Market Update for Matthews, Mint Hill, and Charlotte NC (MLS Area 3).

For all neighborhoods west of Independence Blvd and South of 24/27 in Mecklenburg County, including the towns of Mint Hill, Matthews, and Charlotte.

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

Active Listings

In May, 157 single family detached homes were listed for sale in Area 3 North Carolina. May's new listings were 3.09% less than in April and 13.26% fewer than were listed in May 2008.

Pending Units

76 Single Family homes received a contract. This was 2.70% more than received a contract in April and 28.97% fewer contracts than in May 2008. When compared to May 2007 and 2006, 51.28% and 53.37% fewer contracts were written and accepted this past May.

Sold Units

49 Single Family Detached Homes were sold in May 2009. This was a decrease of 16.67% from April and a decrease of 47.31% from May 2008. When looking in 2007 and 2006 the decrease is even more apparent, 63.43% and 63.70% respectively.

Average Sold Price

In May, single family detached homes that sold in area 3 sold at an average of $196,061, which was a 34.19% increase than in April and a decrease of 6.67% when compared to May 2008. Taking seller concessions into account the average sales price dropped to $194,014 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 102 days before receiving an offer. That was 21.54% less than the month earlier 18.60% less than a year earlier, and 92.45% greater than in 2007. 30 Single Family homes sold in less than 100 days while 19 homes in 100 days or greater. 1 homes took a year or more to close.

Seller Concession

28 out of the 49 homes (or 57%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,583.

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 that sold offering such a bonus.

Sold Price as a Percentage of Tax Value

44 of the homes that sold in May in Area 3 had a tax value assigned to the listing. The homes that sold in May sold at an average of 135% of their listed tax values. 15 homes sold below tax value and 29 sold over tax value. The lowest sold as a percentage of tax value was sold for 57.15% below tax value. There were also 2 property selling well over tax value (normally new construction, land or extreme renovations). With this unusual factor removed the average drops to 111.67% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 3, sellers received 92.41% of their original asking price. With seller concessions included, sellers received on average 91.25% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 94.21% of their original asking price including concessions while homes listed for greater than 100 days received only 89.58%.

Buyer Financing

Of the homes that sold in May, 16 used FHA, 17 used Conventional Financing, 2 Other, 4 VA, 1 Owner Financed and 9 cash.

Jonathan Osman
Charlotte Real Estate