July Charlotte Real Estate Market statistics

August 5th, 2010 categories: Real Estate News

July numbers are in, and even with lower post-tax-credit activity, 2010 is making 2009 look more and more like the true “bottom” at least for Charlotte Real Estate in the Metro area. The August Charlotte Real Estate “rush,” should improve the numbers even just a bit more.

Compared to 2009, in 2010, 200 more homes are selling each month and the average price is up about 4% ($208k, up from $200k). This is good news, and hopefully any inventory will start to move off the market! So are you finally ready to Sell your Charlotte Property?  Since it looks like we are nearing the bottom of the downward trend time to buy a great Charlotte Home! (Here are the BEST Charlotte Property deals this week!)

Questions? Contact us … online, or by phone at 704-517-3925 or toll-free at 1-888-297-6100.

Authored by Donna Johnston | Discussion: 3 Comments »

April 2010 Charlotte, NC Real Estate Market Report

May 12th, 2010 categories: Real Estate News

Have we hit bottom yet? Personally for the top agents at RE/MAX Executive Realty that comprise the Talk Charlotte Real Estate Team, things are looking much better than last year. We seem to be busier and price point feels like it is creeping up. We had 5 of our listings SELL in the past 2 weeks after they had been sitting ducks for over a year! So it really feels like things are picking up, however when I sat down to analyze April’s activity and compared to previous quarters, the data doesn’t compare to how things are going for our team. Let me explain:

April 2010 Listings vs Solds Real Esate Charlotte, NC : List vs Sold 4.10

.		<$120,000-$150,000	$150,001-$250,000	$250,001-$350,000	$350,001-$500,000	$500,001-$1million	$1Milion +	Total April 2010

. Homes on the market by list price 8737 7456 3688 2820 2383 801 25885 . Closed listings by price range 1067 660 561 121 103 23 2535 . Percent of solds vs listings by price point 12.21% 8.85% 15.21% 4.29% 4.32% 2.87% 9.79%

Now let’s break it down and compare the past 3 quarters and see how the market is doing.

April 2010 Charlotte, NC Market Conditions : April 2010 Quarter Comparison

.		3rd Quarter 2009	4th Quarter 2009	1st Quarter 2010

. Average List Price of Solds $235,230 $223,389 $223,561 . Average Sales Price $210,048 $199,978 $175,214 . Percent Difference 89.29% 89.52% 78.37% . Average Days on Market 116.05 115.3 119.6 . List To Close Days on Market 145.72 142.33 148.83 . Pending Contracts Reported 2323 1927.5 2318 . Average Mortgage Rates 5.18% 4.99% 5.02%

To me it looks as if list price has remained steady however, sales price has dropped considerably in the first quarter 2010. A little over 11% is pretty substantial if you ask me. Days on market went up slightly and inventory rose from 4th quarter. That is normal for the spring push to get homes on the market. Contracts reported are about the same as 3rd quarter 2009 which is normal and mortgage rates are still very low. Here are some pretty graphs if you would like to look at the info in depth.

Here is a press release for the Charlotte Real Estate Market April 2010 Written by Kim Walker of the Charlotte Regional Realtor Association:

April 2010 Market Activity

5/10/2010

Contact: Kim Walker

Contact Phone: 704-940-3149

Charlotte Regional Realtor® Association reports residential real estate monthly activity for April 2010 CHARLOTTE, N.C. – Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CMLS) data.  The number of closings for April 2010 (2,220) increased 25.2 percent over last April 2009 when closings totaled 1,773.  Closings increased 16.8 percent over last month (March 2010) when closings totaled 1,900.  The average sales price for April 2010 ($201,410) was up slightly (0.02 percent) over last year’s average sales price ($201,352), and is up by 2 percent over March’s average sales price of $197,564.  The average listing price of solds in April 2010 ($225,108) increased slightly (0.8 percent) over last month’s average listing price of $223,319, and is down 1.5 percent compared to last year’s average listing price of $228,550 for April 2009.Click Here to Read More…

Authored by Donna Johnston | Discussion: 1 Comment »

So How is the Market in Charlotte, NC?

March 23rd, 2010 categories: Real Estate News

Well that question I hear at least once a day. How is the market? Let’s see, let’s start with the average days on market for February 2010. Out of the 1,397 homes that closed, 46% closed in 121 days or more or 639 homes, 16% closed between 91 and 120 days or 228 homes, 17% closed between 61 and 90 days or 238 homes, 237 homes closed in 31-60 days, and 55 homes in Charlotte, NC closed in less than 30 days. Now this does not take in consideration homes may have been re-listed multiple times. In February 2009, there were 1,348 closings compared to February 2010 which had 1,397 so we are up slightly 3.6%.

The average closing price in Dec. 2008 was $200,226, Dec. 2009 was $211,705 and February 2010 $191,288. So we are down but if you compare the average closing price from Feb.2010 to Feb. 2009, it shows an increase of 4.6%.

