Year End 2009 Market Report for Lincoln County, NC

By
Real Estate Agent with Lincolnton, NC
  As we begin 2010 I hope everyone had a Merry Christmas and a fun filled New Year. The past year has seen a lot of changes some good & some bad depending on your personal point of view: homebuyers' tax credit, lowering of interest rates to historical lows, home prices decreasing to fall of financial institutions/stock prices, low interest on savings accounts, high unemployment, increasing home & business foreclosures, high national debt, stricter loan requirements. The following tables show how Lincoln County faired over the past year in this tumultuous financial market. Economists, like doctors, have voiced different views on several news commentaries on where we are going in 2010: some say the economy has reached bottom & is stabilizing; others say we will not hit bottom until Spring/Summer. I caution homebuyers that the best indication of the economy's climb is how your local market doing balanced against what the national news agencies are saying. Remember that the economy, like the housing market, is local. The information provided is for informational purposes only and should not be used to determine the value on your home. For a true market value of your property, contact a local licensed appraiser.
 Labor Market:
  Lincoln County saw 870 layoffs occurring during October and 210 layoffs during November based on preliminary reports from the Labor Department (use link to left to check your area). Preliminary report of Lincoln County unemployment rate is officially reported as 13.7% but U-6 of the alternative BLS report shows 16.5% as of November 2009 as compared to the October 2009 BLS report of 13.8%. Job losses are cutting into confidence and demand causing homes to stay on the market longer. Economists forecast a weak jobs recovery this year as worried consumers hold down spending and banks limit lending to small businesses, which generate most new jobs. However, historically low mortgage rates have created a favorable buying environment for those with a job and good credit. Since tighter loan qualification has extended the time frame for buyers to close on their purchase, buyers should seek out a mortgage professional prior to looking for and contracting on their dream home.
 2009 Home Statistics ++
  Homes are available fitting a buyer's budget. The tax credit has moved many buyers off the "fence" to buy now instead of waiting later. The ongoing foreclosure, real estate owned, & short sales are still influencing the equity of homeowners' properties in order to sale or refinance. While the intent of the financial stimulus package was to increase home loans, the banks are still very critical in who gets the loan. Though toward the end of 2009 credit requirements were being loosen, the process is still taking longer than buyers anticipate, especially ones who bought & sold in 2005/2006, and requiring more documentation to prove ability to qualify for a home loan or refinancing. Most sellers are willing to negotiate both price and/or terms as properties are staying on the market longer but most sellers want proof that the buyer has the means to buy before taking homes off the market. Mortgage brokers recommend that buyers interested in purchasing a home should get prequalified first as this helps to speed up the loan process when they find their dream home.
Active - 385 Properties Found
 
Square Feet
Bedrooms
Full Baths
Half Baths
List Price
Sale Price
Days On Market
Min
0
2
1
0
$29,900
$0
2
Avg
1800 - 2200
3
2
0
$214,060
$0
161
Max
5400 - 6300
6
5
3
$850,000
$0
1696
Contingent - 4 Properties Found
 
Square Feet
Bedrooms
Full Baths
Half Baths
List Price
Sale Price
Days On Market
Min
2200 - 2600
4
2
0
$265,000
$0
57
Avg
2700 - 3300
4
2
0
$313,700
$0
216
Max
3500 - 4200
5
3
1
$344,900
$0
344
Conditional - 15 Properties Found
 
Square Feet
Bedrooms
Full Baths
Half Baths
List Price
Sale Price
Days On Market
Min
800 - 1000
1
1
0
$59,900
$0
29
Avg
1700 - 2100
3
1
0
$148,560
$0
195
Max
3300 - 3900
5
4
2
$399,900
$0
921
Pending - 42 Properties Found
 
Square Feet
Bedrooms
Full Baths
Half Baths
List Price
Sale Price
Days On Market
Min
800 - 1000
2
1
0
$11,500
$0
4
Avg
1600 - 1900
3
2
0
$151,766
$0
133
Max
4100 - 4900
5
5
2
$990,000
$0
468
 
