Charlotte Real Estate Market Report for 2008
January 3rd, 2009 Categories: About Charlotte, Buy A Charlotte Home, Charlotte Homes for Sale
Charlotte Real Estate 2008: Charlotte Home prices hold up well in 2008 when compared to the rest of the country.
Charlotte led the nation in appreciation in 2007 , and will in all likelihood be in the top 3 for 2008, albeit with modest price declines, according to the Case-Shiller report of 20 major US housing markets. Charlotte home prices have held remarkably stable considering the national trends, (76% higher than the 20 city Case-Shiller index) and the major declines (nearly 30%) in houses sold or unit volume here in Charlotte, NC.
2008 will be remembered as the year the stock market crashed and our financial markets turned upside down in September. Careening from the sub-prime debacle of 2007 to the fall of the Wall Street titans in 2008, losing several major commercial banks along the way, including Charlotte headquartered Wachovia, Charlotte real estate suffered in 2008 like everywhere in the country. Substantially fewer sales, somewhat lower prices, and longer Days on market are normal.
Charlotte Real Estate Market Report 2008
According to the Case Shiller report, Charlotte home prices rose through the spring and early summer, before making very modest drops beginning in August. The September- October 2008 decline of 3.4 was the highest monthly drop, and most of the 4.4% October year to year decline in housing prices.
A look at the Case-Shiller results from around the country, comparing October 2008 to October 2007 (Case-Shiller data is 2 months old) confirms Charlotte’s strong national position. The last column on the right compares the city price decline to the Case-Shiller national composite price decline, and Charlotte is 76.8% better off price wise than the average major American housing market, only Dallas TX has done better, as measured by the Case Shiller Report
| October | October | 20 City | +/- | ||
| City | 2008 | 2007 | % Decrease | Composite | 20 City |
| Charlotte NC | 128 | 134 | 4.4 | 19 | 76.8 |
| Atlanta | 119 | 133 | 10.5 | 19 | 44.6 |
| Detroit | 86 | 108 | 20.4 | 19 | -7.2 |
| Las Vegas | 142 | 208 | 31.7 | 19 | -67 |
| New York City | 190 | 205 | 7.3 | 19 | 61.5 |
| Seattle | 170 | 189 | 10.1 | 19 | 47.1 |
| Dallas | 120 | 124 | 3.2 | 19 | 83 |
Averages like Case Shiller are good at looking at large market trends in home prices over time, our MLS data helps break it down to more manageable numbers and helps us see the Charlotte market a bit more clearly.
| Single Family | ||||||
| Units | Cost | # Sold | Cost per | # Sold | Cost per | |
| Sold | Per Sf | Under 500 | sf | Over 1M | SF | |
| 2008 | 23999 | $107.72 | 22274 | $93.54 | 302 | $269.55 |
| 2007 | 34063 | $113.67 | 31385 | $98.25 | 477 | $272.82 |
| % +/- | -29.5 | -5.2 | -29 | -4.8 | -36.7 | -1.2 |
In 2008, Charlotte sales volume fell 29.5%, while overall prices fell 5.2% in the 15 county area covered by the Carolina MLS comparing the calendar years 2007 and 2008. Homes sales under $500,000 accounted for 92% of the volume in 2008, same as in 2007, and home prices above $1M lost the least at 1.2%
I mentioned earlier average sold prices hide a lot- they do- as some Charlotte neighborhoods had modest price gains, a few had large price declines, and most declined just a bit from their June high. All pricing is local, and before anyone makes an offer on a home, you need to consult your Buyer Agent to find out how the local market around your home of interest is faring- listing prices are not valid indicators anymore than these averages.
Previously, I’ve written why Charlotte home prices have remained so strong, and will continue to be solid, and a key part is that Charlotte homes are still so darned affordable. Reading a friend’s blog from Pasadena California, their average sold home prices fell 12% to $428/sf … Wow.
Charlotte Condo prices did better in 2008 and will be in the next post.
