South Charlotte, 28277, Prices up 2.25%, 3rd Quarter 2007| A Charlotte Real Estate Market Report
October 25th, 2007 Categories: South Charlotte
28277 prices rose 2.25 %, while selling 11% fewer homes in areas like Ballantyne, Piper Glen, Blakeny, Providence Promenade and Providence Country Club.
Closer-in 28277, you find older more established neighborhoods, such as Piper Glen, but as you move away from the city, you will find the booming communities in and around Ballantyne. The average sold price in September, 2007 was $377,900 on 2852 sf, or $132 per sf.
Now Lets look at the 3rd quarter 2007, and compare it to the same period in 2006.
7/1/07-9/30/07 351 homes sold at an average of $136/sf
7/1/06-9/30/06 395 homes sold at an average of $133/sf
The $3 increase in the average SOLD Cost per SF represents appreciation at 2.25%. The decrease in units sold was an 11% drop from 2006.
This compares to city-wide increases of 5% in prices and a 12% drop in sales.
This extremely popular area remains in demand, and has a lot of new home building on the perimeter contributing to price competition, keeping price increases somewhat lower than the city average.
Charlotte remains a very stable market with excellent values. As I talk to folks around the country, almost without exception, wherever we see double digit decrease in demand, prices fell with it. Not so here. And in Austin ,Texas, where lower demand still produces higher prices. Why? We have no science on this just the opinion that as the Internet and low cost travel make the country smaller, so to these trends are making real estate more of a national market,and people can see value here, and are willing to pay for it, as Charlotte remains inexpensive compared to other major cities.
Just my 2 cents!
Ballantyne Pictures and Map (Try the map view) Southpark Area Pictures Sailview at Lake Norman pictures
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Terry - anytime homes are selling and prices are going up it’s a good thing. I’d take a 2%+ increase - glad Charlotte real estate is doing well in this market. - Cyndee
[…] … as in No Bubble Here , and here note the last line and this 3rd Quarter Market Report […]