Charlotte NC Real Estate Blog

What I haven’t heard discussed anywhere regarding the American Clean Energy and Security Act (otherwise known as Cap & Trade) is the profound effects it will have on residental real estate.  http://www.opencongress.org/bill/111-h2454/text?version=rh&nid=t0:rh:2259  As I read this bill, I discovered that the federal government will create a labling and energy audit program to improve the efficency of residential real estate.  While that may sound great, the standards for the bill were not included in this act.  However, once a standard is set, all residental real estate will undergo an energy audit to discover if that home meets the minimum standards set by the federal government.  What the act does do is to say that they will force compliance through the transfer of ownership (i.e. sale).  Therefore, home sellers may face having to replace windows, doors, appliances, add insulation, replace a/c units, etc just to convey the property to another buyer or face penalties.

In addition, with the popularity of FHA and VA loans, I can forsee a lender requiring an energy audit and making a satisfactory audit apart of the loan approval.

So with foreclosures increasing and the housing market on the ropes as it is already, your member of Congress believes you have the money to upgrade your home.  I sure hope you tell them thanks.  Read the full bill here and why not call your member of Congress and Senate to let them know what you think of them.

Charlotte Real Estate

Total Charlotte NC Real Estate Market Overview

May 1, 2008 - May 31, 2008

Data for all counties and cities served by the Carolina Multiple Listing Service including Charlotte, Monroe, Concord, Gastonia, Mooresville, and many others.

New Active Listings

In May, 4319 single family detached homes were listed throughout the Charlotte area. This was a decline of 24.76% from 2008 and a decrease of 8.71% from the previous month.

Under Contract

2114 Single Family Detached homes were placed under contract in May for the entire MLS area. This was an increase from April of 1.10% but a decline of 25.22% from 2008.

Homes Sold

Sales in the CMLS were down 36.92% from 2008 as 1500 homes closing in May. There was in incease of 3.09% over the month of April.

Days on Market

The average Days on Market for homes in the CMLS for May was 110, down 6.80% in May 2008.

Average Sold Price

The average sold price for homes which closed in May was $198,590, an increase of 1.62% from a year earlier.

Percentage of Tax Value

1388 of the properties sold in May that had a tax value assigned in the listing. The average sold at 155.53% above the tax value. Of the homes that sold in May, 646 sold below their assigned tax value. There were also many properties selling well over tax value (normally new construction or extreme renovations where the land is the origional tax value). With these unusual factors removed the average drops to 95.15% as a percentage of tax value.

Commission Bonuses

Just 50 properties offered the buyer’s agent a bonus for an accepted contract. The average bonus was $2,171. Offering a bonus did not help the sell the home faster or net the seller more money. The average bonused property sold in 120 days at an average of 88.11% of asking price, not including the money paid for the bonus.

Original List Price to Actual Sold Price Percentage

Single Family Homes that closed in May sold at 89.20% of the original asking price. When concessions are included, the percentage drops to 88.09%. 914 properties sold below 100% of their original listing price while 586 sold at above 100% or more.

Homes listed for over a million dollars sold at an average of 91.24% of their original asking price, including concessions.

Homes which sold at less than $100,000 sold at 81.32% of their original asking prices, with one bank owned property selling for 58.82%.

914 single family detached homes sold in less than 100 days in May at an average of 91.73% of their original asking prices including concessions. The balance, 586 homes which were on the market for more than 100 days, sold at an average of 82.43% of their original asking prices.

Jonathan Osman
Charlotte Real Estate

Real Estate Market Update for

Lake Norman North Carolina, MLS Area 13

Including the cities of Mooresville, Cornelius, Huntersville, Denver, Terrell, Statesville, and Sherrills Ford

Data gathered for May 1- May 10, 2009

New Listings

In May, 278 single family listings were added to the inventory of homes for sale in area 13. This was a 18.71% increase from April and a decrease of 24.04% from the past year.

Pending Sales

83 single family detached homes received a contract in May. This was a 12.63% decrease than were written the year prior and 56.32% fewer than were written in May 2007.

Sold Listings

66 homes closed in Area 13 of Charlotte in May. Closings for May were down 30.53% compared to 2008 and 61.40% compared with 2007.

Days on Market

Of the homes which closed in May in Lake Norman, the average days on market was 155, a 56.57% increase from a year prior. 31 listings sold in less than 100 days while 35 sold in 100 days or greater. 6 properties took over 1 year to sell.

