Welcome to Carolinas Real Estate Talk Sign in | Help

Carolinas Real Estate Talk

Presenting Information about Real Estate and Living in the Small Towns of the Carolinas

Tags

CarolinaSmallTownLiving!

Somerset in Marvin NC--2010 Real Estate Market Update

Somerset in Marvin NC—2010 Real Estate Market Update

Somerset is a surprisingly affordable neighborhood off Tom Short Road in an area of upscale luxury neighborhoods and golf courses. Located in unincorporated Union County between Marvin NC and Weddington NC, the neighborhood has a Waxhaw mailing address. A beautiful magnolia-lined parkway leads into this swim club neighborhood. South Charlotte and its amenities plus I-485 are a short distance from Somerset.

How did the 2010 real estate market in Somerset compare with the 2009 market in the neighborhood? The table below shows median values for several characteristics of the marketplace. Eighteen homes sold in the neighborhood in 2010 compared with thirteen in 2009.

Somerset Real Estate Market Comparison

Median sale prices in Somerset declined 4.5% in 2010 over 2009. The median square footage of homes sold was only slightly higher than 2009 meaning that home buyers in the neighborhood were getting more house for the money in 2010. Median days on market more than doubled while the list-to-sale ratio remained stable at 95%.

The Somerset real estate market was healthy in 2010 with only one foreclosure and no short sales.

Single Family Homes

Somerset
Single Family Market Update
Median Closed PriceMedian Home Square FootageMedian Days on MarketMedian List to Sale Ratio
Year 2009$320,00029783095%
Year 2010$305,50030337695%

Source: Carolina Multiple Listing Service

Somerset Types of Closed Sales

Somerset Sales TypesNumber of Closed SalesPercentage of Closed Sales
Resale1794.4%
New Constructionn/an/a
Foreclosure15.6%
Short Salen/an/a

Source: Carolina Multiple Listing Service

Read more about Somerset, its community amenities, builders and public schools: Somerset in Marvin NC: Homes for Sale and Neighborhood Profile

Somerset Homes for Sale

Click here to see Somerset homes for sale.

Ever wonder what your Somerset home is worth?

Click here to receive a free market evaluation.

Copyright 2011. Carol Fox. Allen Tate Realtors. *Somerset in Marvin NC—2010 Real Estate Market Update*

Posted: Thursday, June 23, 2011 5:14 PM by Carol Fox

Comments

New Comments to this post are disabled