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.

Map of all the neighborhoods covered in Area 3

Data gathered for September 1, 2009 - September 30, 2009 from the CMLS

Active Listings

September added 134 single family detached homes to the over market of inventory in Charlotte, Mint Hill, and Matthews area 3. September 2009's new inventory figures were 37.09% lower than in 2007 and 27.58 lower than in 2008.

Pending Units

Seventy eight single family homes received contract in Charlotte, Matthews, and Mint Hill (area 3) in September, which was a 8.24% decline over 2008 and and a 43.07% decline when compared to 2007.

Sold Units

Sixty-seven homes were sold in September, a 17.54% increase over the same time period in 2008. However, when compared to the same month sales from 2005- 2007, September 2009's sales were down an average of 43.76%

Average Sales Price

The average sales price for homes that sold in Charlotte, Mint Hill, and Matthews (area 3) during September was $165,398. September 2009's average sales price was the lowest since 2005 and 25.88% lower when compared to 2008.

Average Days on Market

The average days on the market for the single family detached homes increased 47.3% to 109 days. September's DOM was the highest in over five years.

Seller Concession

36 of the 67 closed sales in September offered the buyer a concession which averaged to $5,173. 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.

Sold Price as a Percentage of Tax Value

39% of of the homes that closed in September in Matthews, Mint Hill, and Charlotte (Area 3) sold at or below their assessed tax value. On average, homes sold at 124.65% of their assessed tax values.

Sales Price as a Percentage of Original List Price

On average, sellers received 92.28% of their original asking price or 90.5% when concessions are considered. Of the homes that closed in less than 99 days, the seller received 96.18% of their original asking price while homes that were on the market greater than 99 days received only 85.61%. Sellers of homes that were on the market for greater than 180 days received only 82.82% of their original asking price.
Buyer Financing

Of the homes that sold in September, 32 utilized an FHA loan, 19 obtained a Conventional mortgage, 3 VA, 1 used a financing program offered by the North Carolina Housing Finance Agency, 2 were other, and 8 cash.

Jonathan Osman
Charlotte Real Estate