Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 8 including:

Charlotte Neighborhoods including Abernathy Woods, Allenbrook, Americana Park, Ashley Park, Beechwood, Belemeade Green, Biddleville, Brookfield, Brookmere, Camp Green, Catawba River, Cedar Mill, Chapel Grove, Cherokee Forest, Cheshire Commons, Clanton Park, Clinchfield, Coulwood, Creekside, Cross Creek, Dowd Heights, Eagle Nest, ,Enderly Park, Feathersone Ridge, Forest Pawtuckett, Glendale Acres, Glenhaven, Glenwood, Greenwood, Hammonds Station, Harbor Estates, Harbor House, Heather Glen, Hidden Creek, Homestead Glen, Hoover Acres, Hoskins, Hunter Ridge, Lakewood, Lela Court, Lweis Forest, Long Creek, Marsh Estates, McGregor Downs, Mellwodd, Melynda Woods, Montclair Park, Moores Chapel, Moores Park, Morningside, Mullberry Pond, Northbrook, Northwoods, Oakshire, Oakview Commons, Parkview, Patriots Point, Pine Island, Regal Heights, Reid Meadows, Reid Park, Running Dear, Seversville, Smallwood, Sonoma Village, Stone Bluff, Stoney Pointe, Summerville, Summit HIlls, Tanglewood, Thomasboro, Thrift, Todd Park, Town Park, Valley Ridge, Villages of Ashley Ridge, Waldon Park, Wandawood, Watauga Village, Wesley Hights, West View, Westborne, Westcherster, Westerly Hills, Westerwood, Westmoreland, WEstwood Forest, Wildwood, Wilson Glen, Winding Creek, Windsong, Windy Rige, Woodland Station, Woods at Coulwood and Woodsdale Acres.

Data gathered for May 1, 2009 - May 31, 2009

Active Listings

In May, 112 single family detached homes were listed for sale in Area 8 North Carolina. May's new listings were 3.45% less than in April and 25.33% less than were listed in May 2008.

Pending Units

57 Single Family homes received a contract. This was 21.92% less than received a contract in April and 36.67% fewer contracts than in May 2008. When compared to May 2007 and 2006, 54.03% and 100.17% fewer contracts were written and accepted this past May.

Sold Units

49 Single Family Detached Homes were sold in May 2009. This was an increase of 2.08% from April and a decrease of 12.50% from May 2008. When compared to May 2007 and 2006, 60.80% and 99.98% fewer sold units than this past May.

Average Sold Price

In May, single family detached homes that sold in area 8 sold at an average of $84,255 which was a 4.36% increase than in April and a decrease of 22.27% when compared to May 2008. This is also a decrease of 100% over May 2006. Taking seller concessions into account the average sales price dropped to $82,639 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 150 days before receiving an offer. That was a 41.51% increase than the month earlier 94.81% more than a year earlier and 127.27% more than in 2007. 29 Single Family homes sold in less than 100 days while 20 homes in 100 days or greater.

Seller Concession

19 out of the 49 homes (or 39%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,201.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. Only 1 closed listing offered such a bonus. The proeprty offering a bonus was on the market for 86 days and received 81.15% of their listing price.

Sold Price as a Percentage of Tax Value

48 of the of the homes that sold in May in Area 8 had a tax value assigned to the listing. The homes that sold in May sold at an average of 73.43% of their listed tax values. 40 homes sold below tax value, the lowest of which was an REO which sold at 28.05% of its tax value which according to the listing needed renovation. 1 property sold for well over 100% of the tax value (normally new construction, extensive renovations and land). With that property taken out of the mix the average drops to 70.43%.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 8, sellers received 81.88% of their original asking price. With seller concessions included, sellers received on average 80.58% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 88.48% of their original asking price including concessions while homes listed for greater than 100 days received only 78.86%.

Buyer Financing

Of the homes that sold in May, 18 used FHA, 9 used Conventional Financing, 1 VA and 21 cash.

Jonathan Osman
Charlotte Real Estate