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, Jefferson Park, Lansdowne, Providence Plantation, Sherwood Forest, Coachman Ridge, Providence Hills, and others.
Map of all the neighborhoods covered in Area 4
Data gathered for December 1, 2009 - December 31, 2009
New Listings 82
In comparison to: -36.92% November | -13.68% 2008 | -28.70% 2007 | -5.75% 2006 | -20.39% 2005
Pending Sales: 58
In comparison to: -13.48% November | +75.76% 2008 | +11.54% 2007 | -41.41%
2006 | -36.26% 2005
Sold Listings: 64
In comparison to: -13.51% November | +82.86% 2008 | +4.92% 2007 | -47.11% 2006 | -42.86% 2005
Average Sold Price: $356,177
In comparison to: +12.99% November | -7.03% 2008 | +2.25% 2007 | -7.87% 2006 | +19.75% 2005
Median Sales Price: $278,347 (comprised of both single family, condos, and town homes)
Average Days on Market until Contract: 112
In comparison to: -5.88% November | +17.89% 2008 | +41.77% 2007
Seller Concessions:
40% of the single family homes that closed in Charlotte and Matthews (Area 4) in November offered a seller concession, averaging $4,329.
Buyer Financing:
- Conventional: 44
- FHA: 9
- Cash: 7
- VA: 3
- Other: 1
Tax Value as compared to Sold Price
In December, homes in Charlotte and Matthews (Area 4) closed at 132.02% of the assessed property tax value.
Percentage of Listed Price Received
Sellers in Charlotte and Matthews received 88.56% of their original asking price for the sales in December. When concessions are subtracted from the sales price, the figure drops to 87.92%. Of the homes that sold in less than 99 days, those sellers received 89.67% of their asking price while homes on the market for more than 100 days yielded only a 81.95% return of the original asking price.
Market Analysis for Charlotte and Matthews (Area 4)
December completed 4 months of positive sales gains for the homes in Charlotte and Matthews in neighborhoods located between Providence Road and Independence Blvd. While some areas were experiencing sales declines in December, pending contracts were up 75% and closings of single family homes were up 82.86%. In a survey of positive months starting in September, December was the second best month for real estate in this part of south Charlotte and Matthews.
As a result of the positive sales, the average sales price declines have started to level off, with prices falling 7.03% over December '08. Compared to November, December's average sales price was an increase of 12.99% MLS inventory levels remain 14% lower than last year, retreating back to '06 levels
Buyers are still being encouraged to purchase as a result of the extension of the home buyer tax credit, the lower interest rates, and lower price. However, many buyers are discovering that the "deals" are hard to come by as a result of the shrinking inventory and demand from other buyers on aggressively priced homes. I would expect this trend to continue until April when the next round of tax credits are set to expire and the new FHA guidelines restrict more buyers from home ownership.
Matthews NC Homes For Sale
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