Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 1 including:

Charlotte, Cornelius, Davidson, and Huntersville Neighborhoods East of I-77, North of N. Tryon Street, West of Cabarrus County, and South of Iredell County including the neighborhoods of Highland Creek, Vermillion, Heritage Green, River Run, Skybrook, Northstone, Cambridge Grove, and others.

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

Active Listings

In 344 single family detached homes were listed for sale in Area 1 North Carolina. May's new listings were 15.05% more than in April and 18.29% fewer than were listed in May 2008.

Pending Units

209 Single Family homes received a contract. This was 11.76% greater than received a contract in April and 6.28% fewer contracts than in May 2008. When compared to May 2007 and 2006, 34.48% and 47.49% fewer contracts were written and accepted this past May.

Sold Units

139 Single Family Detached Homes were sold in May 2009. This was a increase of 3.73% from April and 26.46% decrease from May 2008. When compared to May's from 2007 and 2006 it is a staggering decrease of 50% and 58.88%.

Average Sold Price

In May, single family detached homes that sold in Area 1 sold at an average of $210,703 which was 16.73% more than in April and 4.49% decrease when compared to May 2008.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 103 days before receiving an offer. That was 4.63% less than the month earlier 24.10% greater than a year earlier, and 68.85% greater than in 2007. 89 Single Family homes sold in less than 100 days while 50 homes in 100 days or greater. 2 homes were listed for over a year before receiving an offer.

Seller Concession

67 out of the 139 homes (or 48%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $4,456.

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 4 closed listing offered such a concession, with the seller receiving 82.91% of their original asking price and a average days on market of 151.

Sold Price as a Percentage of Tax Value

131 of homes that sold in May in Area 1 had a tax value assigned to the listing. The homes that sold in May sold at an average of 95.72% of their listed tax values. 69 homes sold below tax value, the lowest of which was an REO which sold at 141.14% of its tax value. There were also 3 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 80.09% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 1, sellers received 91.03% of their original asking price. With seller concessions included, sellers received on average 89.73% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 92.42% of their original asking price including concessions while homes listed for greater than 100 days received only 84.95%.

Buyer Financing

Of the homes that sold in May, 4 buyers used VA financing, 51 used FHA, 60 used Conventional Financing, 22 cash and 1 other.

Jonathan Osman
Charlotte Real Estate