Charlotte NC Real Estate Market Report February 2008- Prices Fall 3.6% Over 2007
March 5th, 2008 Categories: Buy A Charlotte Home
Home Sales Off 31% in February, 2008: Home Prices fall 3.6% in Charlotte
Charlotte home sellers have finally noticed that fewer buyers in the market should equal lower prices… after 15 months of declining sales volume by the number of sales, home prices have finally been affected. February was the 3rd consecutive month of falling prices, the first above 1% at 3.6% as measured by the sold average cost per square foot in February 2008 versus February in 2007. Still, the end of the world is Not near, as average home sales prices are 5.5% above February 2006, and as you’ll see below many areas increased in price. So if you bought in early 2007, be patient, Charlotte’s long upward trend will continue, after a short set back the first half of this year. Prices well may remain flat throughout the year, hovering high above 2006 numbers.
After all the talk, price declines were inevitable, as sellers adjust their expectations, and compete for the 70% of the buyers who are still out there.
Meanwhile, in South Charlotte, areas 4 and 5 in the Charlotte MLS, prices rose 2% in February of 2008. The average cost per sold square* foot rose from $157 to $160.00/ per sf in February to February, 2007-2008.
What about your area? Here are a handful of local comparisons of February homes sold, we’ll know more after March and we have a 3 month trend in 2008:
Myers Park- off 1.9%- Sold Average Cost per SF- $259.00
Southpark- +4.15%- sold AC/SF- $231
Ballantyne - Zip 28277 +6%- AC/SF- $142
Weddington- no change -AC/SF $165
Matthews- +9.5%- AC/SF $115
Huntersville- off 4%- AC/SF $108
Davidson- +12% -AC/SF $160
Cornelius- off 4%- AC/SF $156
*I use the more accurate Sold Average Cost per Square foot as opposed to the “median sold home price” most used by your local MLS, because the average cost per square foot adjusts for home size differentials, producing more accurate stats, as does the Wall Street firm Radar Logic who publishes housing stats for the Wall Street Journal.
Another way to slice the numbers is by price range, are all price ranges affected equally? Some more than others? oYou bet, I’ll answer these questions in our next market report…
Interested in homes in Charlotte? Try this Search For Charlotte Homes Page or give me a call direct at 704-351-1519. A related post- South Charlotte Homes For Sale and Appreciation Report.
Thinking about moving to Charlotte? Facing a relocation? A quality of life move south? Just want to come to Charlotte for the weather?
Like to see more pictures of Charlotte Homes? Charlotte neighborhoods? New Home Subdivisons? Read on…
Most folks like pictures, and I like taking them, so I’ve published more than 1500 pictures
divided into 45 galleries, divided by community, area
and fun things to do, see them at: Uptown Dilworth, SouthPark, Ballantyne Country Club, High Gate and more. Pictures are of Sunny Lake Norman, The Levine Musem of the New South, and our in-town University, Queens of course.
Concerned about the market? Here are couple of recent articles about the strong Charlotte real estate market by Forbes.com and ABC News
To learn more about me, and my business in Charlotte, visit TerryMcDonaldRealEstate.com, my easy to use search for houses, condos, land or multifamily~
Please don’t hesitate to call me direct with your Charlotte real estate needs and questions, 704-351-1519
Good news for Buyers in Charlotte Terry! No matter what is going on in the market there are opportunities to be had for the discerning buyer.
[…] MLS, based on average cost per square foot of homes sold- prices fell over 3% in February, see that Charlotte Market Report […]