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Union County NC Real Estate Market--Year 2011

Union County NC Real Estate Market—Year 2011

Click here to see other Union County NC real estate market reports, both updated and historical.

The single family real estate market in Union County NC had more closed sales in 2011 than in 2009 or 2010. Units sold, however, were down almost 10% from 2008. The median sales price dropped 5.5% from 2010 and is 12.9% lower than the 2008 median price. Days on market decreased slightly from 2010 to 90 days.

The median sales price for townhomes and condominiums of $113,500 continued the downward trend from the previous three years. The number of sales also was at its lowest level since 2008. Days on market increased to 107 days.

The median sales price for Union County homes may have been depressed in 2011 by the significant number of distressed sales during the year. Over 25% of the closings were foreclosures or short sales. New construction accounted for another 18.7% of all sales with resales only 54.9% of the market.

Single Family Homes

Union County NC Single Family Homes Year 2008 Year 2009 Year 2010 Year 2011
Median Sales Price $217,000 $195,000 $200,000 $189,000
Number of Homes Sold 2372 2089 1992 2143
Median Days on Market 36 43 94 90

Source: Carolina Multiple Listing Service

Townhomes and Condominiums

Union County NC Townhomes Year 2008 Year 2009 Year 2010 Year 2011
Median Sales Price $145,495 $131,000 $119,000 $113,500
Number of Homes Sold 114 84 79 57
Median Days on Market 48 35 105 107

Source: Carolina Multiple Listing Service

Union County Types of Closed Sales

Sales Type Number of Closed Sales Percentage of Closed Sales
Resales 1208 54.9%
New Construction 413 18.7%
Foreclosures 408 18.5%
Short Sales 171 7.9%

Source: Carolina Multiple Listing Service

Union County NC Small Town Price Changes from 2009 to 2011

What about the small towns in Union County? Which ones saw price declines in 2011 and which ones had price increases? Three towns, Wesley Chapel, Stallings, and Indian Trail, saw price increases in 2011. These increases were small with prices in Stallings increasing 1.1% and the other two increasing less than 1%.

Median prices declined in the rest of Union County’s small towns. Monroe, Lake Park and Weddington had the largest decreases of 10.9%, 13.7% and 13.1% respectively.

Single Family Homes

Area 2009 to 2010 Change Median 2010 Closed Price Median 2011 Closed Price 2010 to 2011 Change
Union County +2.5% $200,000 $189,000 -5.5%
Wesley Chapel +12.8% $299,000 $301,000 +0.6%
Monroe +4.9% $128,000 $113,950 -10.9%
Stallings +2.1% $197,165 $199,495 +1.1%
Marvin -0.5% $570,000 $542,975 -4.7%
Waxhaw -2% $254,597 $235,000 -7.6%
Lake Park -3.6% $165,692 $142,250 -13.7%
Weddington -5% $475,000 $412,500 -13.1%
Indian Trail -8.4% $154,900 $155,597 +0.4%

Source: Carolina Multiple Listing Service

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

Posted: Saturday, January 21, 2012 11:24 AM by Carol Fox

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