Rebecca, why do you and other countless realtors ignore YOY stats?

 Inventory in Charlotte is at record highs.

 Pending sales in all areas have dropped off like a rock YOY

 DOM are up (even that is misleading because it doesn't take into account when homes are dropped off and come back on)

 Avg % of list price is off (again, misleading because reductions and incentives are not thrown into the mix)

 Builders have laid off people left and right. 

Existing sellers are P'oed because of all the inventory available....also the amount of "qualified" buyers are extremely low...

Mike,

I hope you come back to read my response. I would have emailed it directly to you, but unfortunately you inactivated the link to your profile and deleted your last name. Why the anonymity? 

Did you actually read my post, or just respond to it? I did mention Y/Y drop in home sales numbers, but chose not to focus on this as it is not breaking news nationally. Inventory across the nation IS at record highs and has been for quite some time in most markets.

Funny thing about that ... when someone is unable to sell their home in one location, it usually makes them uneasy about buying a second (primary) home in another location (not to mention the lenders become a bit more apprehensive)!!! Strange, I know. At any rate, this has (recently) played on our home sales (and pending sales, and DOM), and we have witnessed our own unfortunate declines in sales over the last year. Maybe this is why I titled my post "Great Time to Buy" as opposed to "Great Time to Sell"!!! Buyers (with good credit scores) do have SO many choices now, and those additional DOMs do make sellers more apt to negotiation. Whoa, I just realized your comment provided supporting facts to my post!!! How did you do that, Mikey? And I thought you were being negative.

Unfortuantely I am not exactly clear on what you are conveying with your commentary on list price so I'll just rehash the facts. According to Standard & Poor's/Case-Shiller home price index, Charlotte residential home sales prices appreciated 1.8% Y/Y in January (See my previous blog entitled "More Positive News on the Charlotte Market" for more details). I acknowledge this does not have anything to do with what homes LIST for, but list prices have no bearing on what direction the market takes anyway so why the mention? In the case you were in fact referring to sales price as opposed to list price, I will have to concur with you that the incentives recently implemented by sellers and developers in the face of the slowing national economy have likely impacted the percentage of price appreciation we have experienced. If some of our appreciation is a result of those incentives, kudos to those responsible for keeping the local market on track despite the national economic downturn. 

Although commercial development continues to be very strong here, residential development in Charlotte (as in all markets nationwide) has slowed significantly. Increased inventory (previously discussed), stricter financing rules and overall market uncertainty has knocked many a player out of the game (at least for now). As unfortunate as this is for those who are unable to continue on, this news is not all bad. This "weeding out" of excess homebuilding will contribute to a stabilized and balanced real estate environment.

I observe sellers being more "unsure and cautious" than PO'ed about the current market situation. They are in a position of needing to be more willing to negotiate now then they were a year ago. Those that are educated by their realtors on pricing and whose properties are adequately marketed are obviously going to fare better than those who choose to ignore their agents advice, or those who get in the unfortunate predicament of recruiting an unqualified, lazy or unknowledgable agent.

Yes, I do tend to be the "glass is half full", ultrapositve type (my mom is a pessimist. love her, but I prefer to be the way I am). This is why I try to steer clear of these debates and to add commentary and opinions outside of my own realm to my posts. If you want more opinions and facts on Charlotte from unbiased groups [because I AM VERY BIASED :)], you may want to research more national news sites including Fortune, Forbes, Fortune 500 companies and ABC.

And next time you post, please don't be so shy.

Rebecca,

What areas around Charlotte should be considered as possible retirement locations by our clients in Maryland?

Real estate prices in your area appear to be very attractive to those coming from high cost areas like the suburbs of Washington, DC.

 Roy

roykelley@mris.com

Roy-

We have certainly been experiencing an influx of people from high cost areas who are seeking to maintain their current quality of living in this changing and uncertain market. The retirement community is growing here, and options that are attractive to seniors (assuming your clients are seniors) are also becoming more abundant. SFHs, condos and townhomes are available in all price ranges. Areas that appear to be experiencing the most growth with the retired sector are Ballantyne, SouthPark, Matthews, Weddington and Lake Norman. Prices tend to vary greatly from one area to another, so your clients price range would narrow down the options. Also, available activities and living styles in these areas differ greatly, so hobbies and other activities your clients are interested in are especially important when deciding on property options. If you want to get a feel for the communities I mentioned, take a look at my profile page, or navigate through some of the links I have included on this site (You can find the links under my profile pic).

 I hope this helps somewhat. If my answer spurs further inquiry, by all means ... ask away :)

Plus your market was the ONLY major US market were prices were rising.

Keep selling and great blog, keep it up.

Jim in Wake Forest, NC

Jim-

Thank you for taking a look, and for sharing your support.

Best of success to you!

Rebecca -Great post.  Keep up the good work!