Real Estate Market Update for Single Family Homes in

Mecklenburg County North Carolina Area 4 including: Charlotte, Matthews. Neighborhoods West of Hwy 74, Independence Blvd. and East of Providence Road including, Grier Heights, Chantilly, Cotswold, Elizabeth, Eastover, Beverly Crest, Sardis Woods, High Timbers, Downtown Matthews, Lansdowne, Providence Plantation, and others.

Data gathered for May 1 2009 - May 31, 2009 from the CMLS

Active Listings

In May, 209 single family detached homes were listed for sale in Area 4, North Carolina. May's new listings were 13.99% less than in April and 17,72% fewer than were listed in May 2008.

Pending Units

86 Single Family homes received a contract. This was 7.50% higher than received a contract in April but 14.85% fewer contracts than in May 2008. When compared to May 2007 and 2006, 54.50% and 54.01% fewer contracts were written and accepted this past May. Sold Units

50 Single Family Detached Homes were sold in May 2009. This was 14.79% less then April and 48.98% less then May 2008. When compared to May 2007 and 2006, 69.88% and 67.95% fewer home sold then this past May.

Average Sold Price

In May, the single family detached homes that sold in Area 4 sold at an average of $282,518, which was 4.37% lower than in April and a 16.46% decrease when compared to May 2008. When taking seller concessions into account the average sales price for May 2009 is $273,940.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 119 days before receiving an offer. That was a 4.80% less than the month earlier 54.55% greater than a year earlier, and 176.74% greater than in 2007. 28 Single Family homes sold in less than 100 days while 22 homes in 100 days or greater.

Seller Concession

24 out of the 50 homes (or 48%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,783.

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. This month there were no properties offering such a bonus.

Sold Price as a Percentage of Tax Value

All of the homes that sold in May in Area 4 had a tax value assigned to the listing. The homes that sold in May sold at an average of 122.84% of their listed tax values. 4 homes that sold were under 100% and 44 were over 100%of the tax value. The lowest property sold as a percentage of tax value sold for 44.30%. This month there were no properties selling for well over tax value (normally new construction, land or extreme renovations).

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 4, sellers received 91.31% of their original asking price. With seller concessions included, sellers received on average 90.53% of their original asking price. For homes listed for sale for less than 100 days, those sellers received 92.23% of their original asking price including concessions while homes listed for greater than 100 days received only 88.58%.

Buyer Financing

Of the homes that sold in April, 13 used FHA, 32 used Conventional Financing, 4 cash and 1 VA.

Jonathan Osman
Charlotte Real Estate