Total Charlotte NC Real Estate Market Overview

August 1, 2009 - August 31, 2009

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 August, 4342 single family detached homes were listed throughout the Charlotte area. This was a decline of 9.33% from 2008 and a decrease of 3.58% from the previous month.

Under Contract

2244 Single Family Detached homes were placed under contract in August for the entire MLS area. This was an increase  from July of 7.78% and a decline of 3.36% from 2008.

Homes Sold

Sales in the CMLS were down 13.43% from 2008 as 1798 homes closing in August.

Days on Market

The average Days on Market for homes in the CMLS for August was 138, up 11.29% in August 2008.

Average Sold Price

The average sold price for homes which closed in August was $186,968, an increase of 11.19% from August a year earlier. On a positive note the year to date (YTD) average sold price for 2009 is $173,000 compared to the YTD average for 2008 of $170,701.

Percentage of Tax Value

1396 of the properties sold in August that had a tax value assigned in the listing. The average sold at 116.11% above the tax value. Of the homes that sold in August, 722 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 96.77% as a percentage of tax value.

Commission Bonuses

Just 49 properties offered the buyer’s agent a bonus for an accepted contract. Offering a bonus did not help the sell the home faster or net the seller more money. The average bonused property sold in 140 days at an average of 89.73% 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 August sold at 90.08% of the original asking price. When concessions are included, the percentage drops to 88.90%. 875 properties sold below 100% of their original listing price while 625 sold at above 100% or more.

Homes listed for over a million dollars sold at an average of 88.12% of their original asking price. And they sold in an average of 135 days on the market.

Homes which sold at less than $100,000 sold at 82.98% of their original asking prices, with one bank owned property selling for 28.57%.

Jonathan Osman
Charlotte Real Estate