Sold - 445 Properties Found
 
Square Feet
Bedrooms
Full Baths
Half Baths
List Price
Sale Price
Days On Market
Min
0
0
0
0
$15,000
$13,200
1
Avg
1768
3
1
0
$139,645
$132,090
121
Max
6588
8
5
4
$595,000
$505,000
886
2009 Summary - 891 Properties Found
 
Square Feet
Bedrooms
Full Baths
Half Baths
List Price
Sale Price
Days On Market
Min
0
0
0

0

$11,500

$13,200

1

Avg

1700 - 2100

3

2

0

$173,303

$132,090

140

Max

5900 - 7000

8

5

4

$990,000

$505,000

1696

2008 Summary - 985 Properties Found

 

Square Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days On Market

Min

0

0

0

0

$9,900

$5,000

1

Avg

1700 - 2100

3

2

0

$182,258

$155,434

132

Max

5400 - 6300

6

5

177

$990,000

$560,000

1696

Active - 386 Properties; Contingent - 4 Properties; Conditional - 15 Properties; Pending - 42 Properties; Sold - 538 Properties

2009 Condo/Townhomes Statistics ++

  Condominiums & Townhomes, more prevalent in the eastern part of the county, are available fitting a buyer's budget through out the county. The tax credit has moved many buyers off the "fence" to buy now instead of waiting later. The ongoing foreclosure, real estate owned, & short sales are still influencing the equity of homeowners' properties in order to sale or refinance. While the intent of the financial stimulus package was to increase home loans, the banks are still very critical in who gets the loan. Though toward the end of 2009 credit requirements were being loosen, the process is still taking longer than buyers anticipate, especially ones who bought & sold in 2005/2006, and requiring more documentation to prove ability to qualify for a home loan or refinancing. Most sellers are willing to negotiate both price and/or terms as properties are staying on the market longer but most sellers want proof that the buyer has the means to buy before taking homes off the market. Mortgage brokers recommend that buyers interested in purchasing a home should get prequalified first as this helps to speed up the loan process when they find their dream home.

Active - 16 Properties Found

 

Square Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days On Market

Min

800 - 1000

1

1

0

$110,000

$0

13

Avg

1300 - 1600

2

1

0

$154,868

$0

144

Max

2100 - 2500

3

3

1

$269,000

$0

349

 

Contingent - 0 Properties Found

 

Square Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days On Market

Min

0

0

0

0

$0

$0

0

Avg

0

0

0

0

$0

$0

0

Max

0

0

0

0

$0

$0

0

Conditional - 0 Properties Found

 

Square Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days On Market

Min

0

0

0

0

$0

$0

0

Avg

0

0

0

0

$0

$0

0

Max

0

0

0

0

$0

$0

0

Sold - 1 Properties Found

 

Square Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days On Market

Min

1240

3

2

0

$136,899

$135,000

115

Avg

1240

3

2

0

$136,899

$135,000

115

Max

1240

3

2

0

$136,899

$135,000

115

2009 Summary - 17 Properties Found

 

Square Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days On Market

Min

800 - 1000

1

1

0

$110,000

$135,000

13

Avg

1300 - 1600

2

1

0

$153,811

$135,000

142

Max

2100 - 2500

3

3

1

$269,000

$135,000

349

2008 Summary - 16 Properties Found

 

Square Feet

Bedrooms

Full Baths

Half Baths

List Price

Sale Price

Days On Market

Min

800 - 1000

1

1

0

$110,000

$0

13

Avg

1300 - 1600

2

1

0

$154,868

$0

144

Max

2100 - 2500

3

3

1

$269,000

$0

349

Active - 16 Properties; Contingent - 0 Properties; Conditional - 0 Properties; Pending - 0 Properties;   Sold - 0 Properties

 2009 Multi-Family Statistics ++

  Most multi-family unit owners are keeping these homes for rental income due to the present economy but homes are available fitting a buyer's budget. The tax credit has moved many buyers off the "fence" to buy now instead of waiting later and use the other unit as income producing or for extended family members. The ongoing foreclosure, real estate owned, & short sales are still influencing the equity of homeowners' properties in order to sale or refinance. While the intent of the financial stimulus package was to increase home loans, the banks are still very critical in who gets the loan. Though toward the end of 2009 credit requirements were being loosen, the process is still taking longer than buyers anticipate, especially ones who bought & sold in 2005/2006, and requiring more documentation to prove ability to qualify for a home loan or refinancing. Most sellers are willing to negotiate both price and/or terms as properties are staying on the market longer but most sellers want proof that the buyer has the means to buy before taking homes off the market. Mortgage brokers recommend that buyers interested in purchasing a home should get prequalified first as this helps to speed up the loan process when they find their dream home.