Seller Concessions

17 of the 66 (26%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $5,622.

Tax Value as compared to Sold Price

61 of the homes that closed in Area 13 of Lake Norman in May had a tax value assigned. Those listings sold at 148.46% of their listed tax values. 29 sold below tax value, with the lowest being a property which sold at 43.32% of tax value. There were also 4 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 104.30% as a percentage of tax value.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 13 of Lake Norman was $417,778. This averages to 87.63% of the original listing price with concessions and 88.17% without concessions. Sellers whose property sold in less than 100 days received 92.67% of their original asking price, while sellers needing more than 100 days received only 83.16%.

Buyer Financing

Of the closings in Lake Norman in May, 49 used conventional financing, 5 FHA, and 8 paid cash and 1 1031 Exchange and 1 VA and 1 Assumed the mortgage of the seller.

Jonathan Osman
Charlotte Real Estate

Cabarrus County North Carolina Market Update for:

Real Estate Market Update

Single Family Homes in Cabarrus County North Carolina Area 11 including:

Cabarrus Neighborhoods: Ashebrook, Beaver Pond, Beverly Hills, Bradford Park, Braxton Estates, Cabarrus Crossing, Canterfield, Central Park, Christenbury Mews, Cochran Farms, English Woods, Falcon Chase, Glen Grove, Governors Pointe, Greystone, Harbour Towne, Havenbrook, Hawick Commons, Heatherstone, Hidden Pond, Highland Creek, Highland Street Commons, Kellswater Bridge, Landsdowne, Magnolia Springs, Mallard Pointe, Mission Hills, Morris Glen, Moss Creek, Mountain Laurel, Paradise Estates, Park Place, Parkwood, Providence Manor, Quail Hollow, Ramsgate, Remington Estates, Roberta Farms, Rocky River Crossing, Rocky River Plantation, Shenandoah Estates, Shiloh Village, Skybrook North Villages, Southern Chase, The Farm at Riverpointe, Victoria Park, Winding Walk & Yate Meadow.

Data gathered for May 1- May 31, 2009

New Listings

In May, 330 single family listings were added to the inventory of homes for sale in area 11. This was a 7.30% decrease from April and a decrease of 37.74% from the past year.

Pending Sales

165 single family detached homes received a contract in May. This was a 26.67% fewer than were written the year prior and 48.28% fewer than were written in May 2007.

Sold Listings

107 homes closed in Area 11 of Charlotte in May. Closings for May were down 39.20% compared to 2008 and 63.36% compared with 2007.

Days on Market

Of the homes which closed in May in Cabarrus County, the average days on market was 105, a 8.25% increase from a year prior. 70 listings sold in less than 100 days while 37 sold in 100 days or greater.

Seller Concessions

53 of the 107 (50%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $3,922.

Tax Value as compared to Sold Price

99 of the homes that closed in Area 11 of Cabarrus County in May had a tax value assigned. Those listings sold at 94.94% of their listed tax values. 75 sold below tax value, with the lowest being a property which sold at 19.02% of tax value. There were 3 properties selling well over tax value (normally new construction or extreme renovations).  With these unusual factors removed the average drops to 85.81%.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 11 of Cabarrus County was $178,145. This averages to 89.25% of the original listing price with concessions and 90.33% without concessions. Sellers whose property sold in less than 100 days received 90.62% of their original asking price, while sellers needing more than 100 days received only 86.67%.

Buyer Financing

Of the closings in Cabarrus County in May, 42 used conventional financing, 36 FHA, and 17 paid cash, 6 utilized VA form of financing, 1 owner financed, and 5 categorized as other.

Jonathan Osman
Charlotte Real Estate

Real Estate Market Update for

Single Family Homes in Union County North Carolina including:

Matthews, Stallings, Indian Trail, Weddington, Monroe, Marvin, Wesley Chapel, Mineral Springs, Waxhaw, Marshville, Wingate, and Peachland

Data gathered for May 1 2009 - May 31, 2009 from the CMLS

Active Listings

In May, 459 single family detached homes were listed for sale in Union county North Carolina. May’s new listings were 15.93% less than in April and 24.75% fewer than were listed in May 2008.

Pending Units

229 Single Family homes received a contract. This was 7.51% more than received a contract in April but 22.37% fewer contracts than in May 2008. When compared to May 2007 and 2006, 50.43% and 49.56% fewer contracts were written and accepted this past May.

