Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 2 including:

Charlotte Neighborhoods East of N. Tryon Street and North of Albermarle Road (24/27) including the neighborhoods of Plaza Midwood, NoDa (The Arts District), Belmont, McCarron, Old Stone Crossing, Buckleigh.

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

New Active Listings

In May, 254 homes were listed for sale in Charlotte’s Area 2. This was a increase of 2.83% over April but a 27.64% decrease when compared with May 2008, 38.65% decrease compared with 2007, and 35.86% decrease compared with 2006.

Pending Homes

112 single family homes were placed under contract for Area 2 in May 2009. This the same from the month prior. Compared to May 2008, there were 35.63% fewer homes receiving contract than the year prior and 57.74% fewer than during the same period in 2006.

Sold Units

In May, 87 single family detached homes were sold in Area 2 through the MLS. This was a decrease of 3.33% when compared to the month prior but 38.30% fewer than in May 2008. The numbers begin to get staggering when you look back to 2007 and 2006 when the decrease in the sales for this year were 62.34% and 65.20% respectively.

Percentage of the Listing Price Received

Sellers received on average 89.16% of their asking price before concessions in May. Compared to April that is a decrease of .54%. Looking further in the past in past May's there is also a decline in 2007 and 2006 of 7.84% and 9.03%.

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 7.92% less than the month earlier 12.05% more than a year earlier, and 40.01% greater than in 2007 and greater than 2006 with 24%.

55 Single Family homes sold in less than 100 days while 32 homes in 100 days or greater. Only one home sold after 1 year of being on the market.

Seller Concession

47 out of the 87 homes (or 54%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,591.

Sold Price as a Percentage of Tax Value

83 of the homes that sold in May in Area 2 had a tax value assigned to the listing. The homes that sold in May sold at an average of 194.80% of their listed tax values. 53 homes sold below tax value, the lowest of which was an REO which sold at 42.55% of its tax value. There were also 4 properties selling well over tax value (normally new construction or extreme renovations). With this unusual factor removed the average drops to 93.13% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 2, sellers received 89.16% of their original asking price. With seller concessions included, sellers received on average 87.84% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 92.33% of their original asking price including concessions while homes listed for greater than 100 days received only 80.12%.

Buyer Financing

Of the homes that sold in May, 2 buyer used VA financing, 37 used FHA, 25 used Conventional Financing, 22 cash, and 1 other.

Jonathan Osman
Charlotte Real Estate