Charlotte North Carolina 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.
Map of all the neighborhoods covered in Area 5
Data gathered for September 1, 2009 - September 30, 2009
New Listings
Two hundred and seventy-four new listings were added to the active inventory of single family detached homes in area 5. As of the date of this blog post, the total inventory for single family detached homes in area 5 is 1,238. September's new inventory numbers were an increase of 0.74% over the same period in 2008 but a decrease of 12.74% for '07, 8.67% for '06 and 3.52% for '05.
Pending Sales
September saw pending single family detached home sales increase 23.76% over 2008 with 125 homes receiving contracts. While this was a decline over 2007 of 22.36%, it was a 12.61% increase over 2006. September's sales were up 26.26% over August, which is usually the last month of strong sales in the season real estate cycle.
Sold Listings
Single Family closings fell 0.96% to the September the year prior to 103 sold homes, continuing the sales decline over prior years that has been prevalent throughout 2009. September's sales represented a 30.87% decline over 2007 and a 54.42% decline from 2005.
Days on Market
The average days on market for the homes that closed in September was 138. This was an increase of 35.29% over August and the highest average days on market in the four years that I have collected data. In comparison, the average days on market in September 2006 was only 40 days.
Seller Concessions
33% of the homes that closed in September offered a seller concession to the buyer as a part of the contract. The average concession amount was $5,202. A seller concession can be anything from paying a lender's closing costs, HOA fees in advance, taxes, insurance, or even a country club membership.
Tax Value as compared to Sold Price
Of the homes that closed in September in Charlotte area 5, 74% (77 sales) closed at or above their assessed tax values, averaging a sales price at 123.71% of the assessed tax value.
Average Sold Price
In September, the average sales price for south Charlotte area 5 was $427,687. This is a 2.38% increase from a year ago however a 10.55% decrease from the 2007. The average sales price in August was $452,245.
Percentage of Listed Price Received
On average, sellers received 88.9% of their original listed price. With concessions included, the average drops to 88.29% of original listed price. For the homes that sold in less than 90 days, sellers received 93.48% of their original list price, while the percentage dropped to 85.87% for homes with an average days on market greater than 90. Bargain hunters should consider focusing on properties listed in excess of 6 months as those sellers received an average of 78.36% of their original asking price.
Types of Sales
Of the 103 recorded single family detached home sales in area 5 in September, 101 were traditional owner-occupied or investor owned homes, 1 was listed as a short sale / pre-foreclosure, and 1 was bank owned.
Of the 1240 active homes for sale in area 5 today, 13 are owned by relocation companies, 17 are bank owned, 27 are involved in a short sale, and 8 are owned in an estate.
Jonathan Osman
Charlotte Real Estate
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