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Lee County Residential Market
Report
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A detailed analysis of the local Real Estate market can be a real benefit when buying or selling a home. I used data from the Sanford MLS to analyze the Real Estate market in Lee County. This analysis includes homes currently listed for sale along with sales data for the last 12 months. |
| This data helps to give an idea of which parts of the Sanford market are cool and which parts of the market are experiencing more sales.The following data gives a view of the general real estate market in Lee County. When looking for a home, it is important to use general data together with more specific neighborhood data to help determine a fair price both when buying and selling a home.Buyers can use knowledge of the market to make sure they get a good price.Sellers need this type of data along with a comparative market analysis to determine the right list price for their home. If you are considering buying or selling Real Estate in Sanford or the surrounding area, contact me for more information! |
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Lee County Sales and Listing Data
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Currently
for Sale |
12
month Sales |
Average
per Month |
Absorption
Rate |
under
$100,000 |
85
|
236
|
20
|
4
|
$100,001
to
$200,000 |
232
|
384
|
32
|
7
|
$200,001
to
$300,000 |
115
|
90
|
8
|
15
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$300,001
to
$400,000 |
51
|
28
|
2
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22
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$400,001
and up |
30
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6
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0.5
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60
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Please allow me to explain the table on the left:
- The “Currently for Sale” column lists the number of homes for sale as of July 13 for each price range.
- The “12 Month Sales” column shows the number of homes sold for each price range in the last 12 months.
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The “Average per Month” column gives the average number of homes sold in each price range per month for the last 12 months.
The “Absorption Rate” column takes the number of homes currently for sale and divides by the number of homes sold in the last 12 months for each price category. The absorption rate gives you an idea of how many months it will take to sell the homes currently listed for sale. As a rule of thumb, an absorption rate of less than 4 months indicates a seller’s market. An absorption rate of 4-6 months indicates a balanced market, and an absorption rate of 7 or more months indicates a buyer’s market.
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Lee County NC Homes Sold Under
$100,000
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| The graph at right represents homes sold for under $100,000 over the last 12 months in Lee County, NC. The number of homes sold in this price range is fairly consistent except for a spike in sales in April and May of this year. This increase in home sales can be explained by a single investor who sold 50 homes in April and an additional 18 homes in May. |
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| The absorption rate for homes in this price range is 4 months when all sales are included, and 6 months when the single investor’s sales are excluded. An absorption rate of 4-6 months indicates a balanced market where there are about an equal number of buyers and sellers. If the market continues the average from the last year, it would take 4-6 months to sell the homes currently listed for sale. |
Lee County NC Homes Sold From $100,001 to $200,000
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The graph at left represents homes sold for $100,001 to $200,000 over the last 12 months in Lee County, NC. The number of homes sold in this price range is fairly consistent throughout the year except for a
slight decline during the winter. |
| Sales recovered in March, and sales continue at a rate similar to last year. This is the most popular segment of the market, with 384 homes sold in the past 12 months.The absorption rate for homes in this price range is 7 months, which indicates a slight buyer’s market. This means there are a few more homes for sale than buyers. If the current trend were to continue, it would take about 7 months to sell the homes currently listed for sale.Sellers in a slight buyer’s market need to price their home accurately to make sure it is exposed to as many buyers as possible. A well executed marketing plan can help a home stand out from other homes on the market.
Buyers in this segment can expect several homes from which to choose. |
Lee County NC Homes Sold From $200,001 to $300,000
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| The graph at right shows homes sold for $200,001 to $300,000 over the last 12 months in Lee County. The number of homes sold in this price range declined last fall with a spike in December. After December, there were very few sales in January and February before the market recovered in March. |
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| Since March this price range has been consistent except for a slow month in May.The absorption rate for homes in this segment of the market is 15 months, which indicates a buyer’s market. This means that sellers outnumber buyers. If the current trend were to continue, it would take around 15 months to sell the homes currently for sale.Sellers in a buyer’s market need to market their home effectively to make buyers find it among the other listings. Pricing the home for the market is crucial to make sure it is shown to buyers. Sellers may want to consider using a professional stager to stage their home to make it really shine and stand out from the crowd.
Buyers in a buyer’s market can expect to choose from many different homes. |
Lee County NC Homes Sold From $300,001 to $400,000
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The graph to the left gives a picture of homes sold from $300,001 to $400,000 over the last 12 months in Lee County. The number of homes sold in this price range was steady through the fall and then declined in January. |
| This price range recovered some in March but is still selling a little slower than last year.The absorption rate for homes in this price range is 22 months, which indicates a strong buyer’s market. This means there are more homes for sale than buyers available to purchase homes. If the current trend were to continue, it would take almost 2 years to sell the homes currently listed.Sellers who are selling in a strong buyer’s market need to work hard to make their home stand out from the crowd. Sellers need to market their home aggressively. Homes which are priced too high may not be shown to prospective buyers who have a list of homes to choose from. Sellers need to strive to make their home the best value possible to attract buyers.
Buyers in this price range may have the upper hand. There are more homes for sale than buyers and buyers may be able to use this to their advantage. |
Lee County NC Homes Sold over $400,000
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The graph at right shows homes sold for over $400,000 over the last 12 months in Lee County. Only a few homes have sold in this segment in the last year, with 2 homes sold last June, 1 in October, another this
February, and 2 homes sold this June. |
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| This price range has an absorption rate of 60 months, which shows a stagnant market. There are currently 30 homes for sale but only 6 homes were sold in this price range in the past year.Sellers who need to sell in a stagnant market must price their home aggressively to make sure all possible buyers are exposed to the home.Sellers may need to market not only locally but regionally as well to attract a buyer. Sellers should consider all available resources to allow their home to sell.
Buyers in this segment are in the driver’s seat and may be able to get a real bargain from among their many choices. |
This report is a broad summary of the Real Estate market in Sanford, Broadway, and all of Lee County. There are many local exceptions to the general market. If you are considering buying or selling real estate in the Sanford area, please contact me for an analysis of the neighborhoods or areas you are most interested in.
To find out more about Lee County, NC homes, visit the Lee County Neighborhoods page on my website.
For more information about Real Estate in the Sanford, Lee County, or Harnett County areas, you can also visit my Sanford NC homes website.
Rita Taylor
ERA Strother Real Estate
Sanford NC Real Estate
“Taylored” For You!