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Top 5 Charlotte Stories from 2008
January 1st, 2009 Categories: About Charlotte, Charlotte News and Politics
Charlotte North Carolina The Big 5 News Stories of 2008
Wachovia- One awful decision
the purchase of Golden West in 2006, brought Wachovia down and forced it into its shotgun wedding with Wells Fargo. “Golden” as it was called had a large branch presence on the West Coast, and a large sub-prime portfolio, Wachovia was able to buy the branches and a $120+Billion dollar loan portfoli for $25B…. seemed like such a deal. One problem, Golden was a huge palayer in the california sub-prime and “pioneered” the worst loan, the ‘oick - a payment”, and, did I mention they were in California? It is estimated that something more than $45B of these loans are non-perfoming and worth only a fraction of their face value. Put on your wedding dress.
Charlotte’s Light Rail Success- Lynx had a great year
The first 9 mile line has been open only a little more than a year and has crushed all ridership expectations by far, even the most optimistic, and became a national story for supporters of mass transit. Ridership has reached 2018 levels and the problems are finding enough parking at the stations. Before you ascribe it to the high cost of gas, the largest increases in ridership occured Before gas prices skyrocketed in the summer. They have since continued.
Barack Obama He made history here in North Carolina too, but his margin of vicotory may have been eeked out here in Mecklenburg County. Mecklenburg has voted blue the last several Pressidential elections (atleast 2) but for the first time in 36 years, North Carolina voted for a Democrat for President. The reliable south is not so reliable for the Republican party any longer. (see #5 below)
Long-Time Mayor Pat McCrory comes close in Governor’s race, won’t seek re-election
Mayor Pat as he liked to be know has served the city of Charlotte well in his 13 years as Mayor of Charlotte. He took the lead on transit and tirelessly advanced it against opposition mostly from his own party, and then did the same building the arena Uptown and bringing the Bobcats to Charlotte. He was not afraid to anger his Republican base, or to anger the Democrats, in his desire to do what he thought best for Charlotte’s future.
In a strongly Democrtic year, he almost upset the heavily favored nad extremely well-financed Governor-elect Bev Perdue (D), taking the election to the wire. After the loss, he annnounced he would not seek another term as Mayor. Time to move on, Thanks Pat for the leadership you have provided. PS I’ll vote for you for Congress.
North Carolina elects a female Governor, and a female Democratic Senator,
Governor Bev Perdue and Senator Kay Hagan. Bev Perdue was the favorite but had to push back a surprisingly strong challenge from Mayor Pat, but Kay Hagan was not. Senator Hagan rose from relative obscurity to defeat the well known and well financed incumbent Elizabeth Dole (R). In a Senaotial seat held by Jesse Helms for decades, then Dole, this Democratic win plus Obama’s narrow statewide victory amounts to a political Titanic for the NC Republican Party.
The last several recessions, Charlotte has not participated. We are in this one, but still the strong, optimistic leadership from the Mayor, the business community, and the people who live her promiseto soften the blows of recession here, providing a brief pause to Charlotte’s growth and contiuned increased influencin state and regional politics.
Atlanta may be the capitol of the New South, But Charlotte’s the heart of the New South.
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The UnSung National Story You Probably Missed for 2008…
This caught my interest- one that many may have missed, but if you or a loved on has had cancer or died from cancer, it looks like the tide has turned in the War on Cancer.
For the first year ever, new cases of cancer, AND people dying of cancer in the United States went DOWN in 2008.
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Charlotte NC Terry’s Introduction to Charlotte, Over 10,000 views You Tube views-#1 for a search Charlotte NC,
About Charlotte NC Charlotte Homes For Sale Charlotte Luxury Homes For Sale First Time Home Buyers
Charlotte Buyer Agents work only for you. 704-351-1519. Like what you are reading? Sign up for RSS, Real Simple Syndication. Create your own newspaper, I strongly recommend the Google Reader. You’ll love it!
