market.
20%-33% is considered a Balanced Market.
As of the middle of December 2019, Mint Hill has 63 homes on the market. Those include single-family homes, townhomes, new construction, re-sale, distressed sales, etc.
In the last 30 days, 22 homes have gone under contract in Mint Hill.
That’s an absorption rate of 35% indicating Mint Hill is experiencing a seller’s market.
If no other homes were listed, all homes would be sold in a matter of just under 3 months. It’s still a great market for sellers, even though it’s winter!
The average days on market in Mint Hill currently is 45 days. Some homes go under contract in a very short period of time; others take longer for various reasons. Your home’s price point oftentimes affects the number of days it takes to sell it. If your home is much more expensive than the Mint Hill median sales price of $325,000, then it might take a little longer. But I have also personally experienced higher-end homes going very quickly if they offer great features and are priced well for their location, size and features/condition.
The average sales price in Mint Hill right now is $335,342, up 4.6% from last year.
In the last 12 months, 519 homes closed in Mint Hill.
120 out of those 519 homes were new construction.
33 closed at $500,000 and above.
88 homes closed between $400,000 and $499,999.
179 homes closed between $300,000 and $399,999.
159 homes closed between $200,000 and $299,999.
60 homes closed below $199,999.
The average $/square foot is approximately $129, up 6.6% from last year.
How quickly your home will sell is in directly correlation to the absorption rate, condition of your home, overall location, surrounding area, features. Your price needs to be reflective of all those different puzzle pieces. Then, with great exposure and marketing, your home will sell in a reasonable amount of time.
2020 is expected to be another strong real estate market. I look forward to being a resource for you whenever you have a real estate need! Happy New Year!
Anna Granger | 704-650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com