Mon 18 Aug 2008
Charlotte, NC| Homes for Sale Market Report July 2008">Charlotte, NC| Homes for Sale Market Report July 2008
Posted by admin under Buy A Home
charlotte nc, charlotte homes for sale
Charlotte Home Sales fall 29% from 2007, Prices off 5% from 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
neighbors when evaluating an offer price.
| 2007 | 2008 | Change 07-08 | ||||
| Area | # of Sales | Avg CPSF | # of Sales | Avg CPSF | # of Sales | Avg CPSF |
| Lake Norman | 147 | 167 | 101 | 172 | 31.3% | 2.9% |
| Lake Wylie | 50 | 153 | 33 | 137 | 34% | -10.5% |
| Union County | 330 | 122 | 249 | 123 | 24.6% | .8% |
| Cabarrus County | 255 | 103 | 167 | 97 | 34.5% | -5.8% |
| Iredell County | 211 | 135 | 149 | 129 | 29.4% | -4.4% |
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, thereare 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 OnMarket) 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.
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 agentt specializing in relocations and 2nd homes–and will represent only you.
Related Links
Introduction to Charlotte Video