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Charlotte Communities #1 On You Tube For Charlotte NC
December 30th, 2008 Categories: About Charlotte, About This Blog
Charlotte Communities You Tube Video, Introduction To Charlotte NC , passed the 10,000 view mark in December and remains #1 on You Tube search results for Charlotte NC.
The fact-filled 4 minute video highlights Charlotte real estate, Charlotte’s changing Uptown, the growing economy in Charlotte and a variety of Charlotte communities in a fast paced video that takes the viewer from Uptown Bank of America Plaza to a speed boat on Lake Wylie. Even though the video is proprietary, local institutions have used links to it to introduce Charlotte to their out of town guests.
Visit You Tube, Search Charlotte NC, and there you’ll find the Introduction to Charlotte video- it is all about living in Charlotte. Or search Charlotte NC Real Estate, or Charlotte North Carolina- all roads lead to the best place to start your Charlotte journey.
The Introduction To Charlotte video was written and directed by Charlotte Communities’ Terry McDonald.
The next place to visit on your Charlotte Journey is right here- the number one site in Charlotte for Charlotte Relocation.
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Charlotte NC What We Know Now at The End of 2008
December 28th, 2008 Categories: About Charlotte, Real Estate News
The holidays– a time to reflect, a time to think, and a few days off from the daily grind of real estate, research and writing…so
What We Know
Charlotte will remain a top real estate market
because of the sustainability features cited before: a strong local economy combined with high affordability. Our affordability ratios have not changed, our economy has suffered some, but not nearly as bad as the rest of the country, and, forward thinking business leaders are working diligently to keep the recession mild;
Interest rates will be at ALL Time LOWS for the next year
Monetary policy is the easiest for the government to manipulate, and a good way to juice economy (ask Alan Greenspan) as long as it is not overdone.
Charlotte Home prices reflect the strong buyers market
Except for the most popular, or the most undervalued, Charlotte home prices have softened in the 2nd half of 2008, in most areas they are around 2004 pricing.
What we think we can see
The economy will remain in recession for much of 2009
it is what it is- even with a strong intervention, it will take a year before we start adding jobs again. Only a strong effective stimulus will prevent a longer recession/depression
There will be a plan to clean up the bad mortgages, and it will get under way in 2009.
Whats up for housing stimulus is unclear, but it is nearly certain a large part of the remaining $300B TARP money will be used to, in some way, re-write, work-out or modify the huge number of predicted 2009 foreclosures, aimed at keeping families in their homes. Alt- A investors/speculators? Maybe some help, but I wouldn’t count on a lot.
A new President and a new Congress will sign into law a major historic economic stimulus plan in January or February,
One that will put Americans back to work, create a new green economy, hopefully save the auto industry, and begin the effort to stem the cost of health care. Hopefully it will also make buying a home easier and cheaper in an effort to stem the national downward spiral of home prices. This should be good for home buyers and home sellers and us Top Agents in Charlotte! 
A review of Charlotte Communities First Year and What’s Up for Us in 2009? Coming Soon.
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Moving to the Charlotte Area? South Charlotte, Waxhaw, Fort Mill Perhaps? Your first Charlotte home?
I am a Charlotte real estate broker specializing in relocations, 2nd homes and first time home buyers–buying and selling
real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Ballantyne to Lake Norman -and Fort Mill SC too. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not, and where the deals are. I think as you read my posts you’ll see that we understand home buyer needs, from a first time home owner to a luxury home purchaser. We are working to make your relocation to the Charlotte area easier, less stressful and help you “buy smart.”
If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry
Related Links
Charlotte Homes For Sale- Map & Community Based, over 20,000 properties for sale!
Fort Mill- First Time Home Buyer Report (maps included!)Fort Mill Homes For Sale- Deep Market Report
Charlotte NC Homes Best Value Under 500K
Fix Housing First-a Housing Stimulus plan of the NAHB
Housing Stimulus by The NAR Proposal for the 2009 housing stimulus by the National Association of Realtors
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