Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 7 including:

Charlotte Neighborhoods including: Arbor Glen, Ayrsley, Berewick, Braddock Green, Brianna Terrace, Brighton, Cedar Run, Cedarbrook, Chapel Cove, Clanton Park, Coventry, Deer Creek, Falcon Ridge, Feather Trace, Fircrest, Greycrest, Griers Fork, Hamilton Green, Hamilton Lakes, Hartwell, Hathaway Hills, Huntington Forest, Kingsbridge, Laurel Valley, Markswood, McDowell (Farms, Meadows and Place), Morris Field, Nations Ford Homes, Neely Glen, Olde Whitehall, Pine knol, Pinecrest, Planters Walk, Reid Park, Reunion, Revolution Park, Reynolds Walk, Rollingwood, Royal Oaks, Southbridge, Spencer Park, Springfield, Steel Oaks, Steele Creek, Steeleberry Acres, Stellechase, Steelecroft Place, Stowe Creek, Sullivans Trace, Taragate Farms, Tealbriar, The Crossing, Twelve Oaks, Walkers Creek, Waterlyn, Waters of Steele Creek, Westover Hills, Westwood Park, Wildwood Meadows, Williams Glenn, Wiltshire Manor, Windward Cove, Wing Pointe, Wingate, Withers Grove, Woodridge, Yorkmont Park, Yorkshire & Yorkwood

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

Active Listings

In May, 100 single family detached homes were listed for sale in Area 7 North Carolina. May's new listings were 18.70% less than in April and 41.86% lower than were listed in May 2008.

Pending Units

50 Single Family homes received a contract. This was 29.58% less than received a contract in April and 52.83% fewer contracts than in May 2008. When compared to April 2007 and 2006, 66.22% and 57.63% fewer contracts were written and accepted this past May.

Sold Units

48 Single Family Detached Homes were sold in April 2009. This was an increase of 4.35% from April and a decrease of 40% from May 2008. The most noticeable decrease month over month was May 2009 compared to May 2007 which was 62.50% and 39.24%.

Average Sold Price

In May, single family detached homes that sold in area 7 sold at an average of $145,286 which was 4.26% lower than in April and a decrease of 11.68% when compared to May 2008. Looking farther back to May 2007 and 2006 the decrease is 13.29% and 12.21% over May this year. Taking seller concessions into account the average sales price dropped to $143,297 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 93 days before receiving an offer. That was the same than the month earlier 25.68% greater a year earlier, and 75.47% greater than in 2007. 32 Single Family homes sold in less than 100 days while 16 homes in 100 days or greater.

Seller Concession

27 out of the 48 homes (or 56%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,537.

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. In May there were 2 such property that offered an agent bonus. Resulting in an offer netted the seller's an average of 80.47% of the list price and sold on average of 63 days.

Sold Price as a Percentage of Tax Value

44 of the homes that sold in May in Area 7 had a tax value assigned to the listing. The homes that sold in May sold at an average of 101.70% of their listed tax values. 22 homes sold below tax value, the lowest of which was an REO which sold at 21.46% of its tax value. There was only 1 properties selling for well over tax value this month. With this extreemly high value removed the average drops to 92.11% of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 7, sellers received 88.40% of their original asking price. With seller concessions included, sellers received on average 87.19% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 89.96% of their original asking price including concessions while homes listed for greater than 100 days received only 81.65%.

Buyer Financing

Of the homes that sold in May, 23 used FHA, 18 used Conventional Financing, 2 VA and 5 cash.

Jonathan Osman
Charlotte Real Estate