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Matthews NC Real Estate Update - April 2010

By
Real Estate Broker/Owner with Jonathan and Associates, Inc

Matthews Real Estate Market Update

Data acquired from the CMLS: 3/1/2010 - 3/31/2010

In March, 132 single family detached homes were added to the total inventory of available homes in the city of Matthews. This brought the total to 494. Short sales and bank owned properties account for only 10% of the current available inventory, which may or may not include the 32 new pre-foreclosure filings up through 3/29.

Thirty-two single family homes closed in March at an average price of $193,083. Compared to 2009, the average sales prices and the number of homes closed were down 27%. Short sales and Bank owned properties (known as REO's) accounted for 25% of sales and averaged a $110,675 average sales price, contributing to the year-over-year decline in the average sales price.

The 32 homes that closed in Matthews did so at an 128 days and home buyers received concessions from the seller averaging $2,230. The average price per square foot equalled $86.47 with sellers receiving 86% of the original listed price.

15 Home buyers utilized an FHA mortgage, 9 went conventional, and 8 paid cash.

The highest recorded sale, in terms of price-per-square-foot, was a 4 Bedroom, 2.5 Bath 2 Story Colonial in the Sardis Plantation neighborhood. Originally listed at $325,000, the home closed 59 days later for $315,000 with the seller offering the buyer a $8,750 concession.

The highest sales price was $466,750 for a 4,015 John Wieland home in the Brookhaven neighborhood. When the home was completed in December 2008, it closed at $529,500. A year later, the 5 Bedroom, 4.5 Bath Brick Colonial listed for $519,900 and was eventually reduced to $505. Total days on market: 199.

Matthews currently has a 15.4 month supply of single family homes on the market, indicating it remains in home buyers market. 26.7 of the total inventory was listed for sale in the month of March, which may hurt prices if sales remain this low. Home sellers need to take into consideration that they are losing 25% of the home buyers to only 11% of the sellers (those being distressed properties).

With as many foreclosure filings as homes being sold, prices may fall as buyers continue to seek out the properties offering the most incentive. Sellers should not get discouraged as 75% of the sales in March were owner or builder sales.

Matthews NC Homes For Sale

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