Charlotte Home Prices fall 4%, Units sold off 26% in May 2008 on single family homes.

Demand, or units sold, was off 26% and prices fell 4% when comparing the Sold Cost per square foot prices of MLS sales in May 2008 versus May 2007, proving that after 6 months of double digit declines in demand Charlotte is not immune to the law of supply and demand as sellers are meeting buyer expectations and lowering their prices.

The average cost per square foot for homes sold in north Charlotte in May 2008 was 113/sf, versus $154/sf in South Charlotte. The price decline appears to be spread relatively evenly geographically, as northern Charlotte home prices (includes the Lake Norman area) fell 5.4% and South Charlotte home prices fell 6%. However, Charlotte home prices still remain well above 2006 levels.

More than 2,900 properties sold last month in total, so there is a solid market responding to weakening demand.

I take all of my numbers from the Carolina MLS (they don't provide the summary- just data) where Case-Shiller uses a different, and more precise method and they still report Charlotte housing market as rising in price through March (less than 1%)

What does this mean to home Buyers and Sellers? It means if you are a Seller, this is not a "move up" year... Only put your home on the market because you have to: a job transfer or job loss, leaving the area, death in the family etc. Otherwise you would be better off to wait; I expect a substantial price uptick in 2009. For Buyers- know this- we never had the large run up of prices that many markets did, so there isn't the massive paper equity other markets had, so there will not be any large price drops here- we have already proven this as home prices began dropping in earnest across the country in 2006.. and then you have to check out today's interest rates. If you wait until the market has turned the corner, you'll be facing stiffer mortgage rates- Rising rates go hand in hand with a growing economy. Buy now, but buy at a discount to protect yourself, and lock in that low rate.

I 'll be comparing various communities and neighborhoods to see how they fared in May in coming posts.

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Moving to Charlotte? Considering a Move? Call me, Terry, about these or any other homes in the greater Charlotte area at 704-351-1519 or Search All Charlotte Homes- By Area , for that perfect home in Charlotte.

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http://www.charlotterealestatehomesandcondos.com/0037EA

Strong Charlotte Real Estate Values Hold Up Well

Did you see last weeks Case- Shiller Report? For the 3rd month in a row, Charlotte is the ONLY market of 20 leading markets in the country with Rising prices... before we get too excited lets note that it is less than a 1% increase-- but still, the national market price index dropped 14% for the same month. Bad news if you have to sell your home to get here.
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Baxter Village in Ft Mill announced it's 1000 th home closing since it began in 1999 .This "city within a city" is extremely convenient just off I 77 in nearby Ft Mill-

and of course has the ridiculously low SC property taxes and a great walking community plan designed to improve on the popular Birkdale live -work-walk concept. This is from their website: "Baxter Village... Where forgotten pleasures of small town life frame your existence. Located in historic Fort Mill, S.C. Beautiful townhomes starting in the low 200's and single family homes from 300 - 500's."

Remember... All the best deals are in new home inventory. Buy inventory at a discount!

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May Charlotte Real Estate Market Reports will be out next week- the most up to date market information on Charlotte Real Estate- they will be interesting as they compare the Cost per SF of sold homes from May 2007 to May 2008....

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Moving To Charlotte? Considering a Move? Please don't hesitate to give me, Terry, a call at 704-351-1519 or, to search for homes online, try my easy to use site Search the Charlotte MLS-By Area

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National Real Estate Report Demonstrates Charlotte's Market Strength and Value

Fannie Mae released what many consider the most comprehensive national "sales report" a few weeks ago on the nations housing. While the headline was NOT good, and the nation is faced with a housing depression the likes of which may not have been seen for 50 years, Charlotte and a handful of cities fared well. 2 years into the nation wide housing decline, Charlotte had a 6% increase in prices year over year through March, though it fell off in April to 1.5%. Still positive, and still not bad at all. I remind myself daily how fortunate I am be in Real Estate in Charlotte, NC!

