Charlotte North Carolina Market Update for:

Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 9 including:

Charlotte Neighborhoods: Abbington, Aberdeen Park, Americana Park, Avery Glen, Barkley, Barley Greens, Barrington, Beckett, Biddle Heights, Biddleville, Biltmore park, Birkdale, Braemar, Brasilia park, Brookfield, Brookline, Capps, Carrington Ridge, Carronbrige, Cashion Woods, Cedarfield, Chastain, Cindy Park, Claiborne Woods, Cradon Park, Crosswinds, Davis Meadows, Double Oaks, Douglas Park, Edmore Estates, Elizabeth Oaks, Firestone, Fox Chase, Fox Glenn, Gaitwood, Genesis Park, Gilead, Glenhaven, Glenwyck, Grass Meadows, Griers Grove, Hagers Ferry, Hambright Woods, Hamilton Village, Hawk Ridge, Hemby Woods, Henderson Park, Hunters Pointe, Huntington Forest, Hyde Park, Keeneland, Keener Creek, Lakeview Village, Lakewood, Latta Springs, Laurel Woods, Lawing Pond, Lea Woods, Lincold Heights, LInda Vista Place, Linden Estates, Macaulay, McCoy Crossing, McCrorey Heights, McIntyre, Melborne, Miranda, Northwood Estates, Oakdale, Oaklawn park, Oakview Commons, Peachtree, Pinebrook, Preston Village, Quail Ridge, Raven Ridge, Regency Park, Ridgemont, Riverview Acres, Rolling hills, Shelton Rige, Slater Ridge, Slater Springs, Stephens Grove, Stewarts Glen, Stillwell, Stone Hollow, Stonegate Farms, Stratford Forest, Sunset Oaks, Sunset Linda Vista, Sunset Village, Tanners Creek, Taylor Place, The Woodlands, Timberview, Torrence Crossing, Trinity Park, University Park, Villages at Rosedale, Walden Ridge, Walnut Creek, Washington Heights, Woodlands and Wynfield.

Data gathered for May 1 - May 31, 2009

New Listings

In May 157 single family listings were added to the inventory of homes for sale in area 9. This was a 13.26% decrease from April and a 29.28% decrease when compared to the previous May.

Pending Sales

90 single family detached homes received a contract in May. This was a 25% decrease over those that were written the year prior and 46.11% fewer than were written in May 2007.

Sold Listings

69 homes closed in Area 9 of Charlotte in May. Closings for May were down 21.59% compared to 2008 and 52.08% compared with 2007.

Days on Market

Of the homes which closed in May in Area 9 of Charlotte, the average days on market was 79, a 2.47% decrease from a year prior. 52 listings sold in less than 100 days while 17 sold in 100 days or greater.

Seller Concessions

37 of the 69 (54%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $3,754.

Tax Value as compared to Sold Price

67 of the homes that closed in Area 9 of Charlotte in May had a tax value assigned. Those listings sold at 86.56% of their listed tax values. 44 sold below tax value, with the lowest being a property which sold at 30.38% of tax value which was an bank owned property. There were no propertiesselling well over tax value (normally new construction or extreme renovations).

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 9 of Charlotte was $150,688. This averages to 88.66% of the original listing price with concessions and 89.90% without concessions. Sellers whose property sold in less than 100 days received 92.87% of their original asking price, while sellers needing more than 100 days received only 75.79%.

Buyer Financing

Of the closings in northeast Charlotte in May, 26 used conventional financing, 29 FHA, and 12 paid cash, 1 VA and 1 Other.

Jonathan Osman
Charlotte Real Estate