Even though it is well into December, I wanted to post the numbers for November, 2008 for the Charlotte/Mecklenburg County area. These numbers are from the Carolina Multiple Listing Service and are based on single family homes only.
NEW LISTINGS UNDER CONTRACT SOLD AVERAGE DAYS ON MARKET
155 66 55 80
As of November 30, 2008 (Jan-Nov) there were a total of 1,357 New Listings. This number compares to 1,714 New Listings for Jan-Nov, 2007. What does this tell us? It says that there was a decrease in the number of NEW LISTINGS placed on the market for 2008 compared to 2007, which means that inventory levels have decreased. Total 21% decrease.
Sold homes from 11/07 to 11/08
- A total of 900 homes sold in November, 2007
- A total of 472 homes sold in November, 2008
This is a decrease of 48% in number of homes sold (comparing 11/07 to 11/08)
Overall home prices dropped 15% comparing November 2007 to November 2008. You could also say this is a depreciation value of 15%.
I'll compare December as soon as the numbers come in!