Charlotte Home Sales Rise, Devil in Details

Real Estate Agent with, LLC

Charlotte Homes Sold (Single Family Homes) Rose 12.5% in October

As dramatic as this is, it isn't the 20% reported by the Charlotte Observer, which included townhouses and condos, and appears to include the much wider CMLS area.   (Odd, I would have thought those additions would lower their numbers.)

I pull my stats from the same Carolina MLS, but I limit it to the 9 counties closest to Charlotte, see those details below. My figures show average home prices falling 8.4% from October 2008 to October 2009.

I've already reported regionally on October's home sold numbers here at   Weddington-Waxhaw Homes Sold and  at South Charlotte Homes Sold I'll look at Lake Norman and other areas next week.

Lets dig in and look at the First Home buyer and Luxury Home market, compare it with the Total Market.

Charlotte Homes Sold Under $250,000

In 2008, there were 1221 homes sold, and in 2009, 1450 homes sold, representing an 18.75% increase, 50% higher than the total market increase, reflecting first home buyer tax credits perhaps? Interestingly home prices fell only 1.36% in this market, to an average $76.68per sf

Charlotte Homes Sold Over $500,000, the custom luxury home market

In 2008, there were 117 Charlotte homes sold over $500,000, and in 2009, it was 115, representing a 1.71% decrease in sales, or 118% Worse than the  market average reported above.  Home prices in the Over $500K category fell 16% year over year to an average square foot cost of $160/sf in 2009.

The 115 Homes sold over $500K in October is 33% less than sold in October 2007, and 45% less than the peak year of 2006- not coincedental are  reports that 2006 was the peak year nationally for  "junk" loans.

So, while Charlotte October home sales in the "first home" category Under $250,000 have done very well, the luxury home market, over $500K, remains almost in a train wreck.

Related Posts

Charlotte's Over $1M Market-Bubblisicous

Charlotte Homes Sold Over $1M- A Market Report

Matthews Homes Sold- a Real Estate Market Report

All data is derived from the Carolina MLS, but all figures reported are mine. The Stats come from the following counties and areas within the CMLS: Mecklenburg, Union, Cabarrus, Stanley, Iredell, Catawba, Gaston, Lincoln, the top half of York, and all the MLS areas of Lake Wylie, Lake Norman, and Mt Island Lake.


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Terry McDonald The McDonald Group

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