Charlotte Real Estate Updates- August 4 2008
August 4th, 2008 Categories: Buy A Charlotte Home, Lake Wylie NC and SC
Homes ARE Selling in Charlotte, South Charlotte and Lake Wylie
This past week, 7/27-8/2/08, 565 homes sold in the 15 county Carolina MLS, and the average cost per square foot sold fell to $110/sf. Last years stats were 719 homes sold at an average of $114/sf– so sales have slowed by 21% (this is an improvement over the near 30% drop we’ve experienced through the first six months) and the 3.5% decline just cuts into gains made in 2007. The more precise Case-Shiller, ranks Charlotte best in the nation again, with a .2% drop in overall prices in June, and PMI affordability index of 114–which means, regardless of the rest of the country, Charlotte real estate is just in a slow down, not downturn and because more folks can afford the average price home here, we are not going to see the major price declines that have occurred in some parts of the country.
Also in the week ending 8/2/08, 14 Homes Sold (closed) in Lake Wylie, and 28 Homes sold in the Lake Norman area, two were above $1Million.
A total of 9 homes sold in the over $1M price range, 4 in South Charlotte (Myers Park, Dilworth, Southpark) and the rest spread out among the usual suspects- the Point, The Sanctuary, the Club at Longview…
I closed on two listings this past week- yes I do list property, previous customers and high quality homes- two homes of the 565 Charlotte homes that sold-closed last week, one sold in 60 days, the other in 9 days– this in our slow market. How did we do it? I say we, because the Sellers had a lot to do with it.
First was both homes were in excellent condition. Both Sellers recognized the need to get their homes in near perfect condition… Why? Because instead of looking at their homes as a Seller, I persuaded them to look at the homes like a Buyer– and they found many homes in their price range in near perfect condition.
Second, as we looked at homes in their desired listing price range, looking like they were the buyers, only afterwards did we talk about the pricing for their home. The less expensive north Charlotte home (168500) sold for 95% of list, but still $4500 above the next nearest comparable property. The 2nd home sold for $328,000, 97% of sales price with 3k in closing costs
In the opening I mentioned that sales were down 21% from last year –I’d like ask you a question,
which 21% did not sell? Of course they are the ones Not in perfect condition or Not priced correctly, or BOTH.
In our case, it was BOTH. Great condition, good upgrades, priced correctly, listed and sold quickly. Homes ARE Selling in Charlotte, not quite as many as last year, but homes do sell here.
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The dog days of August are here, traditionally a slower time in real estate. New home sales remain sluggish, and the further out they are, the slower they are. Generally speaking this hoilds true on re-sales aas well,… the $4/ gallon gas is impacting demand in the outter reaches. I know this just from the amount of contact I get from the New Home Sales Agents.
I’m working on the July MLS Sales Report– I expect more of the same, (slower, slight fall backs in price) I’ll ahve them up later in the week.
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Charlotte Real Estate is a strong buyers market.
Are you moving to Charlotte? Considering a move to Lake Wylie SC, 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
10 Essential Do’s and Don’ts When Buying A New Home
Moving To Charlotte? Like to Know More?
Charlotte Real Estate- More Good Years Ahead
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I have found the market in lake norman to be terrible. My home is listed and shows like a castle. My price is very competitive. Listed for 3 months. The only offer I got was a REAL SUPER LOWBALL offer. Buyers want sellers to GIVE the home away. Not much activity here in The Peninsula subdivision. My home is listed over the 1 million range. I’ve already told my husband that it won’t sell for the next 2 years…..
Averages can hide alot, and Charlotte is in fact made up of many markets, and the over $1M market-category is suffering disproportionately throughout Charlotte. From your description, without research, my hunch would be that there are too many similar properties currently available… and about 94% of the sales in the MLS are under $1M if that gives you an idea.
I don’t know if you’ve read any of my other posts, but I will repeat something I’ve said for the last 6 months: If you don’t HAVE To Sell, then take the home off the market, reduce the inventory and give a better chance to those that HAVE to sell.
This is not a year to move casually (as we have for so many years) at any price point.
tm
I revised the headlines removing Lake Norman because the numbers there are far below the Charlotte averages. Apologies to all.