The Carolina Multiple Listing Service serves the Metropolitan Charlotte and surrounding market area. The primary service area includes 23 sub-markets. CMLS also serves 27 surrounding sub-markets through various cooperative agreements with adjacent multiple listing services. The Carolinas Multiple Listing Service reports the activities of the real estate market in terms of sales volume and number of homes sold on a monthly basis. In August of 2007 they reported that there were 3,769 homes sold in the areas that CMLS tracks with an average sales price being $241,323. The average list to sales price ratio for the overall CMLS market area was 96%.
While this information is responsive to the overall market, we believe that the home purchaser that we assist requires more information. Therefore, we analyze the sales data further to conclude the indications to the sub-markets in which buyers are considering purchasing. For your reference the sub-market maps may be reviewed in a separate window for reference.
In our analysis we focus on the trailing 12-month indications, as one month tends to provide a less reliable indication due to traditional cyclical trends. We examine the indications of price as buyers are always interested in what areas cost versus other areas around Charlotte. Next we analyze the annual increases in price over the trailing 12-month period. This indication is only reliable when there has been sufficient volume turnover in a sub-market. Over the last 12-months, ending in the last reported data at the close of August, 2007, the Average Closed Price for the overall CMLS market was $228,328 and the average monthly closed volume, over the 12-month period was 3,431 single family homes. The average change in price over the entire market was 5%, with some rural markets being insignificant indications.
Our analysis has been focused on the markets considered to be the most active and therefore most significant to be analyzed. The indications from our analysis indicated that the most expensive sub-markets are Lake Norman ($455,000),Lake Wylie ($450,000), Area 5 (inclusive of Ballantyne area and SouthPark) ($390,000) and Uptown Charlotte ($343,000). The leading sub-markets in terms of Price Increases over the last 12-months, Lake Wylie (17.9%), Area 6 (Mecklenburg SSW) (16.1%), Uptown Charlotte (14.1%), and Iredell County (13%), have experienced the greatest increases in price and appreciation. If we look deeper, Iredell County, has increased more for several reasons including increasing development that are more expensive that what was formerly represented in the sub-marketevelopment that are more expensive that what was formerly represented in the sub-market.
If you are interested another sub-market, please contact us. If you need assistance with the sale or purchase of a home, contact us.
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