Mortgage rates are just about the same as they were a year ago. 5.07 in 2009 and 5.05 in 2010.

Closings by price in Charlotte, NC:

Of the 1,397 homes that closed in Charlotte,NC

• 556 were under $120,000
• 204 were between $120-150,000
• 187 were between $150-190,000
• 130 were between $250-350,000
• 85 were between $350-$500,000
• 56 were between $500-1million
• 13 were over $1 million

On the market? Are you sitting down? There are currently around 24,043 homes on the market in the Charlotte area. Lots and Lots of inventory!

• 5317 are priced below $120,000
• 3,037 are priced from $120-150,000
• 3,356 are priced from $150-190,000
• 3,548 are priced from $190-250,000
• 3,341 are priced from $250-350,000
• 2514 are priced between $350-500,000
• 2,187 are priced between $500-1Million
• 743 are priced over 1 Million

So back to the question- How is the market in Charlotte, NC?  It would depend what you home is priced at for your chances of selling. If you are selling your home and really want get it sold, price it to sell FAST. Don’t just stick it on the market, declutter, clean, tidy up the yard, stage if it is empty. There is a lot of competition out there so you will want to look your best.. or you will be a sitting duck at that over 120 day bracket. If you are buying, you can really get a great home right now and take advantage of the tax credit.

This information was reported from Realtor Reflections magazine February addition.

Authored by Donna Johnston | Discussion: 1 Comment »

Charlotte Real Estate Facts for Today’s Market

November 7th, 2008 categories: Market Trends

Essential Facts for Today’s Charlotte Real Estate  Market

· More than 1000 banks closed in 1930 – three years before the FDIC was created

o Only 14 US banks have been taken over in 2008
· There are 76m households in the US that own their home
o 24m of these homes are free and clear
· There are 52m homes with mortgages
o 97.2% of these are not in foreclosure
o 93.8% of these homes are current on their payments

On a sobering note:
· Over 20% of homeowners with a mortgage owe more than their home is worth
· 40% of all foreclosures are non-owner occupied

How did we get here?
Decade Homes sold (High) Avg.# Homes Sold
1970s 3.9m 3m
1980s 4m 3.3m
1990s 4.9m 3.9m
2000s 7.1m 5.6m

Resale numbers – the above does not include new home sales.

Sources: Wall Street Journal, Moody’s Economy.com, RealtyTrac, NAR, Forbes.

Authored by Donna Johnston | Discussion: 1 Comment »

Charlotte home prices showing signs of life

August 30th, 2008 categories: Market Trends

As we have said before the Charlotte residential real estate market never got white hot..

like so many markets around the country ~ we have been lucky to have a steady mix of people relocating to Charlotte and an equally steady cadre of developers..one of our favs! So while this news is welcome it is not all that surprising ~ yes things have been slower but people are selling and buying homes in Charlotte at a steady pace. It is a very good time to buy in Charlotte!

Ripped from the Headlines courtesy of  the Charlotte Observer, read Stella Hopkins’ full article here.

Authored by Donna Johnston | Discussion: Your Comments Please »

Charlotte Market Strong according to CNN

August 1st, 2008 categories: Real Estate News

 Slow and Steady the Charlotte market has been claims Dot Munson, Charlotte Regional Realtor Assoc. president. We never had the big appreciation the rest of the country had so we are winning the race at the end. Attention investors, great time to flip homes in Charlotte. You can really get a great deal and if you buy carefully, you can still make money flipping in Charlotte. Seller’s, be patient because homes are still selling but it takes a few more months. I feel like the media makes it much worse than the market truely is. This is refreshing to have a positive story ran on the Market Trends of Charlotte.

Authored by Donna Johnston | Discussion: Your Comments Please »

Charlotte Real Estate Bore

July 31st, 2008 categories: Our Charlotte Realtors

Check out a tune for our Blog…Blah Blah Blah more Charlotte Real Estate!! Believe me we as Charlotte Realtors are just as frustrated as the sellers and the buyers!!

Authored by Donna Johnston | Discussion: Your Comments Please »

What’s Happening with Charlotte Real Estate?

July 21st, 2008 categories: Real Estate News

Doug Smith, the Charlotte Observer’s veteran reporter is the “go to” person on Charlotte Real Estate. For the past two years his Next Big Thing column has taken the pulse of Charlotte Real Estate and read the minds of Charlotte’s developers.

Click on Ask Doug to go to his blog

Things move fast in this town and you can be sure Doug is talking today about what everyone else will be talking about tomorrow. Doug too writes a blog “Ask Doug | What’s Happening In Charlotte Real Estate and Development”. We will be pointing to his blog regularly ~ If you’d like to catch his most recent story about some dueling uptown condo developments(EpiCentre & Park Condominiums) read “A rare public slugfest in Charlotte” and then take a little time and read his other posts about the mostly good and bad of Charlotte real Estate. We do!\

Authored by Donna Johnston | Discussion: Your Comments Please »