Real Estate Market Update for
Single Family Homes in Mecklenburg County North Carolina Area 5 including:
Charlotte Neighborhoods West of Providence Road and East of Park Road including, Cherry, Dilworth, Myers Park, Barclay Downs, Foxcroft, Beverly Woods, Cameron Wood, South Park, Quail Hollow, Olde Providence, Shadow Lake, Stone Creek Ranch, and Ballantyne.
Data gathered for February 1 2008 - February 29 2008
In February 2008, 432 new single family detached listings were added to the market in Area 5. This represents an increase of 27.4% over February 2007 when 339 listings were added.
February saw a 51.6% decrease in the number of homes that received a contract (155) over the year prior (235).
In February 2008, 121 homes were sold which was a decrease of 13.22% from the year prior (137).
Sellers received 95.9% of their asking price in February. The year prior, sellers received 96.09%.
The average days on the market increased from 66 days in February 2007 to 78 days in February 2008.
February saw a dramatic increase in the average sold price from $428,137 in 2007 to $532,703. This is a 24.42% increase over the year prior.
February is historically one of the slowest months for real estate sales and the decreases in the units sold and units pending follow that trend for 2008. The increase in the average sold price isn't a huge suprise as the Area 5 corridor represents some of Charlotte's priciest real estate. However, receiving only 95.9% of their asking price says that sellers were optimistic in their original list price and negotiated favorably for the buyers to ensure a sale. One downside to having a neighborhood with so many higher priced homes is that financing remains a challenge with the Jumbo credit market still uncertain. This means that the number of potential buyers has decreased, which puts greater leverage for buyers.
In the coming months, I expect sales in this area to remain strong in spite of the credit challenges which have hurt some buyers financing options. Charlotte remains a strong relocation destination as well as Area 5 will continue to draw buyers with its affluent shopping areas, greenways, urban living, and so much more.
Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate
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