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Home Sales notes from the Charlotte Carolina MLS

In the last month, 2,653 single family homes were closed (sold) in the "greater" Charlotte area covered by the MLS

36 Waterfront homes closed

32 Homes on the Golf Course closed

The most expensive listing in the MLS? $10,500,000 for an estate on Upper Lake Norman,

in Sherrills Ford-- here is the description:

One of the southeast's most spectacular private gated estate properties. 200 yr old farmhouse totally updated with adjacent poolhouse on rolling 100 +/- waterfront acres. Two private coves, fully functioning horse farm, 3 private ponds, helo pad, racquetball court, par 3 & chipping green, dramatic gated entrance, Wine grotto adjacent to pond. Third private home on site, extraordinary property

So yes, I can represent you on the purchase of this property. Call me! :)

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Moving to Charlotte? Considering a Move? Call me, Terry, about these or any other homes in the greater Charlotte area at 704-351-1519 or Search All Charlotte Homes-By Area , for that perfect home in Charlotte.

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Charlotte Home Prices Increase 2.3% in 2007

In the face of a deepening national crisis in housing, Charlotte NC home prices led the country in home price appreciation in 2007 with average home prices increasing 2.3%, followed by Portland at 1.2% and Seattle at .5%.  The other 17 markets tracked by Case Shiller for Standard and Poors, fell dramatically,  with Miami, Las  Vegas and Phoenix "leading" in price drops in the mid teens for December 2007. The overall market showed a 9.8% decrease in housing prices in the 4th quarter of 2007.

As it has through all of 2007 and 2006, the Charlotte real estate market has bucked the national trends. Our modest 2007 price increase was in the face of a 13% drop in demand, as we sold 13% fewer homes and condos... and prices in Charlotte still went UP. 

I think there are 3 reason for this:

1st is the city's overall affordability: by any index, Charlotte is one of the most affordable major metropolitan areas in the nation. Housing prices? Yes. Insurance costs? Yes. Taxes? Yes. Our home prices never ran up the way some did in the lat 1990's and early part of this decade- just steady appreciation, year in year out.

2nd-What do Portland, Seattle and Charlotte have in common? Robust local economies that are adding jobs faster than the nation's anemic job growth. Housing economists know that job creation increases housing demand-- the rule of thumb, for every 2 jobs created, you'll need one house.

3rd- The steady influx of new people into Charlotte. The Chamber calculates 80,000 people will move to Charlotte in 2008...this on top of the 80,000 that came in 2006.

So, despite the doom and gloom, despite a slowing market, our home values in Charlotte remain strong. Even in the face of a 30% decline in the number of sales in February 2008 vs 2007, it still means 7 out of 10 homes sold. So if you are going to put your home on the market, resolve that it be one of the 7!  Make sure it is in tip top condition, price it right, and use a qualified tech savvy Realtor to list your home.

Considering buying or selling a home in Charlotte? You may Search All Charlotte Homes here, or Call me direct at 704-351-1519.

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Choosing a Buyer Agent

 

http://www.charlotterealestatehomesandcondos.com/002A80

Yes I've accepted them in the past. No, I can't accept them in the future. Why? Well you have to ask, who am I representing? I'm representing Buyers. If a Seller is paying me a bonus, what is he paying a bonus for? In other words, what's his motivation? And if its OK to accept a small bonus, when is that bonus too big? I wrote this post about a $50,000 Buyer Agent bonus last month that just put me over the edge. Then the article in today's Observer. Thought they could be abused, and they were. Now let me point out right away I have never sold a home because of a bonus. I never wanted to hear a customer say you sold me this home because of the bonus. In almost every case I disclosed the bonus. But not every case. And it did adjust the playing field once-- a Centex home with a 10K bonus worked its way onto the View list. I remember selecting it for the View list along with about 10 others, out of 30 or so... The buyers bought this house, not at my suggestion, but inspite of a lot of things. The bonus was nice, I could justify it because Centex dropped the price to my buyer by 35K or so-- but still, how much do my customers have to pay for my services? And they did pay for the enire commision, within the sales price of the home, didn't they? Anyone doubt I could have negotiated a 10k price reduction giving up the bonus? So- if there is a Buyer Agent Bonus what will we do? Pay it to our buyers, either in reduced sales price or rebate. There can be no other answer- because even a small bonus may distort the playing field. We either represent the Buyer's interests alone, or we represent someone else. I choose the Buyer.

http://www.charlotterealestatehomesandcondos.com/002164