Charlotte Real Estate Roundup Monday 7-14-08
July 14th, 2008 Categories: Real Estate News
Home Sales Were Up Slightly, Home Prices Remain Soft for the week Ending July 12, 2008
Total Homes Closed, 426, were 80% of the homes closed for the same week last year, representing an uptick as home sales in Charlotte have been running 25-30% behind last years pace. Yes we are still off last years pace by 20%, but I’m thinking its better than 30% off… the average thru 6/30/08 was 29% off.
Prices at the 6 month mark are averaging 3.5% less than a year ago, based on Cost per Square Foot of the Solds. Days On market (the MLS’s least reliable stat) is 108 in total, but ranges up to 303 for homes at Lake Wylie. Here is a breakdown of last weeks Sales Activity, from the Carolina MLS
| Week Ending 7/12/08 | ||||
| Closings | Pendings | Sold | Sold % | |
| Avg CPSF | of Total Sold | |||
| Total | 426 | 436 | $111.00 | 100.00% |
| Less than 500K | 398 | 411 | 95 | 93.43 |
| 500K-1,200,000 | 20 | 25 | 174 | 4.69 |
| 1.2M ++ | 3 | 5 | 370 | 0.7 |
| By Area | ||||
| Lake Wylie | 6 | 11 | 145 | 1.41 |
| Lake Norman | 17 | 14 | 214 | 3.99 |
| Zip code 28277 | 19 | 7 | 121 | 4.46 |
| Union County Close | 19 | 25 | 150 | 4.46 |
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CATS Ridership is WAY UP- Lynx Light Rail Weekday Totals Pass 16,000 Trips per Day
Wow– first year ridership goals/projections were reached in months, now, less than one year since it opened, it is nearing the mark set by CATS for the year 2025. I guess people DO like the trains. Seriously, CATS reported average daily trips in June at 16,479- the projection for 2025? 18,000 daily trips. No doubt 4.00/ gallon gas has a hand in this– equally no doubt is that ridership is being limited by the parking, the Pineville lot on South Blvd is filled daily by 8:15am. If they had more parking, I’ll bet they would have more riders… CATS is working on a plan to expand parking as we speak.
Thanks to all who have led on this important issue and taken all the tomatoes the deadenders (stop the growth faction) could hurl. Special “Profile in Courage” awards go to Mayor Pat McCrory, former CATS Director Ron Tober and Councilman Mumford, who withstood the shrieking panic of the doomsdayers.
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Building 26 Miles of Greenway to be on the November Ballot- Will C-o-n-n-e-c-t-i-v-i-t-y WIN?
The current plan is a bond to fund 26 miles of new Greenways around the city - including a 3.2 mile inner loop. This is a downpayment on the 125 Mile Greenway plan… But why Not Go Bigger FASTER?
Lets include more connectivity and give commuters a choice…this relates powerfully to our congestion issues and rush hours here. Charlotte is already a leader in Greenway space, and we’ve proven that we are open to transportation alternatives, and many bike enthusiasts consider this one of the most bike friendly cities in the east. Now lets become a leader in bicycle commuting as well by providing CONNECTIVITY to the Greenways. In Amsterdam, the number one way people go to work is by bicycle, followed by mass transit, then buy cars. With gas passing the $4.00/gallon mark, and most experts don’t see its rise stopping– biking to work sounds better and better.
Here is the argument: biking and walking greenways can be built cheaper and quicker than trains, funded locally unlike roads, and we already have a plan. Lets fund it and get it built NOW. Even though I’ll never use a Greenway to commute, every car it takes off the road helps me in my real estate business. Plus I will use it on my off weekends to enjoy the otter and beaver.
According to the Charlotte Observer, the bond request will be $45M– lets make it $65M and include some connectivity as an experiment, and I think we’ll be pleasantly surprised… like our train ridership.
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It is a strong buyers market here in the greater Charlotte area. Thinking about moving to Matthews, Charlotte, or Weddington? Lake Norman? 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
Charlotte Home Search -By Area
Two Charlotte Home Buying Negotiations- One New, One Re-Sale
Moving To Charlotte? Like a Good Introduction to the Area?
Terry,
Great post as usual. I had a Realtor tell me today that the market was getting a lot worse but your numbers seem to say otherwise. That is a good sign to me.
What do you see in the Huntersville area??