Mon 2 Jun 2008
Charlotte Real Estate Market| South Charlotte Home Prices Up in 1st Quarter 2008 ">Charlotte Real Estate Market| South Charlotte Home Prices Up in 1st Quarter 2008
Posted by admin under South Charlotte Real Estate
1st Quarter South Charlotte Home Prices Rise, Demand Remains Strong, Unit Sales and Appreciation by Subdivision
Frequent readers notice I enjoy writing about a number of south
Charlotte Communites- subdivisions with character, charm and
attraction. In the chart below you’ll see the All South Charlotte
Results- with home prices up over 4% this first quarter, even as sales
dipped 29%- and stretching from Myers Park (closest) to Ballantyne,
then, because averages can hide so much, I’ve broken it down by
subdivision, starting with the closest to Charlotte, moving South to
the subdivisions just beyond Rt 485 (our “beltway”) Ballantyne Country
Club and Cady Lake. Compare your favorite to the All South Charlotte
numbers to see how you stack up. If your subdivsion isn’t listed, I’ll
be posting more next week when I get my Google map features figured
out… or send me a shout and I’ll check it for you.
| 2008 | 2007 | % change +/- | |
| South Charlotte- All-# units sold | 454 | 642 | -29.28 |
| Sold Cost Per/SF - Avg$/sf | $171 | $164 | 4.27% |
| Myers Park- # units sold | 30 | 36 | -16.67 |
| Sold Cost/sf in $/sf | $291 | $265 | 9.81 |
| Dilworth - # units | 22 | 26 | -15.38 |
| Sold Cost/sf | $262 | $235 | 11.49 |
| Eastover -# units | 8 | 12 | -33.33 |
| Sold Cost/sf | $281 | $321 | -12.46 |
| Foxcroft- # units | 6 | 6 | 0 |
| Sold Cost/sf | $286 | $314 | -8.92 |
| Stonehaven -# units | 7 | 14 | -50 |
| Sold Cost/sf | $125 | $105 | 19.05 |
| Beverly Crest -# units | 7 | 7 | 0 |
| Sold Cost/sf | $141 | $139 | 1.44 |
| Providence Plantation | 10 | 17 | -41.18 |
| Sold Cost/sf | $143 | $138 | 3.62 |
| Berkeley -# units | 4 | 6 | -33.33 |
| Sold Cost/sf | $132 | $132 | 0 |
| Cady Lake - # units | 1 | 4 | -75 |
| Sold Cost/sf | $125 | $117 | 6.84 |
| Ballantyne Country Club | 10 | 12 | -16.67 |
| Sold Cost/sf | $205 | $184 | 11.41 |
The figures above are taken from data provided by the Carolina MLS.
As such, no private sales are included, and this representation, while
informative in a comparison of one neighborhood to another, has no
bearing on the expected price of a specific house. Within a given
neighborhood, there is a wide variance of “sold cost per foot”, so the
price or value of an individual house is determined by its features,
typically being above or below the “average” represented above.
A few thoughts- with demand down 28%, why do I say demand remains strong? Because thankfully, it has had alm
ost
No affect on prices, and the slowdown, really isn’t that slow, since it
the 29% ( a large number) is off of record setting (very large numbers)
years in 2006 and 2007, so a 29% drop just takes us to above 2004 home
sales levels… not too bad, and most importantly, all who really need to sell have found buyers, and reasonable prices overall.
Research! A client told me recently that this is what he loves about this site- numbers you can not find anywhere else. This is what sets us apart… be sure and tell me what you’d like to see, and tell others of this site. Thanks.
Moving To Charlotte? Considering a Move? Search All Charlotte Homes-BY AREA here, or call me direct at 704-351-1519.
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