MINT HILL, NC – The Absorption Rate is an indicator of demand for homes in a certain geographical area. It also shows what kind of home inventory this area has. You calculate it 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.
Currently (9/4/2020) Mint Hill has only 50 homes on the market. Those include single-family homes, townhomes, new construction, re-sale, distressed sales, etc. 11 of those 50 homes are new construction.
In the last 30 days, 47 homes have gone under contract in Mint Hill! 10 of those were new construction.
That’s an absorption rate of 94% indicating Mint Hill is experiencing a tremendous seller’s market.
If no other homes were listed, all homes would be sold in a matter of just 1.06 months!
How is this possible during the Covid19 crisis? Demand is still very high, rates are low, inventory is down by close to 50% in some areas – often resulting in multiple offers and high sales prices for sellers. At the same time, buyers find themselves paying top dollar.
The average days on market in Mint Hill currently is 40 days. That’s down 20% from last year. 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 $324000, 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.
The average sales price in Mint Hill right now is $331,000, up 6.2% from last year.
In the last 6 months, 262 homes closed in Mint Hill. 53 out of those 262 homes were new construction. 27 closed at $500,000 and above. 57 homes closed between $400,000 and $499,000. 100 homes closed between $300,000 and $399,000. 59 homes closed between $200,000 and $299,000. 19 homes closed below $199,000.
The average $/square foot is approximately $133, up 4.7% from last year.
How quickly your home will sell is indirectly correlated 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, your home will sell in a reasonable amount of time.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. 704-650-5707 | annagrangerhomes@gmail.com.
