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August 2009 Real Estate Market Update: Northeast Charlotte

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

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 August 1, 2009 - August 31, 2009

Active Listings

In 329 single family detached homes were listed for sale in Area 1 North Carolina. August's new listings were the same in July and 4.11% more than were listed in August 2008.

Pending Units

187 Single Family homes received a contract. This was 11.31 more than received a contract in July and 2.75% greater contracts than in August 2008. When compared to August 2007 and 2006, 28.35% and 48.06% fewer contracts were written and accepted this past August.

Sold Units

127 Single Family Detached Homes were sold in August 2009. This was a decrease of 14.77% from July and 18.59% decrease from August 2008. When compared to August's from 2007 and 2006 it is a decrease of 50.20% and 61.86%.

Average Sold Price

In August, single family detached homes that sold in Area 1 sold at an average of $186,350 which was 9.51% less than in July and 14.28% decrease when compared to August 2007. The average sold price year to date this year is $189,056 compared to last year's YTD of $212,170.

Average Days on Market

Of the homes that closed in August, they were on the market for an average of 91 days before receiving an offer. That was 11.65% less than the month earlier 7.14% less than a year earlier, and 19.74% greater than in 2007. 78 Single Family homes sold in less than 100 days while 44 homes in 100 days or greater. 3 homes were listed for over a year before receiving an offer.

Seller Concession

70 out of the 122 homes (or 57%) that sold in August offered the buyer a concession, usually closing costs. The average seller concession was $3,794.

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 2 closed listing offered such a concession, with the seller receiving 96.50% and 85.21% of their original asking price and a days on market of 11 and 258. This is also a good example of the swing in the numbers that we normally see. One shows a quick sale at a high percentage of list price and the other is quite the opposite.

Sold Price as a Percentage of Tax Value

111 of homes that sold in August in Area 1 had a tax value assigned to the listing. The homes that sold in August sold at an average of 122.42% of their listed tax values. 51 homes sold below tax value, the lowest of which was an REO which sold at 33.33% of its tax value. There were also 5 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 99.63% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in August in Area 1, sellers received 92.86% of their original asking price. With seller concessions included, sellers received on average 91.55% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 93.56% of their original asking price including concessions while homes listed for greater than 100 days received only 87.99%.

Buyer Financing

Of the homes that sold in August, 5 buyers used VA financing, 48 used FHA, 52 used Conventional Financing, and 17 cash.

Jonathan Osman
Charlotte Real Estate

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