Charlotte North Carolina Market Update for:
Single Family Homes in Mecklenburg County North Carolina Area 1 including:
Charlotte, Cornelius, Davidson, and Huntersville Neighborhoods East of I-77, North of N. Tryon Street, West of Cabarrus County, and South of Iredell County including the neighborhoods of Highland Creek, Vermillion, Heritage Green, River Run, Skybrook, Northstone, Cambridge Grove, and others.
Map of all the neighborhoods covered in Area 1
Data gathered for September 1 - September 30, 2009
New Listings
In September, 347 new single family detached homes were added to the inventory of available listings in north Charlotte. While September's new inventory were up 7.76% when compared to 2008 year over year, this September's new inventory was the second lowest since prior to 2005.
Pending Listings
159 homes were placed under contract in the month of September in north Charlotte, down 5.36% from 2008 and 38.37% from 2005.
Sold Listings
141 sellers found their way to the closing table during September, an 11.02% increase over August but a 4.73% decline over 2008 and a 37.89% over 2007.
Average Sold Price
The average sold price for single family detached homes in north Charlotte (area 1) during the month of September fell to $166,402, a decline of 28.07% over last September and the lowest average sales price in over 48 straight months.
Days on Market
Fewer sales during 2009 led to an increase in the average days on market for the homes that sold during September. Sellers were on the market for 101 days before receiving a contract, a 17.44% increase over the year prior and a 98% increase over 2006.
Seller Concessions
In 55% of the sales that closed during the month of September, the seller offered the buyer a concession averaging $4109. A seller concession can be anything from paying lender’s fees, HOA fees in advance, taxes, insurance, or even a country club membership. By comparison, only three of the homes that closed in September offered an agent bonus.
Buyer Financing
Of the 141 closings in northeast Charlotte in September, 48 used conventional financing, 64 FHA, and 22 paid cash, 6 used VA financing, and 3 utilized “other” forms of financing.
Tax Value as compared to Sold Price
76 of the sales that closed in north Charlotte (area 1) during the month of September closed either at or below the assessed tax value. Only 53 closed above the assessed tax value, averaging 98.55% for all of the closed sales during September. Only 12 out of the 141 closed homes did not have a tax value associated with their listing.
Original Listing Price to Sold Price
Sellers received 92.09% of their original asking price at closing. When the seller concessions are figured into the equation, the amount received was 90.75% of their original asking price. Sellers that received a contract in less than 99 days received 95.08% of their original asking price, while homes that sold between 100-180 days received only 87.47%. The 23 homes that sold in over 180 days only received 86% of their original asking price (84.21% with concessions).
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