Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 4 including:

Charlotte, Matthews. Neighborhoods West of Hwy 74, Indepdendence Blvd. and East of Providence Road including, Grier Heights, Chantilly, Cotswold, Elizabeth, Eastover, Beverly Crest, Sardis Woods, High Timbers, Downtown Matthews, Lansdowne, Providence Plantation, and others.

Data gathered for April 1, 2008 - April 30, 2008

In April 2008, 313 single family detached homes were added to the market in Charlotte and Matthews.  This represents a 13.81% increase in the number of homes added to the market during April 2007.  This brings the total number of homes on the market in Area 4 as of today to 818 homes.

In April 2008, 123 single family detached homes received a contract, which is a 34.57% decrease in the number of homes sold last April and 25.90% fewer than April 2006.

In April, 100 detached single family homes sold in Charlotte / Matthews NC Area 4.  This is a decrease of 25% from April 2007 and a 34.21% in the number of sales in April 2006.

In April 2008, sellers received 94.77% of their asking price.  Last year, sellers received 97.93% and in 2006 97.42%

Of the homes which sold in April 2008, the average days on market was up 26% to 63 days.

Sold prices have risen 3.39% from $346,604 in April 2007 to $358,376 in April 2008. 

Prices Rise Despite Fewer Sales

Charlotte and Matthews MLS Area 4 has quite a diverse mix of real estate.  It has everything from transitioning neighborhoods to million dollar estates.  In this area, we saw only 123 homes receive contracts last month while the inventory grew to over 800 homes for sale.  There's something for every group in these numbers.  Those who think the sky is falling will point to the awful percentage of listing price received as the market is in a tail spin.  Others will focus on the higher sold prices and ignore the rest. 

It is my contention that Charlotte & Matthews Area 4 will continue to be one of the shining lights of our market place.  I expect prices to remain steady during the summer time as price reductions in the current inventory will equalize any noticable gains.  Homes below the FHA limit continue to be strong sellers. 

Those considering a sale in the Area 4 should carefully look at the competition, price competitively, market aggressively, and you should be successful. 

Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate