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. 

In July, 358 new listings were added to the overall market inventory in Charlotte area 5.  This was a 3.47% increase in the number of homes that were added last month, 6.23% increase in the number of homes added in July 2007, and a 3.77% increase above July 2005.

In July, only 135 homes received a contract.  This is a decline of 3.57% from June to July, a 38.91% decline over the past year and a 44.88% decline since July 2006.

In July, 118 single family homes closed, down 35.87% from June to July, 50.42% from July 2007 to July 2008, and  52.99% since July 2005.

Of the homes that closed during July, sellers received 96.7% of their asking price on average. 

Sellers sold their homes in an average of 77 days during July.  This is an 11.59% increase from July to July 2008.  Year over year, the average days on market has increased 48.08% from since July 2007 and 50.98% since July 2006. 

Of the sales that closed in July 2008, the average prices of those sales was $477,809.  This is down 7.22% from the month prior, down .42% from the July prior but an increase of .45% since July 2006 and 21.52% since July 2005.

Those were the days!

The biggest news story out of Charlotte highest priced area has to be the days on market.  Many may focus on prices but over the last two years, the average sold prices are up .03%.  Go back even further and it is a moot point.  However, sellers must have patience as the good ole days of selling your home in less than a month's time are gone for now. 

Yes, buyers are out in force in Area 5.  My listings over in area 5 have received ample traffic, far more than these numbers led me to believe.  However, in the end, offering a great home at a great price will result in an offer every time.  Therefore, if you cannot wait 48.08% longer than you had to the year prior to sell, your staging, promotion, and price will need to be aggressive. 

Buyers in area 5 can expect to find deals.  Yes, not every agent is conveying to their sellers what the market is doing and as a result, many are offering incentives and bargain basement prices (relative to what is being offered).  Inventories are continuing to increase well past the overall demand, which can only further stress prices.  While every seller's motivation is different, buyers must take advantage of this golden opportunity. 

Charlotte NC Homes for Sale