Real Estate Market Update for
Single Family Homes in Mecklenburg County North Carolina Area 4 including:
Charlotte, Matthews. Neighborhoods West of Hwy 74, Independence 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 December 1 2008 - December 31, 2008 from the CMLS
Active Listings
In December, 95 single family detached homes were listed for sale in Area 4, North Carolina. This brings the total inventory for all of Area 4 to 736 single family detached homes. December's new listings were 25.20% fewer than in November and 17.39% fewer than were listed in December 2007.
Pending Units
33 Single Family homes received a contract. This was 19.51% less than received a contract in November but 36.54% fewer contracts than in December 2007. When compared to December 2006 and 2005, 72.73% and 70.54% fewer contracts were written and accepted this past December.
Sold Units
35 Single Family Detached Homes were sold in December 2008. This was no change from November and 42.62% from December 2007.
Average Sold Price
In December, single family detached homes that sold in Area 4 sold at an average of $383,091, which was 8.84% higher than in November and a 9.97 increase when compared to December 2007. When taking seller concessions into account the average sales price for December 2008 is $377,367.
Average Days on Market
Of the homes that closed in December, they were on the market for an average of 95 days before receiving an offer. That was a 14.41% decrease than the month earlier 20.25% greater than a year earlier, and 43.94% greater than in 2006. 20 Single Family homes sold in less than 100 days while 15 homes in 100 days or greater. No homes were listed for over a year before receiving an offer.
Seller Concession
Eleven out of the 35 homes (or 31%) that sold in December offered the buyer a concession, usually closing costs. The average seller concession was $4,332.
Buyer's Agent Bonus
Offering a bonus to a Buyer's Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. Only 1 closed listing offered such a concession, with the sellers receiving an average of 68.94% of their original asking price. Currently, 27 single family detached homes remain on the market offering a bonus to the buyer's agent
Sold Price as a Percentage of Tax Value
34 of the 35 homes that sold in December in Area 4 had a tax value assigned to the listing. The 34 homes that sold in December sold at an average of 151.43% of their listed tax values. All the homes sold for over 100% of the homes tax value.
Sales Price as a Percentage of Original List Price
Of the homes that sold in December in Area 4, sellers received 94.34% of their original asking price. With seller concessions included, sellers received on average 89.23% of their original asking price. For homes listed for sale for less than 100 days, those sellers received 93.65% of their original asking price including concessions while homes listed for greater than 100 days received only 84.52%.
Buyer Financing
Of the homes that sold in December, 4 used FHA, 27 used Conventional Financing and 4 cash.
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