Charlotte NC Real Estate Market - July 2010
What's happening in the Charlotte real estate market in July 2010? A look at the statistics recently released by the Charlotte Regional Realtor Association reveals that while home prices/values are inching upward, the number of home sales and pending contracts are down considerably from last month and from a year ago in June 2009.
The expiration of the Home Buyer Tax Credit and remaining uncertainty about jobs and economy have forced many buyers to stay on the sidelines rather than buying a home. Despite historically low mortgage interest rates and Charlotte homes being at their most affordable level in a decade, many buyers just aren't ready to make the jump. The statistics also show the number of sales and pending contracts decreasing. Sales of Charlotte homes decreased 15% in July, and pending contracts dropped 23% from June of last year.
There are some bright spots in the numbers, however. The Charlotte NC real estate market in 2010 is seeing a slight rise in average sales prices - the average sales price in July 2010 was $217,320, up 1.5% from June of this year, and up about 2% from June of 2009. Average list prices increased as well to $247,660, up 2.75% from last month, and 3.8% from last year. The average days on market have decreased as well, to 106 days, down 8.4% from last year. So the homes that are selling, are selling faster.
What does all this mean for buyers and sellers in the Charlotte real estate market?
If you're selling your Charlotte home, if you want to attract buyers and actually go under contract, your home must be priced competitively, staged well, and in move-in condition. Buyers are looking for "steals," and if your home is in poor condition, expect to get very low-ball offers if you receive any at all. If your home is in great shape and shows well, you still must price to the market and make sure that your buyer and his/her agent is aware of the value.
If you're looking to buy a home in Charlotte NC, make sure that you've spoken to a lender and have secured a pre-approval letter specifying the purchase price for which you have qualified. There's a LOT of great deals in the Charlotte NC Real Estate market, so find a great Realtor and do some power shopping!