Statistics for 2007 and the 1st Six months of 2008 in most of Mecklenburg County
2007 (entire year) Number of homes sold.......14,360 Number of new listings.......25,733 Average Listing Price.........$293,859 Average Sale Price............$247,693 Selling Price percentage of Listing Price....97.81% Average Days on the Market.......68 Average Price Appreciation between 2006 and 2007 .6.65%
2008 (First half) Number of homes sold.......5,101 Number of new listings.......13,578 Average Listing Price.........$299,176 Average Sale Price............$246,652 Selling Price percentage of Listing Price....95.74% Average Days on the Market.......81 Average Price Appreciation between the 2007 and the first half of 2008 . - 0.42% This is almost back to the average price at the end of 2007. The ratio between the number of new listings and the number of solds has also increased to 37.57%.
Source: Charlotte Regional REALTOR Assoc.
While the Charlotte market has spent most of 2007 as a Seller's Market, it, as usual, slowed down as fall progressed. The concerns over a recession and the economic problems since December 2007 have definitely put the Charlotte Metrolina market back into a Buyer's Market. There are more properties coming on the market and a smaller percentage of them selling. While the average list price is up the average sale price for the houses that are selling is down by about 0.42% compared with the average sale price at the end of 2007. This has improved since the figures from the end of May.
I, personally am experiencing an increase in people relocating from other states. Talking with other agents, it seems that most all of us are getting busier with buyers. But let me not that the market in the last half of an election year is always down.
There is a misconception that the drop in the prime will cause the mortgage rates to drop also. This is unfortunately untrue. What has caused the mortgage rates to drop is the drop in the stock market and the rise in the bonds market. With the stock market coming back the interest rates will begin to climb again. