Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 1 including:

Charlotte, Cornelius, Davidson, and Huntersville Neighborhoods East of  I-77, North of N. Tryon Street, West of Cabarrus County, and South of Iredell County including the neighborhoods of Highland Creek, Vermillion, Heritage Green, River Run, Skybrook, Northstone, Cambridge Grove, and others.

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

In April 2008, 446 new active single family listings were added to the market.  This is 16.32% fewer homes than were added the April prior (533).  As of the date of this blog, the total number of single family detached homes for sale in Area 1 is 1,511.

255 Single Family Detached Homes were placed under contract in April 2008, 12.96% fewer than were placed under contract in 2007 and 33.59% fewer than in 2006.

In April, 204 listings were listed as sold from the current month and months prior.  This was a 13.92% drop in the number of units sold during the same period in 2007 and 25.82% fewer than in 2006.

Sellers received 97.34% of their asking price in April down slightly from the April prior when they received 98.81%. 

 The Average Days on Market (DOM) in April was 89.  The result is that in April, it took sellers an average of 43.55% longer to receive a contract on their home than it did the year prior. 

Average sold prices set a new record in April with the closed volume averaging $223,083.  This is up 17.08% over April 2007 when the average sold price was $190,536. 

Bad Market?

Defying the odds, this portion of North Charlotte, Huntersville, Davidson, and Cornelius has remained a strong seller.  The three items of concern to sellers is the increase in the number of homes for sale relative to what is going under contract, the decrease percentage of what seller's received and the increased days on market.  All three play off one another since you will almost take more time to sell your home if there are more homes for which buyers can choose.  Also, the increased inventory means that some sellers will take less than their asking price in order to move on. 

Overall, April was a very good month for one of the Charlotte area's most affordable areas. 

Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate