Real Estate Market Update for Single Family Homes in

Mecklenburg County North Carolina Area 4 including: Charlotte, Matthews. Neighborhoods West of Hwy 74, Independence Blvd. and East of Providence Road including, Grier Heights, Chantilly, Cotswold, Elizabeth, Eastover, Beverly Crest, Sardis Woods, High Timbers, Downtown Matthews, Lansdowne, Providence Plantation, and others.

Data gathered for June 1 2009 - June 30, 2009 from the CMLS

Active Listings

In June, 198 single family detached homes were listed for sale in Area 4, North Carolina. June’s new listings were 5.26% less than in May and 5.26% fewer than were listed in June 2008.

Pending Units

99 Single Family homes received a contract. This was 15.12% higher than received a contract in May but 2.94% fewer contracts than in June 2008. When compared to June 2007 and 2006, 42.44% and 41.76% fewer contracts were written and accepted this past June.

Sold Units 94 Single Family Detached Homes were sold in June 2009. This was 88% greater then May and 16.81% less then June 2008. When compared to June 2007 and 2006, 49.73% and 48.07% fewer home sold then this past June.

Average Sold Price

In June, the single family detached homes that sold in Area 4 sold at an average of $323,348, which was 14.45% higher than in May and a 9.87% decrease when compared to June 2008. When taking seller concessions into account the average sales price for June 2009 is $321,470.

Average Days on Market

Of the homes that closed in June, they were on the market for an average of 97 days before receiving an offer. That was a 18.49% less than the month earlier 40.58% greater than a year earlier, and 102.08% greater than in 2007. 57 Single Family homes sold in less than 100 days while 37 homes in 100 days or greater.

Seller Concession

40 out of the 95 homes (or 42%) that sold in June offered the buyer a concession, usually closing costs. The average seller concession was $3,783.

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. This month there were 3 properties offering such a bonus.  They averaged 69 days on the market and 96.61% of the list price.

Sold Price as a Percentage of Tax Value

91 of the homes that sold in June in Area 4 had a tax value assigned to the listing. The homes that sold in June sold at an average of 136.23% of their listed tax values. 12 homes that sold were under 100% and 44 were over 100%of the tax value. The lowest property sold as a percentage of tax value sold for 66.52%. This month there were 3 properties selling for well over tax value (normally new construction, land or extreme renovations).  With those unusual properties removed the average dropped to 123.90%

Sales Price as a Percentage of Original List Price

Of the homes that sold in June in Area 4, sellers received 91.05% of their original asking price. With seller concessions included, sellers received on average 90.31% of their original asking price. For homes listed for sale for less than 100 days, those sellers received 92.48% of their original asking price including concessions while homes listed for greater than 100 days received only 86.98%.

Buyer Financing

Of the homes that sold in June, 20 used FHA, 67 used Conventional Financing, 6 cash and 1 VA.

Jonathan Osman
Charlotte Real Estate