Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 6 including: Charlotte Neighborhoods including Dilworth, Wilmore, Selwyn Farms, Sedgefield, Broadmoor, Madison Park, Ashbrook, Colonial Village, Collins Park, Stone Orchard, Montclaire, Freeland Park.

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

Active Listings

In May, 127 single family detached homes were listed for sale in Area 6 North Carolina. May's new listings were the same in April and 12.41% fewer than were listed in May 2008.

Pending Units

54 Single Family homes received a contract. This was the same that received a contract in April and 20.59% fewer contracts than in May 2008. When compared to May 2007 and 2006, 38.64% and 54.62% fewer contracts were written and accepted this past May.

Sold Units

30 Single Family Detached Homes were sold in May 2009. This was an decrease of 14.29% from April and a decrease of 53.85% from May 2008.

Average Sold Price

In May, single family detached homes that sold in area 3 sold at an average of $239,110 which was 12.32% higher than in April and a decrease of 9.78% when compared to May 2008. Taking seller concessions into account the average sales price dropped to $236,460 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 80 days before receiving an offer. That was a 8.05% decrease than the month earlier 35.59% more than a year earlier, and 77.78% greater than in 2007. 22 Single Family homes sold in less than 100 days while 8 homes in 100 days or greater.

Seller Concession

18 out of the 30 homes (or 60%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $4,416.

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 one such property offered such a bonus netting the seller 97.17% of list price selling in 13 days.

Sold Price as a Percentage of Tax Value

29 of the homes that sold in May in Area 6 had a tax value assigned to the listing. The homes that sold in May sold at an average of 139.28% of their listed tax values. 3 homes sold below tax value, the lowest of which was sold at 44.15% of its tax value. There were 3 properties selling well over tax value (normally new construction or extreme renovations). With those properties removed the average droped to 128.84

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 6, sellers received 94.72% of their original asking price. With seller concessions included, sellers received on average 93.46% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 95.25% of their original asking price including concessions while homes listed for greater than 100 days received only 88.54%.

Buyer Financing

Of the homes that sold in May, 12 used FHA, 17 used Conventional Financing and 4 cash.

Jonathan Osman
Charlotte Real Estate