Sold Units

165 Single Family Detached Homes were sold in May 2009. This was an decrease of 17.86% from April and a decrease of 26.01% from May 2008. Most notably the decrease from 2007 and 2006 are as follows for sold units 53.26% and 56.92%.

Average Sold Price

In May, single family detached homes that sold in Union County sold at an average of $255,379, which was a 5.19% decrease from April and 5.19% decrease when compared to May 2008. Looking back to 2007 and 2006 there is also a decrease of 8.08% and a decrease of 9.27% in the average sold price.

Average Days on Market

Of the 165 homes that closed in May, they were on the market for an average of 108 days before receiving an offer. That was 8% increase than the month earlier 13.68% increase than a year earlier, and 38.46% greater than in 2006. 94 Single Family homes sold in less than 100 days while 71 homes in 100 days or greater. 4 homes were listed for over a year before receiving an offer.

Seller Concession

72 out of the 165 homes (or 44%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $4,861.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. 7 closed listings offered such a concession, with the sellers receiving an average of 90.84% of their original asking price and closing in 47 days.

Sold Price as a Percentage of Tax Value

123 of the 140 homes that sold in May in Union County had a tax value assigned to the listing. The homes that sold in May sold at an average of 97.62% of their listed tax values. 71 homes sold below tax value, the lowest which sold at 25.16% of its tax value. There were also 2 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 92.54% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Union County, sellers received 89.24% of their original asking price. With seller concessions included, sellers received on average 88.25% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 92.75% of their original asking price including concessions while homes listed for greater than 100 days received only 82.29%.

Buyer Financing

Of the homes that sold in May, 6 buyers used VA financing, 51 used FHA, 81 used Conventional Financing, 21 cash, 1 NC Bond, 3 Owner Financed and 2 other.

Jonathan Osman
Charlotte Real Estate

Charlotte North Carolina Market Update for:

Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 9 including:

Charlotte Neighborhoods: Abbington, Aberdeen Park, Americana Park, Avery Glen, Barkley, Barley Greens, Barrington, Beckett, Biddle Heights, Biddleville, Biltmore park, Birkdale, Braemar, Brasilia park, Brookfield, Brookline, Capps, Carrington Ridge, Carronbrige, Cashion Woods, Cedarfield, Chastain, Cindy Park, Claiborne Woods, Cradon Park, Crosswinds, Davis Meadows, Double Oaks, Douglas Park, Edmore Estates, Elizabeth Oaks, Firestone, Fox Chase, Fox Glenn, Gaitwood, Genesis Park, Gilead, Glenhaven, Glenwyck, Grass Meadows, Griers Grove, Hagers Ferry, Hambright Woods, Hamilton Village, Hawk Ridge, Hemby Woods, Henderson Park, Hunters Pointe, Huntington Forest, Hyde Park, Keeneland, Keener Creek, Lakeview Village, Lakewood, Latta Springs, Laurel Woods, Lawing Pond, Lea Woods, Lincold Heights, LInda Vista Place, Linden Estates, Macaulay, McCoy Crossing, McCrorey Heights, McIntyre, Melborne, Miranda, Northwood Estates, Oakdale, Oaklawn park, Oakview Commons, Peachtree, Pinebrook, Preston Village, Quail Ridge, Raven Ridge, Regency Park, Ridgemont, Riverview Acres, Rolling hills, Shelton Rige, Slater Ridge, Slater Springs, Stephens Grove, Stewarts Glen, Stillwell, Stone Hollow, Stonegate Farms, Stratford Forest, Sunset Oaks, Sunset Linda Vista, Sunset Village, Tanners Creek, Taylor Place, The Woodlands, Timberview, Torrence Crossing, Trinity Park, University Park, Villages at Rosedale, Walden Ridge, Walnut Creek, Washington Heights, Woodlands and Wynfield.

Data gathered for May 1 - May 31, 2009

New Listings

In May 157 single family listings were added to the inventory of homes for sale in area 9. This was a 13.26% decrease from April and a 29.28% decrease when compared to the previous May.

Pending Sales

90 single family detached homes received a contract in May. This was a 25% decrease over those that were written the year prior and 46.11% fewer than were written in May 2007.

