Charlotte North Carolina Market Update for:
Single Family Homes in Mecklenburg County North Carolina Area 4 including:
Mecklenburg County North Carolina Area 4 including: Charlotte, Matthews. Neighborhoods West of Hwy 74, Independence Blvd. and East of Providence Road including, Grier Heights, Chantilly, Cotswold, Elizabeth, Eastover, Beverly Crest, Sardis Woods, High Timbers, Downtown Matthews, Lansdowne, Providence Plantation, and others.
Map of all the neighborhoods covered in Area 4
Data gathered for September 1, 2009 - September 30, 2009
New Listings
One hundred and ninety-two single family detached listings were added to the market in south Charlotte and Matthews during September. That was a 4.48% decline in the number of new active listings over the September the year prior. As of the date of this blog, the total inventory of active available single family detached properties in area 4 is 794
Pending Sales
Pending sales rose in September 13.11% from the year prior to 69 properties receiving and ratifying contracts. This was a same as in August, however a 36% drop from 2007 and a 56% decline since 2005.
Sold Listings
Single family detached home sales increased in September 5.97% from August and 7.58% from September '08 to finish the month with 71 closed sales. While a far cry from the sales volume from 2005-2007, it is an increase nonetheless over a tough 2008.
Days on Market
The average days on market for a home in Charlotte and Matthews area 4 for sales in September remained a flat 96 days over the year prior. September's sales had the second lowest average Days on Market since March, besting the summer months.
Seller Concessions
44% 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 $4,138. 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 and Matthews area 4, only 6 properties sold below their assessed tax value. On average, homes in area 4 sold at 135.11% of their tax value, with two selling over 200% of tax value. When adjusted out, the percentage drops to 124.59% of tax value.
Average Sold Price
In September, the average sales price for Charlotte area Matthews area 4 was $306,217, down 7.75% from the year prior and 15.12% lower than in 2007. The average sold price are still higher than in 2006 and 2005.
Percentage of Listed Price Received
On average, sellers received 91.42% of their original asking price. When concessions are included into the equation, sellers received 90.59% of their original asking price for the sales in September. For properties listed for fewer than 99 days, the percentage increases to 93.91% of asking price while older listings only averaged 86.86%. Bargain hunters must consider the older inventory on the market as sellers, whose homes were on the market for greater than 6 months, received only 81.64% of their original asking price.
Types of Sales
Of the 71 recorded sales in September, only 1 short sale listing closed as well as one home involved in a corporate relocation. The rest of the sales were between a seller or investor and buyer. Of the 794 active homes for sale in area 4 today, 7 are owned by relocation companies, 21 are bank owned, 25 are involved in a short sale, and 6 are owned in an estate.
Jonathan Osman
Charlotte Real Estate
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