Market Update for Matthews, Mint Hill, and Charlotte NC (MLS Area 3).

November 2008

For all neighborhoods west of Independence Blvd and South of 24/27 in Mecklenburg County, including the towns of Mint Hill, Matthews, and Charlotte. 

Active:

In November, 111  new single family detached homes were added to the overall inventory of Matthews, Mint Hill, and Charlotte Area 3.  This was a 22.92% decrease from the month prior and a 20.14% decrease from the year prior.  This brings the total inventory in area 3 to 585 single family detached homes as of the date of this post.

Pending:

53 homes single family detached homes received a contract in November.  That was 13.11% fewer than the month prior and 38.37% fewer than the year prior.  When compared with November 2006, the percentage jumps to 64.19% fewer contracts. 

Sold:

Only 45 homes closed in November 2008 in Charlotte, Matthews, and Mint Hill Area 3.  This was 6.25% fewer closed in October and 54.55% fewer than both in November 2006 and 2007.

Percentage of Listing Price Received

According to the CMLS, sellers in Charlotte, Matthews, and Mint Hill Area 3 received 97.09% of their asking price.  My in-depth analysis revealed that sellers in Area 3 received 95.09% of their original asking price and 93.53% including all buyer concessions.  The average concession was $2,361. 

For homes that had been on the market for less than 100 days, those sellers received 95.75% of their asking price (including concessions).  For homes greater than 100, the percentage decreases to 89.10%.

 Short sales did the best in Matthews, Mint Hill, and Charlotte Area 3.  The two short sale properties that closed sold at an average of 98.999% of their asking prices.  Next was new construction, which sold at 94.989%.  Existing construction, owner-occupied homes sold at 93.502% while bank-owned properties sold at 91.447% of their original asking price.

Average Days on Market

The average time a home the closed in November has been on the market was 68.  This was 25.27% fewer days than the month prior and 5.56% fewer than the November prior.  When compared with November 2006, sales in Area 3 occured 19.05% faster this November than did then.

Average Sold Price

The average sold price for Matthews, Charlotte, and Mint Hill Area 3 fell 19.12% from a year ago to $157,245.  This was the lowest average sales price since November 2005 when the average was $142,852.

Jonathan Osman

Charlotte NC Homes