Active - 7 Properties Found

 

# of Units

Tot Total HLA

List Price

Sale Price

Days On Market

Min

2

1400 - 1800

$114,900

$0

4

Avg

2

2100 - 2500

$184,200

$0

96

Max

8

5800 - 6900

$479,600

$0

461

Contingent - 0 Properties Found

 

# of Units

Tot Total HLA

List Price

Sale Price

Days On Market

Min

0

0

$0

$0

0

Avg

0

0

$0

$0

0

Max

0

0

$0

$0

0

Conditional - 0 Properties Found

 

# of Units

Tot Total HLA

List Price

Sale Price

Days On Market

Min

0

0

$0

$0

0

Avg

0

0

$0

$0

0

Max

0

0

$0

$0

0

Pending - 1 Properties Found

 

# of Units

Tot Total HLA

List Price

Sale Price

Days On Market

Min

2

1400 - 1700

$119,900

$0

116

Avg

2

1400 - 1700

$119,900

$0

116

Max

2

1400 - 1700

$119,900

$0

116

Sold - 3 Properties Found

 

# of Units

Tot Total HLA

List Price

Sale Price

Days On Market

Min

2

1196

$75,000

$69,000

14

Avg

13

5759

$659,633

$451,000

50

Max

36

14457

$1,799,000

$1,200,000

123

2009 Summary - 11 Properties Found

 

# of Units

Tot Total HLA

List Price

Sale Price

Days On Market

Min

2

1000 - 1300

$75,000

$69,000

4

Avg

5

2900 - 3400

$308,018

$451,000

85

Max

36

13000 - 15200

$1,799,000

$1,200,000

461

2008 Summary - 14 Properties Found

 

# of Units

Tot Total HLA

List Price

Sale Price

Days On Market

Min

2

1400 - 1700

$99,900

$84,000

4

Avg

2

1900 - 2300

$156,642

$121,650

78

Max

8

5800 - 6900

$479,600

$138,000

461

Active - 7 Properties; Contingent - 0 Properties; Conditional - 0 Properties; Pending - 1 Properties;       Sold - 6 Properties 

 2009 Land Statistics ++

  Vacant land sales both inside & outside established subdivisions are still a viable method for buyers who cannot find their dream home among existing homes being offered. Like home sales, sellers are eager to negotiate as days on the market continue to increase as long as buyer can prove they have the means to buy, whether cash or home/land package. Several types of construction loans are still available for the qualified buyer and with construction of new homes slowing, a buyer can shop for a deal in building their new home using local builders. 

Active - 598 Properties Found

 

Acres

Acre Price

List Price

Sale Price

Days On Market

Min

0.00

$4,540.00

$7,500

$0

1

Avg

3.14

$45,308.00

$70,094

$0

490

Max

150.26

$657,894.00

$1,000,000

$0

2310

Contingent - 0 Properties Found 

 

Acres

Acre Price

List Price

Sale Price

Days On Market

Min

0

$0

$0

$ 0

0

Avg

0

$0

$0

$ 0

0

Max

0

$0

$0

$ 0

0

Conditional - 1 Properties Found

 

Acres

Acre Price

List Price

Sale Price

Days On Market

Min

0.99

$35,282.00

$35,000

$ 0

179

Avg

0.99

$35,282.00

$35,000

$ 0

179

Max

0.99

$35,282.00

$35,000

$ 0

179

Pending - 11 Properties Found

 

