Charlotte Real Estate|Updates June 23 2008
June 23rd, 2008 Categories: Buy A Charlotte Home
Charlotte Home Inventory in the MLS is Declining
Good news on the Inventory front as Home Sales + Pendings + Conditionals + Contingents + Withdraws far surpassed the New Listings for the week ending June 22, 2008
In the “Greater” Charlotte area, 12 counties covered by the Carolina MLS, for the period 6/16/08-6/22/08, there were:
515 Sold and closed Homes - Average Cost per Square foot was $114
563 Pendings , 124 Conditionals and 33 Contingent
So a total of 693 new Sales in the last week, over 1200 homes subtracted from the 22K +/- Homes for Sale. Remember, this represents re-sales and only counts about 1/3 of the new Home Sales, as many New Homes are sold but not listed in the MLS. (Builders will frequently just “List” their models to get people out) Only 33 were “Contingent” sales, 2.75% of the MLS activity, (demonstrating that the Contingent sale is all but DEAD in Charlotte, something I’ve been telling clients for over a year. Add to it last months decline in Charlotte foreclosures and I’m starting to be encouraged… maybe…
Two major downtown condo projects are having difficulties- Speculation has the Park entering foreclosure in the next 60 days,(no apparent work for 60 days) and Ghazi and Flaherty Constucruction are entangled in law suits over the Epicenter stalling construction and fighting it out in court. Suits, counter suits and numerous liens have been filed, Flaherty claims the foundations for the 55 story tower are Not as promised… the future is unclear.
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A quick look at Beverly Crest Sales and Appreciation, I ran these figures this morning. In 2007, the sold average cost per square foot for the prior month (5/21-6/22) was $142/sf , and in 2008? Same period, $147/sf, or an increase of 3.5%… demonstrating again the blue chip value of in-close locations.
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As you can see it is a strong buyers market here in the greater Charlotte area.Thinking about moving to Charlotte, Lake Norman, or Waxhaw? To South Charlotte? You can quickly compare area prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. You can also search the entire MLS, by area with the first link below.
Related Links
Home Prices Rise in South Charlotte in First Quarter of 2008
Homes For Sale Report: Berkeley, Providence Arbours, and Providence Country Club
Southpark Charlotte Homes for Sale- Foxcroft, Morrocroft, Barclay Downs
Homes for Sale Report: Beverly Crest, Providence Plantation, and Raintree
