Total Charlotte NC Real Estate Market Overview
May 1, 2008 - May 31, 2008
Data for all counties and cities served by the Carolina Multiple Listing Service including Charlotte, Monroe, Concord, Gastonia, Mooresville, and many others.
New Active Listings
In May, 4319 single family detached homes were listed throughout the Charlotte area. This was a decline of 24.76% from 2008 and a decrease of 8.71% from the previous month.
Under Contract
2114 Single Family Detached homes were placed under contract in May for the entire MLS area. This was an increase from April of 1.10% but a decline of 25.22% from 2008.
Homes Sold
Sales in the CMLS were down 36.92% from 2008 as 1500 homes closing in May. There was in incease of 3.09% over the month of April.
Days on Market
The average Days on Market for homes in the CMLS for May was 110, down 6.80% in May 2008.
Average Sold Price
The average sold price for homes which closed in May was $198,590, an increase of 1.62% from a year earlier.
Percentage of Tax Value
1388 of the properties sold in May that had a tax value assigned in the listing. The average sold at 155.53% above the tax value. Of the homes that sold in May, 646 sold below their assigned tax value. There were also many properties selling well over tax value (normally new construction or extreme renovations where the land is the origional tax value). With these unusual factors removed the average drops to 95.15% as a percentage of tax value.
Commission Bonuses
Just 50 properties offered the buyer’s agent a bonus for an accepted contract. The average bonus was $2,171. Offering a bonus did not help the sell the home faster or net the seller more money. The average bonused property sold in 120 days at an average of 88.11% of asking price, not including the money paid for the bonus.
Original List Price to Actual Sold Price Percentage
Single Family Homes that closed in May sold at 89.20% of the original asking price. When concessions are included, the percentage drops to 88.09%. 914 properties sold below 100% of their original listing price while 586 sold at above 100% or more.
Homes listed for over a million dollars sold at an average of 91.24% of their original asking price, including concessions.
Homes which sold at less than $100,000 sold at 81.32% of their original asking prices, with one bank owned property selling for 58.82%.
914 single family detached homes sold in less than 100 days in May at an average of 91.73% of their original asking prices including concessions. The balance, 586 homes which were on the market for more than 100 days, sold at an average of 82.43% of their original asking prices.
Jonathan Osman
Charlotte Real Estate
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