Charlotte Real Estate|June 2008 Real Estate Market Update, Prices Off 5%
July 7th, 2008 Categories: Buy A Charlotte Home
June Home Sales Finished Strong, but Area Prices Widely Down For June
My Weekly report for the week June 29-July 5th, in the Charlotte metro area- about 15 Counties that are covered by the Carolina MLS- there were: 690 Homes Sold (1 of mine) the last day of the on the yielding the largest amount,
392 New contracts became Pending, 126 Homes went Conditional (2 were mine), 36 home contracts were written on a contingent basis.
Fantastic pool and Amenities at Briarcrest in Weddington–more to come this week.
June Homes Sales for Charlotte were off 34%, and Home Prices fell an average of 5%, as home prices fell to their 2006 level of $142/sf … but averages hide a lot… what about the areas we cover especially close in South Charlotte? Mixed as well, but generally downward. Some of our bluechips that went up the furthest, fell the fastest: Myers Park-Dilworth fell 4% and fastest rising Southpark fell 12%. These figures were somewhat offset by zip code 28277 - Ballantyne and the surrounding area, rising 3%. Popular Beverly Crest- inside Rt 51, prices rose 5%
Moral of the story- for Buyers, you must obtain the right home at the right price. Do not be afraid to start low. For Sellers- if you don’t have to sell, take your home off the market. If you have to sell, get your home in very good to excellent condition– with only 2/3′rds of the buyers available, which homes will sell first? The 2/3’s in best condition. Als0, do not be offended by a low offer- every buyer needs to find the bottom before paying a reasonable price.
If you need to sell your home, call me- I’ve many active buyers, I work with banks, and can generally make things happen. My last 2 listings lasted 11 days and 6o days respectively.
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All pricing information is derived from the Carolina MLS and therefore covers a wide geographic area– these numbers are based on Sold Cost per Square foot, comparing June 2008 to June 2007. While these statistics are good tools to evaluate market conditions, each home’s value is based on very local market conditions,and you should consult your Buyer Agent for comparable prices before submitting any offer, as the numbers above offer no insight on any particular property’s value.
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It is a strong buyers market here in the greater Charlotte area. Thinking about moving to Weddington, Charlotte, or Lake Norman? Waxhaw? 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. Click on the pics below for photo galleries of each community
Related Links
Charlotte Home Search -By Area
Two Charlotte Home Buying Negotiations- One New, One Re-Sale
Southpark Charlotte Homes for Sale- Foxcroft, Morrocroft, Barclay Downs
So it appears as the the real estate slump has finally caught up with Charlotte…For those interested in buying and investment it would appear to be a good time to buy, especially in those areas such as Southpark.