Out today, the numbers for S&P's Case/Shiller survey for February, which examines home values in 20 housing markets. While Miami and Las Vegas were at the bottom with 22.8% and 21.7% 1 year price decreases, Charlotte was the only city in the study with appreciation, even though it was a mere 1.5% year over year. The study also compares the index numbers from January to February, which showed declines across the board including Charlotte down -.4%. I don't put as much weight in the month-over-month numbers because real estate, in most markets, is very seasonal. The market will always slow in months like November, January, February and some as early as October.
While these modest gains are great news, recent layoffs at some of the areas banks may put a strain on the market however we have been fortunate enough to have press releases announcing almost as many job openings as are being cut. The other strain is the level of inventory in the Charlotte area. A tremendous boon for the Charlotte economy has been the large number of folks (25,000 - 50,000) moving here from places like Florida, California, the mid-west, and the north east. However, many of them who have been moving lately for jobs or work have been taking up residence in temporary housing as their old home has yet to sell. With declines in those markets, they means they'll have less to spend here in Charlotte.
Overall, the early spring has brought a lot of buyers in the market who are taking advantage of the higher inventories and the summber market should once again show strong area-wide sales.
To read the entire study, visit the Standard and Poors website
Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate
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