Acres

Acre Price

List Price

Sale Price

Days On Market

Min

0.00

$6,896.00

$10,000

$0

1

Avg

1.23

$3,4437.00

$41,309

$0

414

Max

4.68

$8,9123.00

$120,000

$0

1349

Sold - 40 Properties Found

 

Acres

Acre Price

List Price

Sale Price

Days On Market

Min

0.09

$3,319.00

$10,000

$9,000

2

Avg

7.87

$41,550.00

$83,026

$70,506

219

Max

143.34

$425,000.00

$875,000

$600,000

782

2009 Summary - 650 Properties Found

 

Acres

Acre Price

List Price

Sale Price

Days On Market

Min

0.00

$3,319.00

$7,500

$9,000

1

Avg

3.40

$44,904.00

$70,349

$70,506

472

Max

150.26

$657,894.00

$1,000,000

$600,000

2310

2008 Summary - 625 Properties Found

 

Acres

Acre Price

List Price

Sale Price

Days On Market

Min

0.00

$4,540.00

$7,500

$14,500

1

Avg

3.19

$45,044.00

$70,585

$107,964

480

Max

150.26

$657,894.00

$1,000,000

$450,000

2310

  Active - 599 Properties; Contingent - 1 Property; Conditional - 1 Property; Pending - 11 Properties;    Sold - 14 Properties

 2009 Commercial Statistics ++

  Even though several large and small local businesses have closed their doors, there are several stand alone commercial buildings for sale along with new mini-malls being built. These buildings range from warehouses w/office space to gas stations to restaurants w/land. Some national chains are looking at commercial land to build on instead of leasing existing buildings to reduce their overhead with consumers spending less. One example of this type of expansion is Wal-Mart, working with the city & county zoning departments to obtain land & permits in order to build a new "super center" within the Lincolnton city limits. Other building projects within the city limits include a new county hospital, several new private medical clinics, and ABC store. In some cases the buildings previously occupied by these businesses have been sold or rented to new businesses moving into the area. There are also new construction buildings opening up for lease options. These businesses are providing jobs for some of the laid off labor market and students looking for part time employment. As with residential loans, investors & small business owners should expect the loan process to take longer and require more documentation than a year ago.

Active - 48 Properties Found

 

Square Feet

# of Units

List Price

Sale Price

Days On Market

Min

0

1

$8

$0

10

Avg

4335

7

$389,180

$0

213

Max

50000

62

$2,756,000

$0

732

Contingent - 1 Properties Found

 

Square Feet

# of Units

List Price

Sale Price

Days On Market

Min

1248

 

$350,000

$0

338

Avg

1248

 

$350,000

$0

338

Max

1248

 

$350,000

$0

338

Conditional - 4 Properties Found

 

Square Feet

# of Units

List Price

Sale Price

Days On Market

Min

0

 

$120,000

$0

231

Avg

2059

 

$213,750

$0

336

Max

5392

 

$300,000

$0

654

Pending - 1 Properties Found

 

Square Feet

# of Units

List Price

Sale Price

Days On Market

Min

3300

 

$159,900

$0

156

Avg

3300

 

$159,900

$0

156

Max

3300

 

$159,900

$0

156

Sold - 14 Properties Found

 

Square Feet

# of Units

List Price

Sale Price

Days On Market

Min

0

 

$3,000

$3,000

6

Avg

5435

 

$282,098

$250,634

261

Max

19800

 

$649,000

$622,500

1645

2009 Summary - 68 Properties Found

 

Square Feet

# of Units

List Price

Sale Price

Days On Market

Min

0

1

$8

$3,000

6

Avg

4367

7

$352,867

$250,634

231

Max

50000

62

$2,756,000

$622,500

1645

Active - 8 Properties; Contingent - 0 Properties; Conditional - 0 Properties; Pending - 0 Properties;       Sold - 11 Properties

2008 Summary - 19 Properties Found

 

Square Feet

# of Units

List Price

Sale Price

Days On Market

Min

0

1

$16,800

$24,000

5

Avg

3652

2

$348,994

$270,690

420

Max

12000

3

$1,870,000

$539,600

1079

 ++ Data Source: Carolina Multiple Listing Services, Inc.

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