Charlotte North Carolina Market Update for:
Single Family Homes in Mecklenburg County North Carolina Area 2 including:
Charlotte Neighborhoods East of N. Tryon Street and North of Albermarle Road (24/27) including the neighborhoods of Plaza Midwood, NoDa (The Arts District), Belmont, McCarron, Old Stone Crossing, Buckleigh.
Data gathered for July 1, 2008 - July 31, 2008
In July, 321 new single family listings were added to the market, which is down from the 386 home added the year prior. As of the date of this blog, the total number of single family homes in area 2 is 1,139.
July saw a 27% decrease year over year in the number of homes placed under contract. In July 2006, 233 homes were placed under contract and in July 2007, the number of pendings dropped slightly to 231. In 2008, only 168 homes were placed under contract.
In July 2008, 123 homes were sold, down 37% from the year prior.
In July, sellers received 97.8% of their asking price. The July prior, sellers received only slightly more: 97.89%. In July 2006, sellers received 98.04%.
The average days on market increased from 65 in July 2007 to 89 in July 2008.
The average sold price for homes in area 2 decreased .022% in July 2008 to $163,665.
Holding Steady
A year after the first round of mortgage bank collapses and inspite of a large number of foreclosures in some east Charlotte neighborhoods, average prices are holding close to their 2007 highs. In addition to prices holding steady, sellers are receiving close to what they were the year prior, which is another bright spot. The concerns in area 2 are much the same as they are throughout the Charlotte area. Higher inventories have placed pressure on prices, holding them steady year-over-year.
A suprisingly good report for area 2 - not great but good. In the coming months, I would expect the new inventory levels seasonally adjust, leaving fewer homes for buyers. Unlike last fall where the mortgage markets were in a total mess, this fall should fare considerably better than last, inspite of the elimination of 3rd party down payment assistance programs.
Jonathan Osman
Charlotte NC Homes For Sale
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