Since real estate is local it's helpful to compare activity on a localized basis. When considering buying or selling a home, it doesn't matter what an area across town is doing as far as sales activity. The relevant sales are in the same neighborhood.
Olde Providence is located in the heart of South Charlotte, features mature trees, sidewalks, winding streets and single family homes. Styles include ranch, split level, and two story homes built in the 1960's and 1970's.
Market Activity Report-Olde Providence 5.8.08
Listing Price Range | Active Listings | Pending Listings | Conditional/Contingent Listings |
$200,000-249,999 | 2 | 2 | 0 |
$250,000-299,999 | 7 | 0 | 0 |
$300,000-349,999 | 3 | 0 | 0 |
$350,000-399,999 | 1 | 0 | 0 |
Avg Days on Market | 75 | 92 | n/a |
April 2008 Closed Listings, Olde Providence
Number of Closed Listings | Closed Sales Price Range | Average Days on Market | % Sales Price Compared to List Price |
3 | $265,000-325,000 | 50 | 97% |
The most active price range in Olde Providence is currently under $300,000 as the majority of currently active and pending listings fall below that price. The closed sales for April 2008 show that the sold listings brought an average 97% of list price and averaged less than 2 months on the market before going under contract.
An additional viewpoint is to look at year to date listing activity in Olde Providence and compare that data to last year's activity:
Olde Providence Closed Listings
| 2007 | 2008 |
January | 3 | 2 |
February | 1 | 0 |
March | 1 | 3 |
April | 4 | 3 |
Total Closed Listings Year to Date | 9 | 8 |
Avg Sales Price | $265,594 | $266,337 |
% Sales Price/List Price | 98% | 96% |
Average Days on Market | 30 | 71 |
Compared to 2007's activity, Olde Providence has seen only one fewer closed listing and as the chart illustrates, monthly activity varies which is why I believe it's necessary to take a wider view than a single month.
One note on the 2008 year to date average days on market: one of the closed listings this year had 241 days on market which is exceptionally above the other closed sales. The inclusion of that sale does alter the neighborhood average upward, since without that sale the year to date average is 47 days on market. However, even the average of 71 is lower than the county average which is over 80 days.
The above reports are activity reports, they are not a market analysis. A market analysis involves comparing a specific property to the detailed closed sale information and is a much more in depth process than an activity report.
*The above statistics are based on data from Carolina Multiple Listing Service Inc. as of 5.8.08. Information deemed reliable but not guaranteed.
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