Sold Listings

69 homes closed in Area 9 of Charlotte in May. Closings for May were down 21.59% compared to 2008 and 52.08% compared with 2007.

Days on Market

Of the homes which closed in May in Area 9 of Charlotte, the average days on market was 79, a 2.47% decrease from a year prior. 52 listings sold in less than 100 days while 17 sold in 100 days or greater.

Seller Concessions

37 of the 69 (54%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $3,754.

Tax Value as compared to Sold Price

67 of the homes that closed in Area 9 of Charlotte in May had a tax value assigned. Those listings sold at 86.56% of their listed tax values. 44 sold below tax value, with the lowest being a property which sold at 30.38% of tax value which was an bank owned property. There were no propertiesselling well over tax value (normally new construction or extreme renovations).

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 9 of Charlotte was $150,688. This averages to 88.66% of the original listing price with concessions and 89.90% without concessions. Sellers whose property sold in less than 100 days received 92.87% of their original asking price, while sellers needing more than 100 days received only 75.79%.

Buyer Financing

Of the closings in northeast Charlotte in May, 26 used conventional financing, 29 FHA, and 12 paid cash, 1 VA and 1 Other.

Jonathan Osman
Charlotte Real Estate

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 8 including:

Charlotte Neighborhoods including Abernathy Woods, Allenbrook, Americana Park, Ashley Park, Beechwood, Belemeade Green, Biddleville, Brookfield, Brookmere, Camp Green, Catawba River, Cedar Mill, Chapel Grove, Cherokee Forest, Cheshire Commons, Clanton Park, Clinchfield, Coulwood, Creekside, Cross Creek, Dowd Heights, Eagle Nest, ,Enderly Park, Feathersone Ridge, Forest Pawtuckett, Glendale Acres, Glenhaven, Glenwood, Greenwood, Hammonds Station, Harbor Estates, Harbor House, Heather Glen, Hidden Creek, Homestead Glen, Hoover Acres, Hoskins, Hunter Ridge, Lakewood, Lela Court, Lweis Forest, Long Creek, Marsh Estates, McGregor Downs, Mellwodd, Melynda Woods, Montclair Park, Moores Chapel, Moores Park, Morningside, Mullberry Pond, Northbrook, Northwoods, Oakshire, Oakview Commons, Parkview, Patriots Point, Pine Island, Regal Heights, Reid Meadows, Reid Park, Running Dear, Seversville, Smallwood, Sonoma Village, Stone Bluff, Stoney Pointe, Summerville, Summit HIlls, Tanglewood, Thomasboro, Thrift, Todd Park, Town Park, Valley Ridge, Villages of Ashley Ridge, Waldon Park, Wandawood, Watauga Village, Wesley Hights, West View, Westborne, Westcherster, Westerly Hills, Westerwood, Westmoreland, WEstwood Forest, Wildwood, Wilson Glen, Winding Creek, Windsong, Windy Rige, Woodland Station, Woods at Coulwood and Woodsdale Acres.

Data gathered for May 1, 2009 - May 31, 2009

Active Listings

In May, 112 single family detached homes were listed for sale in Area 8 North Carolina. May’s new listings were 3.45% less than in April and 25.33% less than were listed in May 2008.

Pending Units

57 Single Family homes received a contract. This was 21.92% less than received a contract in April and 36.67% fewer contracts than in May 2008. When compared to May 2007 and 2006, 54.03% and 100.17% fewer contracts were written and accepted this past May.

Sold Units

49 Single Family Detached Homes were sold in May 2009. This was an increase of 2.08% from April and a decrease of 12.50% from May 2008.  When compared to May 2007 and 2006, 60.80% and 99.98% fewer sold units than this past May.

Average Sold Price

In May, single family detached homes that sold in area 8 sold at an average of $84,255 which was a 4.36% increase than in April and a decrease of 22.27% when compared to May 2008.  This is also a decrease of 100% over May 2006.  Taking seller concessions into account the average sales price dropped to $82,639 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 150 days before receiving an offer. That was a 41.51% increase than the month earlier 94.81% more than a year earlier and 127.27% more than in 2007.  29 Single Family homes sold in less than 100 days while 20 homes in 100 days or greater.

Seller Concession

19 out of the 49 homes (or 39%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,201.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. Only 1 closed listing offered such a bonus. The proeprty offering a bonus was on the market for 86 days and received 81.15% of their listing price.

