Charlotte North Carolina Market Update for:

Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 9 including:

Abbington, Aberdeen Park, Americana Park, Avery Glen, Barkley, Barley Greens, Barrington, Beckett, Biddle Heights, Biddleville, Biltmore park, Birkdale, Braemar, Brasilia park, Brookfield, Brookline, Capps, Carrington Ridge, Carronbrige, Cashion Woods, Cedarfield, Chastain, Cindy Park, Claiborne Woods, Cradon Park, Crosswinds, Davis Meadows, Double Oaks, Douglas Park, Edmore Estates, Elizabeth Oaks, Firestone, Fox Chase, Fox Glenn, Gaitwood, Genesis Park, Gilead, Glenhaven, Glenwyck, Grass Meadows, Griers Grove, Hagers Ferry, Hambright Woods, Hamilton Village, Hawk Ridge, Hemby Woods, Henderson Park, Hunters Pointe, Huntington Forest, Hyde Park, Keeneland, Keener Creek, Lakeview Village, Lakewood, Latta Springs, Laurel Woods, Lawing Pond, Lea Woods, Lincold Heights, LInda Vista Place, Linden Estates, Macaulay, McCoy Crossing, McCrorey Heights, McIntyre, Melborne, Miranda, Northwood Estates, Oakdale, Oaklawn park, Oakview Commons, Peachtree, Pinebrook, Preston Village, Quail Ridge, Raven Ridge, Regency Park, Ridgemont, Riverview Acres, Rolling hills, Shelton Rige, Slater Ridge, Slater Springs, Stephens Grove, Stewarts Glen, Stillwell, Stone Hollow, Stonegate Farms, Stratford Forest, Sunset Oaks, Sunset Linda Vista, Sunset Village, Tanners Creek, Taylor Place, The Woodlands, Timberview, Torrence Crossing, Trinity Park, University Park, Villages at Rosedale, Walden Ridge, Walnut Creek, Washington Heights, Woodlands and Wynfield.

Map of all the neighborhoods covered in Area 9

Data gathered for September 1 - September 30, 2009

New Listings

During the month of September, 177 single family detached homes were listed for sale in North Charlotte, Cornelius, Davidson, and Huntersville (area 9); a 3.28% decline over 2008 and a 22.37% decline over 2007.

Pending Sales

91 homes were placed under contract during September, which was 12.35% greater than occurred in 2008. Compared to August, September's pending home sales were off only 6.19%.

Sold Listings

85 homes closed during the month of September, a gain of 23.19% over August and 10.39% over the previous September. When compared to September 2005, September's closed sales were down 43.71% from the four year high.

Average Sold Price

For September, the average sold price for a home in north Charlotte, Cornelius, Huntersville, and Davidson (area 9) was $159,870, down 2.68% from August and 6.91% from a year ago. The cumulative average sales price from January through September for area 9 is only 154,688, down 16% when compared to the 184,882 during the same period in 2008.

Days on Market

The average days on market for homes that closed during September in Huntersville, Davidson, Cornelius, and Charlotte was 87, down 17.92% from August but 3.57% from the year prior. It took the average seller 128.95% longer to sell their home this September than it did in September 2006.

Seller Concessions

42% of all the closed sales in September in area 9 recorded a seller concession, averaging $3,889. 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.

Tax Value as compared to Sold Price

52% of the sales in this area of Mecklenburg county closed at a sales price below the homes assessed tax value. Taken as a whole, the homes that closed during September closed at 100.51% of tax value.

Original Listing Price to Sold Price

Seller received 92.48% of their original listed price at closing, 91.33% when the seller concessions are figured in. For the homes that closed in less than 99 days, sellers received 95.10% of their original asking price while homes that were on the market for 100-180 days yielded only 89.82% of the original asking price. The sellers with homes on the market for greater than 180 days received only 87.61% of their original asking prices with one home, listed for 869 days, closing at 47.06% of asking price.

Buyer Financing

Of the closings that occurred in north Charlotte, Davidson, Huntersville, and Cornelius (area 9) in September, 34 used conventional financing, 24 FHA, and 20 paid cash, 1 Other and 3 VA.

Jonathan Osman
Charlotte Real Estate