Heatherstone Neighborhood Harrisburg NC Market Analysis Statistics

Heatherstone in Harrisburg NC is a popular neighborhood in Cabarrus County NC. My recent listing in Heatherstone sold in only 33 days on the market! While working on selling my listing at 2153 Woodstream in Heatherstone, I gathered the most recent market data which I will share with you here.

Since January 2009, there have been five closed sales in Heatherstone along with four withdrawn listings (pulled from the market), one expired listing (failed to sell), one conditional listing (has a contract but still must meet some conditions to close), one pending (my listing) and two that are currently on the market. For the price range of this neighborhood and given the desirability of this community, I am not surprised at only five sold homes for the year.

The average list price of the five solds was $316,909 and the average sales price was $294,685. The average amount of buyers' closing costs paid by the sellers was $3167. Of the five listings sold, four of them paid some of the buyers' closing costs, so even at this higher than average price range, people are still needed assistance with their closing expenses. This is not surprising in our current economic climate. Everyone is trying to conserve their cash, so rolling closing expenses into the purchase price is a great way to accomplish this. It will work just fine as long as the house will still appraise at the increased sales price (after adding in the closing expenses).

Of the five sold listings, two were new construction homes as Orleans Homebuilders was closing out their business in the neighborhood. One of the sales was a relocation home where the owners were transferred with their job and their company bought them out. One was a short sale, bank owned property which is more and more common in today's real estate market. Finally the remaining sold listing was a regular sale with no extenuating circumstances.

One important statistic to pay attention to in today's real estate climate is called absorption rate. Absorption rate is a way of calculating the amount of inventory that exists in an area. In other words, if no other homes were added to the market, how long would it take to sell the current active listings (based on past performance) . Since there were five solds in the past twelve months and there are two active listings right now, the absorption rate is 4.8 months. That means there are almost five months of inventory on the market in Heatherstone right now. An absorption rate in a "normal" market (neither a buyers or a sellers market) would be less than two months. So we are definitely still in a buyers' market. That means listings need to be better priced and properly staged in order to be at the top of the list of options for the pool of buyers.

The average sales to list price ratio reveals how much of the listing price that buyers have been willing to pay. In Heatherstone of Harrisburg NC, the average sales to list price ratio for the past twelve months was 92.6%. In our market a couple of years ago, the average ratio ranged from 96% to 99% with some sales over 100% of asking price. This shows that buyers have more leverage today because of the larger amount of homes from which to choose.

The average dollar per square foot price in Heatherstone was $79. This did not include garage square footage...only heated square footage. The average heated square feet was 3796 s.f. and the average acreage was 0.33 (about a third of an acre).

Below is a simple spreadsheet that I prepared using data from the Carolina Multiple Listing Service. It outlines what I have just shared in an easy to read format. If you are interested in a neighborhood's market analysis of recent sales, just let me know via email or phone and I will gladly provide you with the latest data. I am always happy to help folks learn about my home town of Cabarrus County NC.

For more information about Heatherstone in Harrisburg NC click here to read my post on the community's features and close conveniences. Have a fantastic week!

Sincerely,

Neal Pender

704-737-7653