Archive for November 8th, 2008

Buy Now in Charlotte! Prices are down, interest rates are still great!

November 8th, 2008 categories: Market Trends

How are our sales comparing to last year?

According to the Case Shiller Price Index , Charlotte is the 2^nd to lowest in price decline on homes compared to the rest of the US over last year.  We averaged 2.8% overall decline for our area, while Phoenix, AR is the highest at 30.7% decline.

So we decided to do a random check of price comparisons in neighborhoods in South Charlotte and came up with very interesting results.

The only common denominator was the average days on market.  In each area we are seeing a significantly longer time on market over the same time as last year.  For our comparison we checked homes sold from July 1 to November 1, 2007 versus 2008.

Madison Park, (in town zip codes 28210, 28211)

Year       # of Properties Sold      AVG SF               AVG Sale Price            AVG DOM

’07                   24                             1685                         $256,095                           33

’08                   18                             1655                         $249,119                           77

Comparing these sales, Madison Park is averaging 4% decline in sales over the same period as last year.

Mountainbrook (Southpark area)

Year       # of Properties Sold      AVG SF               AVG Sale Price            AVG DOM

’07                   5                               3195                         $420,800                           67

’08                   4                               2873                         $414,500                           107

Comparing these sales, Moutainbrook is averaging 9.5% increase in sales over the same period as last year.

Ballantyne Country Club

Year       # of Properties Sold      AVG SF               AVG Sale Price            AVG DOM

’07                   38                             4397                         $844,975                           59

’08                   16                             4669                         $817,640                           84

Comparing these sales, Ballantyne Country Club is averaging 8% decline in sales over the same period as last year.

Longview Country Club

Year       # of Properties Sold      AVG SF               AVG Sale Price            AVG DOM

’07                   5                               6715                         $2,061,029                        340

’08                   6                               6085                         $1,637,647                        555

Comparing these sales, Longview Country Club is averaging 12% decline in sales over the same period as last year.

How is your Charlotte neighborhood sales compared to last year?  Contact me at betsy@talkcharlotte and mention this blog.  We will search your Charlotte neighborhood and send you an email with the results.

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