Charlotte Real Estate|July Home Sales Report 2008
August 14th, 2008 Categories: Buy A Charlotte Home
Charlotte Home Sales fell 29% in July, Prices off 5% for the Area, Compared to July 2007
In the 15 County area covered by the Carolina MLS, home sales continued their roughly 30% decline over 2007 sales accompanied by average cost per square foot price reductions of 5%. Median home prices fell further at 7%, reflective of purchasers attitude spending a bit less for their home than last year. As expected, Days on Market as measured in the MLS (an admittedly less than reliable number) is up 20%.
This summary is just that– its composed of many sub-markets, as you can see below, some are doing much better, and some are worse. There are even “sub-markets” within these broader sub-markets, so any Home Buyer, before making an offer MUST compare a home of interest to its neghbors when evaluating an offer price.
| 2007 | 2008 | Change, July ‘07- July ‘08 | ||||
| Area | # Sales | Avg CPSF | # Sales | Avg CPSF | # Sales | Avg CPSF |
| Lake Norman | 147 | 167 | 101 | 172 | 31.29% | 2.99% |
| Lake Wylie | 50 | 153 | 33 | 137 | 34.00% | -10.46% |
| Union County | 330 | 122 | 249 | 123 | 24.55% | 0.82% |
| Cabarrus County | 255 | 103 | 167 | 97 | 34.51% | -5.83% |
| Iredell County | 211 | 135 | 149 | 129 | 29.38% | -4.44% |
All data comes from the Carolina MLS, but is not provided by them
This is a microcosm of the national markets as well- while the trend is down, there are many “up markets” and the Standard and Poor Case Shiller Report cites Charlotte as the best major market in the US.
Clearly the MLS (Days On Market) DOM figures are unreliable at best, but homes are staying on the market, by the averages, longer, and just in the last few months we’ve seen a bit more movement on price-but nothing dramatic. And dramatic changes here are Not (IMHO) coming, check out my reasoning in this post, Charlotte- More Good Years Ahead.
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It is a strong buyers market here in the greater Charlotte area. Thinking about moving to Lake Wylie? Lake Norman? Or 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 2nd homes–and will represent only you.
Related Links
Charlotte Home Search -By Area
June 2008 Home Sales Report
A Waterfront Beauty at Reflection Pointe
Moving To Charlotte? Like a Good Introduction to the Area?
