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 August 1, 2009 - August 31, 2009
New Active Listings
In August, 255 homes were listed for sale in Charlotte’s Area 2. This was a increase of 4.08% over June and a 2% increase when compared with August 2008, 32.89% decrease compared with 2007, and 29.75% decrease compared with 2006.
Pending Homes
153 single family homes were placed under contract for Area 2 in August 2009. This increase of 22.40% over the month prior. Compared to August 2008, there were 4.79% more homes receiving contract than the year prior and 41.83% fewer than during the same period in 2006.
Sold Units
In August, 110 single family detached homes were sold in Area 2 through the MLS. This was an decrease of 4.35% when compared to the month prior and no fewer than in August 2008. This month when you look back to 2007 and 2006 when the decrease in the sales for this year were 44.16% and 52.17% respectively.
Percentage of the Listing Price Received
Sellers received on average 89.38% of their asking price before concessions in August. Compared to June that is an decrease of 2.33%. Looking further in the past month over month there is also a decline in 2007 and 2006 of 8.26% and 8.64%.
Average Days on Market
Of the homes that closed in August, they were on the market for an average of 104 days before receiving an offer. That was 5.05% less than the month earlier 40.54% more than a year earlier, and 55.22% greater than in 2007 and greater than 2006 with 50.72%.
64 Single Family homes sold in less than 100 days while 46 homes in 100 days or greater. Two homes sold after 1 year of being on the market.
Seller Concession
61 out of the 110 homes (or 55%) that sold in August offered the buyer a concession, usually closing costs. The average seller concession was $3,410.
Sold Price as a Percentage of Tax Value
109 of the homes that sold in August in Area 2 had a tax value assigned to the listing. The homes that sold in August sold at an average of 130.17% of their listed tax values. 66 homes sold below tax value, the lowest of which was an REO which sold at 26.90% of its tax value. There were also 13 properties selling well over tax value (normally new construction or extreme renovations). With this unusual factor removed the average drops to 88.81% as a percentage of tax value.
Sales Price as a Percentage of Original List Price
Of the homes that sold in August in Area 2, sellers received 89.38% of their original asking price. With seller concessions included, sellers received on average 88% of their original asking price.
For homes listed for sale for less than 100 days, those sellers received 91.34% of their original asking price including concessions while homes listed for greater than 100 days received only 83.36%.
Buyer Financing
Of the homes that sold in August, 2 buyer used VA financing, 49 used FHA, 33 used Conventional Financing, 22 cash and 4 other.
Jonathan Osman
Charlotte Real Estate
Comments(0)