Market Update for Matthews, Mint Hill, and Charlotte NC (MLS Area 3).
For all neighborhoods west of Independence Blvd and South of 24/27 in Mecklenburg County, including the towns of Mint Hill, Matthews, and Charlotte.
Data gathered for August 1 2009 - August 31 2009 from the CMLS
Active Listings
In August, 145 single family detached homes were listed for sale in Area 3 North Carolina. August's new listings were 7.64% less than in July and 21.62% fewer than were listed in August 2008.
Pending Units
72 Single Family homes received a contract. This was 1.41% higher than received a contract in July and 15.29% fewer contracts than in August 2008. When compared to August 2007 and 2006, 47.45% and 57.06% fewer contracts were written and accepted this past August.
Sold Units
57 Single Family Detached Homes were sold in August 2009. This was a decrease of 9.52% from July and no change from August 2008. When looking in 2007 and 2006 the decrease is even more apparent, 56.49% and 60.42% respectively.
Average Sold Price
In August, single family detached homes that sold in area 3 sold at an average of $151,507 which was a 3.75% increase than in July and a decrease of 32.11% when compared to August 2008.
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 2.97% less than the month earlier 40.54% less than a year earlier, and 40.54% greater than in 2007. 35 Single Family homes sold in less than 100 days while 22 homes in 100 days or greater. 1 homes took a year or more to close.
Seller Concession
31 out of the 57 homes (or 54%) that sold in August offered the buyer a concession, usually closing costs. The average seller concession was $3,710.
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. This month there only one property that sold offering such a bonus. This one property sold after 600 days on the market at 90.91% of the list price.
Sold Price as a Percentage of Tax Value
51 of the homes that sold in August in Area 3 had a tax value assigned to the listing. The homes that sold in August sold at an average of 98.21% of their listed tax values. 27 homes sold below tax value and 24 sold over tax value. The lowest sold as a percentage of tax value was sold for 48.58% below tax value. This month there were no properties selling well over tax value (normally new construction, land or extreme renovations).
Sales Price as a Percentage of Original List Price
Of the homes that sold in August in Area 3, sellers received 92.26% of their original asking price. With seller concessions included, sellers received on average 90.81% of their original asking price.
For homes listed for sale for less than 100 days, those sellers received 94.77% of their original asking price including concessions while homes listed for greater than 100 days received only 88.27%.
Buyer Financing
Of the homes that sold in August, 20 used FHA, 23 used Conventional Financing, 1 VA and 11 cash.
Jonathan Osman
Charlotte Real Estate
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