Charlotte North Carolina Market Update for:
Real Estate Market Update for
Single Family Homes in Mecklenburg County North Carolina Area 9 including:
Charlotte Neighborhoods: Abbington, Aberdeen Park, Americana Park, Avery Glen, Barkley, Barley Greens, Barrington, Beckett, Biddle Heights, Biddleville, Biltmore park, Birkdale, Braemar, Brasilia park, Brookfield, Brookline, Capps, Carrington Ridge, Carronbrige, Cashion Woods, Cedarfield, Chastain, Cindy Park, Claiborne Woods, Cradon Park, Crosswinds, Davis Meadows, Double Oaks, Douglas Park, Edmore Estates, Elizabeth Oaks, Firestone, Fox Chase, Fox Glenn, Gaitwood, Genesis Park, Gilead, Glenhaven, Glenwyck, Grass Meadows, Griers Grove, Hagers Ferry, Hambright Woods, Hamilton Village, Hawk Ridge, Hemby Woods, Henderson Park, Hunters Pointe, Huntington Forest, Hyde Park, Keeneland, Keener Creek, Lakeview Village, Lakewood, Latta Springs, Laurel Woods, Lawing Pond, Lea Woods, Lincold Heights, LInda Vista Place, Linden Estates, Macaulay, McCoy Crossing, McCrorey Heights, McIntyre, Melborne, Miranda, Northwood Estates, Oakdale, Oaklawn park, Oakview Commons, Peachtree, Pinebrook, Preston Village, Quail Ridge, Raven Ridge, Regency Park, Ridgemont, Riverview Acres, Rolling hills, Shelton Rige, Slater Ridge, Slater Springs, Stephens Grove, Stewarts Glen, Stillwell, Stone Hollow, Stonegate Farms, Stratford Forest, Sunset Oaks, Sunset Linda Vista, Sunset Village, Tanners Creek, Taylor Place, The Woodlands, Timberview, Torrence Crossing, Trinity Park, University Park, Villages at Rosedale, Walden Ridge, Walnut Creek, Washington Heights, Woodlands and Wynfield.
Data gathered for August 1 - August 31, 2009
New Listings
In August 160 single family listings were added to the inventory of homes for sale in area 9. This was a 3.23% increase from July and a 10.11% decrease when compared to the previous August.
Pending Sales
97 single family detached homes received a contract in August. This was a 7.78% increase over those that were written the year prior and 30.71% fewer than were written in August 2007.
Sold Listings
69 homes closed in Area 9 of Charlotte in August. Closings for August were down 18.82% compared to 2008 and down 54% compared with 2007. More noticable when comparing 2006 where the were 60.34% fewer this month.
Average Sold Price
In August, single family detached homes that sold in area 9 sold at an average of $164,270 which was a .93% decrease than in July and a decrease of .62% when compared to August 2008. This is also a decrease of 11.08% over August 2006. The year to todate average sold price is $154,040 compared to the YTD sold price for 2008 of $186,526.
Days on Market
Of the homes which closed in August in Area 9 of Charlotte, the average days on market was 106, a 26.19% increase from a year prior. 36 listings sold in less than 100 days while 33 sold in 100 days or greater. 2 home took over one year to sell.
Seller Concessions
41 of the 69 (59%) homes which sold in in August offered the buyer a seller concession. Of those properties, the concessions averaged $3,880.
Tax Value as compared to Sold Price
67 of the homes that closed in Area 9 of Charlotte in August had a tax value assigned. Those listings sold at 122.53% of their listed tax values. 36 sold below tax value, with the lowest being a property which sold at 33.87% of tax value which was an bank owned property. There was 3 properties selling well over tax value (normally new construction or extreme renovations). With this extreem percentage removed the tax value drops to 92.65% when compared to sold price.
Original Listing Price to Sold Price
When adjusted for seller concessions, the average sales price in Area 9 of Charlotte was $161,964. This averages to 90.31% of the original listing price with concessions and 91.69% without concessions. Sellers whose property sold in less than 100 days received 94.82% of their original asking price, while sellers needing more than 100 days received only 85.40%.
Buyer Financing
Of the closings in northeast Charlotte in August, 25 used conventional financing, 29 FHA, and 12 paid cash, 1 NC Bond and 2 VA.
Jonathan Osman
Charlotte Real Estate
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