Charlotte North Carolina Market Update for:

Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 5 including:

Charlotte Neighborhoods West of Providence Road and East of Park Road including, Cherry, Dilworth, Myers Park, Barclay Downs, Foxcroft, Beverly Woods, Cameron Wood, South Park, Quail Hollow, Olde Providence, Shadow Lake, Stone Creek Ranch, and Ballantyne.

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

New Listings

In May, 322 single family listings were added to the inventory of homes for sale in area 5. This was a 13.21% decrease from April and a 17.22% decrease when compared to May 2008.

Pending Sales

115 single family detached homes received a contract in northeast Charlotte in May. This was 9.52% more than April. Additionally for May 2008 and 2007 there were 38.17% and 59.07% fewer than were written in May.

Sold Listings

Only 89 homes closed in Area 5 of Charlotte in May. Closings for May were down 42.21% compared to 2008 and 68.66% compared with 2007.

Days on Market

Of the homes which closed in May in northeast Charlotte, the average days on market was 116, a 68.12% increase from a year prior. 49 listings sold in less than 100 days while 40 sold in 100 days or greater.

Seller Concessions

33 of the 89 (37%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $4,284.

Tax Value as compared to Sold Price

83 of the homes that closed in Area 5 of Charlotte in May had a tax value assigned. Those listings sold at 126.16% of their listed tax values. 12 of the properties sold below tax value, with the lowest being a property which sold at 72.30% of tax value. There was 1 property selling well over tax value (normally new construction or extreme renovations). With this unusual factor removed the average decreases to 123.22% as a percentage of tax value.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 5 of Charlotte was $391,915. This averages to 89.98% of the original listing price with concessions and 90.57% without concessions. Sellers whose property sold in less than 100 days received 93.73% of their original asking price with concessions, while sellers needing more than 100 days received only 85.39%.

Buyer Financing

Of the closings in northeast Charlotte in May, 63 used conventional financing, 14 FHA, 2 VA and 10 paid cash.

Jonathan Osman
Charlotte Real Estate