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July 2009 Market Update for South Charlotte Area 5. Detailed info on what sellers are ACTUALLY receiving.

By
Real Estate Broker/Owner with Jonathan and Associates, Inc

Ce harlotte 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 July 1, 2009 - July 31, 2009

New Listings

In July, 283 single family listings were added to the inventory of homes for sale in area 5. This was a 3.08% decrease from June and a 15.61% decrease when compared to July 2008.

Pending Sales

149 single family detached homes received a contract in northeast Charlotte in July. This was 29.57% more than June. Additionally for July 2008 and 2007 there were 20.95% more and 16.02% fewer than were written in July.

Sold Listings

Only 128 homes closed in Area 5 of Charlotte in July. Closings for July were up 5.19% compared to 2008 and down 42.08% compared with 2007.

Days on Market

Of the homes which closed in July in northeast Charlotte, the average days on market was 109, a 41.56% increase from a year prior. 59 listings sold in less than 100 days while 49 sold in 100 days or greater.

Seller Concessions

39 of the 108 (36%) homes which sold in in July offered the buyer a seller concession. Of those properties, the concessions averaged $5,268.

Tax Value as compared to Sold Price

104 of the homes that closed in Area 5 of Charlotte in July had a tax value assigned. Those listings sold at 134.90% of their listed tax values. 11 of the properties sold below tax value, with the lowest being a property which sold at 69.43% of tax value. There were 4 properties selling well over tax value (normally new construction or extreme renovations). With this unusual factor removed the average decreases to 126.55% 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 $417,933. This averages to 90.05% of the original listing price with concessions and 90.74% without concessions. Sellers whose property sold in less than 100 days received 94.38% of their original asking price with concessions, while sellers needing more than 100 days received only 84.84%.

Buyer Financing

Of the closings in northeast Charlotte in July, 80 used conventional financing, 17 FHA, 4 other, 3 VA and 4 paid cash.

Jonathan Osman
Charlotte NC Homes For Sale

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