Sold Price as a Percentage of Tax Value

48 of the of the homes that sold in May in Area 8 had a tax value assigned to the listing. The homes that sold in May sold at an average of 73.43% of their listed tax values. 40 homes sold below tax value, the lowest of which was an REO which sold at 28.05% of its tax value which according to the listing needed renovation. 1 property sold for well over 100% of the tax value (normally new construction, extensive renovations and land). With that property taken out of the mix the average drops to 70.43%.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 8, sellers received 81.88% of their original asking price. With seller concessions included, sellers received on average 80.58% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 88.48% of their original asking price including concessions while homes listed for greater than 100 days received only 78.86%.

Buyer Financing

Of the homes that sold in May, 18 used FHA, 9 used Conventional Financing, 1 VA and 21 cash.

Jonathan Osman
Charlotte Real Estate

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 7 including:

Charlotte Neighborhoods including: Arbor Glen, Ayrsley, Berewick, Braddock Green, Brianna Terrace, Brighton, Cedar Run, Cedarbrook, Chapel Cove, Clanton Park, Coventry, Deer Creek, Falcon Ridge, Feather Trace, Fircrest, Greycrest, Griers Fork, Hamilton Green, Hamilton Lakes, Hartwell, Hathaway Hills, Huntington Forest, Kingsbridge, Laurel Valley, Markswood, McDowell (Farms, Meadows and Place), Morris Field, Nations Ford Homes, Neely Glen, Olde Whitehall, Pine knol, Pinecrest, Planters Walk, Reid Park, Reunion, Revolution Park, Reynolds Walk, Rollingwood, Royal Oaks, Southbridge, Spencer Park, Springfield, Steel Oaks, Steele Creek, Steeleberry Acres, Stellechase, Steelecroft Place, Stowe Creek, Sullivans Trace, Taragate Farms, Tealbriar, The Crossing, Twelve Oaks, Walkers Creek, Waterlyn, Waters of Steele Creek, Westover Hills, Westwood Park, Wildwood Meadows, Williams Glenn, Wiltshire Manor, Windward Cove, Wing Pointe, Wingate, Withers Grove, Woodridge, Yorkmont Park, Yorkshire & Yorkwood

Data gathered for May 1, 2009 - May 31, 2009

Active Listings

In May, 100 single family detached homes were listed for sale in Area 7 North Carolina. May’s new listings were 18.70% less than in April and 41.86% lower than were listed in May 2008.

Pending Units

50 Single Family homes received a contract. This was 29.58% less than received a contract in April and 52.83% fewer contracts than in May 2008. When compared to April 2007 and 2006, 66.22% and 57.63% fewer contracts were written and accepted this past May.

Sold Units

48 Single Family Detached Homes were sold in April 2009. This was an increase of 4.35% from April and a decrease of 40% from May 2008. The most noticeable decrease month over month was May 2009 compared to May 2007 which was 62.50% and 39.24%.

Average Sold Price

In May, single family detached homes that sold in area 7 sold at an average of $145,286 which was 4.26% lower than in April and a decrease of 11.68% when compared to May 2008. Looking farther back to May 2007 and 2006 the decrease is 13.29% and 12.21% over May this year. Taking seller concessions into account the average sales price dropped to $143,297 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 93 days before receiving an offer. That was the same than the month earlier 25.68% greater a year earlier, and 75.47% greater than in 2007. 32 Single Family homes sold in less than 100 days while 16 homes in 100 days or greater.

Seller Concession

27 out of the 48 homes (or 56%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,537.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. In May there were 2 such property that offered an agent bonus. Resulting in an offer netted the seller’s an average of 80.47% of the list price and sold on average of 63 days.

Sold Price as a Percentage of Tax Value

44 of the homes that sold in May in Area 7 had a tax value assigned to the listing. The homes that sold in May sold at an average of 101.70% of their listed tax values. 22 homes sold below tax value, the lowest of which was an REO which sold at 21.46% of its tax value. There was only 1 properties selling for well over tax value this month. With this extreemly high value removed the average drops to 92.11% of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 7, sellers received 88.40% of their original asking price. With seller concessions included, sellers received on average 87.19% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 89.96% of their original asking price including concessions while homes listed for greater than 100 days received only 81.65%.

Buyer Financing

Of the homes that sold in May, 23 used FHA, 18 used Conventional Financing, 2 VA and 5 cash.

