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 November 1, 2008 - November 30, 2008

New Active Listings

In November, 127 new single family detached homes were added to the available inventory of Charlotte and Matthews Area 4.  As of the date of this blog, this brings the total inventory in Area 4 to 764 single family detached homes.  The new inventory was down 33.51% from the month prior and down 24.85% from the prior November. 

Pending Homes

Only 41 single family detached homes were placed under contract in Charlotte and Matthews Area 4.  This was 20.59% more contracts than in October but down 36.92% from November 2007.  When compared to November 2006 and 2005, this November's pending sales were down 66.12% and 66.39% respectively.

Sold Units

Only 35 single family detached homes were closed (sold) in November.  This was 23.91% fewer than in October and 50% fewer than closed the November prior.  When compared with November 2006, this past November closing were down 73.68%.  This increases the supply of homes in Charlotte and Matthews Area 4 to 21.8.

Percentage of the Listing Price Received

According to the CMLS, sellers received 94.5% of their asking price. 

Our composite of the same 35 sales revealed that when compared to the original asking price, sellers received 91.13% of their asking price including concessions. Excluding concessions, sellers received 91.65%. 

Of the properties listed for sale in Charlotte and Matthews Area 4 that were on the market less than 100 days, those sellers received 93.72% of their original asking price with concessions.  Those longer than 100 days received only 93.72%

The bank owned properties were selling at 86.13% of their asking price, while new construction fared slightly better at 86.13%.  Owner-occupants received 91.89% while a relocation company did the best at 95.77% of their asking price.  All prices included concessions. 

Price was also a factor in determining how much a seller received of their asking price.  Those properties selling for less than the FHA limit sold at 92.02% of original asking price with concessions and those above sold at 89.42%

Average Days on Market

The average days on market in November was 111.  This was 16.84% higher than the month previous month and 50% higher than the November prior. 

Average Sold Price

In November, the average sold price in Matthews and Charlotte Area 4 was $351,973.  That was down 4.38% from October and 5.6% from the November prior.  However, when compared to November 2006, this November's average sold prices were up 11.13%. 

Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate