Charlotte North Carolina Market Update for:
Condominium and Townhomes in Uptown Charlotte (Downtown / Center City)
The Vue Charlotte, 400 North Church, Settlers Place, Avenue Condominiums, Chapel Watch, Park Place, Fifth and Poplar, Iveys Townhomes, The Garrison at Graham, 230 South Tryon, Trademark, The Ratcliffe, The Trust, Encore, M Street, Court 6, Courtside
MLS Area 99
Map of all the developments covered in Area 99
Data gathered for February 1 - February 28, 2010
New Listings 74
In comparison to: +34.55% January | +12.12% 2009 | -19.57% 2008 | -11.90% 2007 | +27.59% 2006
Pending Sales: 9
In comparison to: -25% January | +28.57% 2009 | -60.87% 2008 | -86.57%
2007 | -62.50% 2006
Sold Listings: 8
In comparison to: 0% January | +100% 2009 | -61.9% 2008 | -87.5% 2007 | -50% 2006
Average Sold Price: $315,881
In comparison to: +11.93% January | +6.04% 2009 | -4.31% 2008 | -6.24% 2007 | 1.72%
Average Days on Market until Contract: 211
In comparison to: -13.52% January | +64.84 2009 | +145.35% 2008 | +210.29% 2007 | +154.22% 2006
Seller Concessions:
25% of the condo sales that closed in uptown Charlotte in February offered a seller concession averaging $2,872.
Average Price Per Square Foot
Of the condos and town homes that sold in Uptown Charlotte in February, the average selling price per square foot was $261.22. The highest recorded sale was a condo in 230 South Tryon, which closed at $361.95 per sq. ft.
Percentage of Listed Price Received
Sellers received 87.72% of their original asking price for the sales in January in uptown Charlotte. When concessions are subtracted from the sales price, the figure drops to 88.07%.
Market Analysis for Condo and Townhomes in Uptown Charlotte / Center City
Uptown has experienced six straight months of positive sales gains year-over-year and five straight months of pending sales. Considering that February is historically one of the worst months for real estate sales, a 100% increase over last year is impressive.
Many of the prior month's sales were from the Fouth Ward Square conversion, which oitffered units in uptown in the low $100's. February's sales encompassed a wider-spectrum of properties, resulting in the average sold price being $315,881.
Another bright spot for the near future is that while the inventory stands at 34 months, there are 21 pending distressed sales and 19 other pending transactions, which will close in the upcoming months. Additionally, uptown's distressed market is smaller than most areas in Charlotte with the distressed (short sale and bank owned foreclosures) accounting for only 6% of the available inventory.
As a result of prices having fallen substantially in some buildings, buyers are eagerly seizing the opportunity to live in the heart of Charlotte at a significant discount. Also, sellers have are reconsidering their prices and bringing them in alignment with the reality to today's market. Some amazingly priced properties are being overlooked because they aren't marked as distressed sales, even though their price and condition far exceeds the competition.
Finally, as more jobs are being shifted into Uptown, more workers will begin the relocation process and absorbing some of these units in the coming months. While the inventory is still substantial, I would anticipate that figure to drop in the coming months as there is a tremendous amount of interest in Uptown.
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