Jonathan Osman
Charlotte Real Estate

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 6 including: Charlotte Neighborhoods including Dilworth, Wilmore, Selwyn Farms, Sedgefield, Broadmoor, Madison Park, Ashbrook, Colonial Village, Collins Park, Stone Orchard, Montclaire, Freeland Park.

Data gathered for May 1, 2009 - May 31, 2009

Active Listings

In May, 127 single family detached homes were listed for sale in Area 6 North Carolina. May’s new listings were  the same in April and 12.41% fewer than were listed in May 2008.

Pending Units

54 Single Family homes received a contract. This was the same that received a contract in April and 20.59% fewer contracts than in May 2008. When compared to May 2007 and 2006, 38.64% and 54.62% fewer contracts were written and accepted this past May.

Sold Units

30 Single Family Detached Homes were sold in May 2009. This was an decrease of 14.29% from April and a decrease of 53.85% from May 2008.

Average Sold Price

In May, single family detached homes that sold in area 3 sold at an average of $239,110 which was 12.32% higher than in April and a decrease of 9.78% when compared to May 2008. Taking seller concessions into account the average sales price dropped to $236,460 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 80 days before receiving an offer. That was a 8.05% decrease than the month earlier 35.59% more than a year earlier, and 77.78% greater than in 2007. 22 Single Family homes sold in less than 100 days while 8 homes in 100 days or greater.

Seller Concession

18 out of the 30 homes (or 60%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $4,416.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. Only one such property offered such a bonus netting the seller 97.17% of list price selling in 13 days.

Sold Price as a Percentage of Tax Value

29 of the homes that sold in May in Area 6 had a tax value assigned to the listing. The homes that sold in May sold at an average of 139.28% of their listed tax values. 3 homes sold below tax value, the lowest of which was sold at 44.15% of its tax value. There were 3 properties selling well over tax value (normally new construction or extreme renovations).  With those properties removed the average droped to 128.84

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 6, sellers received 94.72% of their original asking price. With seller concessions included, sellers received on average 93.46% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 95.25% of their original asking price including concessions while homes listed for greater than 100 days received only 88.54%.

Buyer Financing

Of the homes that sold in May, 12 used FHA, 17 used Conventional Financing and 4 cash.

Jonathan Osman
Charlotte Real Estate

Charlotte North Carolina Market Update for:

Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 5 including:

Charlotte Neighborhoods West of Providence Road and East of Park Road including, Cherry, Dilworth, Myers Park, Barclay Downs, Foxcroft, Beverly Woods, Cameron Wood, South Park, Quail Hollow, Olde Providence, Shadow Lake, Stone Creek Ranch, and Ballantyne.

Data gathered for May 1, 2009 - May 31, 2009

New Listings

In May, 322 single family listings were added to the inventory of homes for sale in area 5. This was a 13.21% decrease from April and a 17.22% decrease when compared to May 2008.

Pending Sales

115 single family detached homes received a contract in northeast Charlotte in May. This was 9.52% more than April. Additionally for May 2008 and 2007 there were 38.17% and 59.07% fewer than were written in May.

Sold Listings

Only 89 homes closed in Area 5 of Charlotte in May. Closings for May were down 42.21% compared to 2008 and 68.66% compared with 2007.

Days on Market

Of the homes which closed in May in northeast Charlotte, the average days on market was 116, a 68.12% increase from a year prior. 49 listings sold in less than 100 days while 40 sold in 100 days or greater.

Seller Concessions

33 of the 89 (37%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $4,284.

Tax Value as compared to Sold Price

83 of the homes that closed in Area 5 of Charlotte in May had a tax value assigned. Those listings sold at 126.16% of their listed tax values. 12 of the properties sold below tax value, with the lowest being a property which sold at 72.30% of tax value. There was 1 property selling well over tax value (normally new construction or extreme renovations). With this unusual factor removed the average decreases to 123.22% as a percentage of tax value.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 5 of Charlotte was $391,915. This averages to 89.98% of the original listing price with concessions and 90.57% without concessions. Sellers whose property sold in less than 100 days received 93.73% of their original asking price with concessions, while sellers needing more than 100 days received only 85.39%.

Buyer Financing

Of the closings in northeast Charlotte in May, 63 used conventional financing, 14 FHA, 2 VA and 10 paid cash.

Jonathan Osman
Charlotte Real Estate