Charlotte Real Estate|June 2008 Real Estate Market Update, Prices Off 5%
July 7th, 2008 Categories: Charlotte Real Estate Market Reports
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.
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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
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Charlotte Monday Real Estate Updates|6-30-2008
June 30th, 2008 Categories: Charlotte Real Estate Market Reports
Charlotte Home Sales UNDER $500,000 still dominate market.
Each week I try and give a brief market summary of the Charlotte Real estate market as reflected through the Carolina a MLS. The last week (6/22/08-6/28/08) results from the MLS:
Sold and Closed Homes (Solds) 598 648 same week in 2007
New Under Contract
Pendings 490 Conditional 143, Contingent 20
Total New Under Contract 1251- slightly behind the Total New listings, but once expireds and withdrawns are accounted for, there will be a net lowering of inventory. These totals are higher than last week, and we still haven’t hit the heaviest closing day of the month, today… I’ve one later today to be counted!
A drill down on the solds for the last week: On the Sold property we know exact sales price and sf’s here, they sold at an average of $110/sf in 88 days. 452 of the solds-
92% of this week’s Charlotte homes sold for Under $500,000,
and there were only 5 Sales and 4 New Pendings in the Over $1M market
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Charlotte NC| Two Home Buying Decisions, Negotiations and Great Deals- Part II
June 28th, 2008 Categories: Buying a new home, Charlotte Real Estate Market Reports, Weddington
Spectacular New Homes In Brookhaven in Union County
Last week I wrote about the re-sale home in Providence Downs, this time I’m writing about the deal we made in popular Brookhaven- a John Wieland neighborhood in Matthews-Weddington, on a new inventory home, with a buyer from Rockville, MD. Definitely a tale of a new home builder doing what it takes to get the house sold– and Union county in general, but Matthews, Weddington and Waxhaw remain very popular.
The house was a popular Windsor, a large 3 floor model aggressively priced at $559K, with and unfinished 3rd floor. (Cost to finish was about 28K with bath) A great price, as many of the similar homes- new and re-sales were in the low 600’s, most with finished 3rd floors. This one had 2 issues- one the builder had corrected already (some of the finishes had been below what was expected) and the other was a somewhat smaller yard, with a bit of a privacy problem. With today’s high inventory, and many choices, these at first glance appeared to be deal killers- but not for long.
I knew the yard size wouldn’t be an issue here- my client was happy with the smaller yard (less to mow) and, as we looked at it more closely, we felt the privacy problem wasn’t a huge one- it was a much bigger problem for the neighbor than for this lot- and it wasn’t horrible, it was something that could be dealt with. So, $559? Liking that much better than $629, our next best, but the 3rd floor wasn’t complete… what would Wieland do?
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Charlotte Real Estate|Updates June 23 2008
June 23rd, 2008 Categories: Charlotte News and Politics, Charlotte Real Estate Market Reports
Charlotte Home Inventory in the MLS is Declining
Good news on the Inventory front as Home Sales + Pendings + Conditionals + Contingents + Withdraws far surpassed the New Listings for the week ending June 22, 2008
In the “Greater” Charlotte area, 12 counties covered by the Carolina MLS, for the period 6/16/08-6/22/08, there were:
515 Sold and closed Homes - Average Cost per Square foot was $114
563 Pendings , 124 Conditionals and 33 Contingent
So a total of 693 new Sales in the last week, over 1200 homes subtracted from the 22K +/- Homes for Sale. Remember, this represents re-sales and only counts about 1/3 of the new Home Sales, as many New Homes are sold but not listed in the MLS. (Builders will frequently just “List” their models to get people out) Only 33 were “Contingent” sales, 2.75% of the MLS activity, (demonstrating that the Contingent sale is all but DEAD in Charlotte, something I’ve been telling clients for over a year. Add to it last months decline in Charlotte foreclosures and I’m starting to be encouraged… maybe…
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Two major downtown condo projects are having difficulties- Speculation has the Park entering foreclosure in the next 60 days,(no apparent work for 60 days) and Ghazi and Flaherty Constucruction are entangled in law suits over the Epicenter stalling construction and fighting it out in court. Suits, counter suits and numerous liens have been filed, Flaherty claims the foundations for the 55 story tower are Not as promised… the future is unclear.
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A quick look at Beverly Crest Sales and Appreciation, I ran these figures this morning. In 2007, the sold average cost per square foot for the prior month (5/21-6/22) was $142/sf , and in 2008? Same period, $147/sf, or an increase of 3.5%… demonstrating again the blue chip value of in-close locations.
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As you can see it is a strong buyers market here in the greater Charlotte area.Thinking about moving to Charlotte, Lake Norman, or Waxhaw? To South 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 will represent only you. You can also search the entire MLS, by area with the first link below.
Related Links
Home Prices Rise in South Charlotte in First Quarter of 2008
Homes For Sale Report: Berkeley, Providence Arbours, and Providence Country Club
Southpark Charlotte Homes for Sale- Foxcroft, Morrocroft, Barclay Downs
Homes for Sale Report: Beverly Crest, Providence Plantation, and Raintree
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