Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 2 including:

Charlotte Neighborhoods East of N. Tryon Street and North of Albermarle Road (24/27) including the neighborhoods of Plaza Midwood, NoDa (The Arts District), Belmont, McCarron, Old Stone Crossing, Buckleigh.

Map of all the neighborhoods covered in Area 2

Data gathered for September 1 - September 30, 2009

New Active Listings

In the month of September, 243 single family homes were added to the market of available inventory in east Charlotte; a 7.60% decline over September 2008.

Pending Homes

110 homes in east Charlotte (area 2) were placed under contract in September, which was a 2.8% increase over 2009 but a 36.78% decline over 2007.

Sold Units

Only 98 single family homes in east Charlotte closed during the month of September, 6.67% fewer than a year ago and 51% fewer than in 2006.

Average Sold Price

The average sold price of the homes that closed in east Charlotte in September was $118,807, 25.78% lower than from a year ago and 18.71% than in 2005. For the sales that closed from January to September, the average sales price $131,572.

Percentage of the Listing Price Received

Sellers received 91.33% of their original asking price; 89.72% when the seller concessions are taken into consideration. For the homes that closed in less than 99 days, sellers received 93.67% of their asking price and 88.31% for the homes that closed between 100 and 180 days. The homes that were on the market for more than 180 days yielded only 84.92% of the original asking price.

Average Days on Market

The average selling time for a home in east Charlotte during the month of September was 94 days. When compared to August, the homes that closed during September closed 9.62% quicker although it will take 30.56% longer than it did during September 2007.

Seller Concession

53% of the homes that closed in September offered a seller concession to the buyer averaging $3891. A seller concession can be anything from paying lender’s fees, HOA fees in advance, taxes, insurance, or even a country club membership.Sold Price as a Percentage of Tax Value

Of the 88 homes that had a tax value associated with the listing, 64.7% sold at or below the assessed property tax value. When taken as a whole, properties in area 2 sold at 101.58% of their tax value.

Buyer Financing

Of the homes that sold in September, 4 buyers used VA financing, 36 used FHA, 35 used Conventional Financing, 26 cash and 2 other.

Jonathan Osman
Charlotte Real Estate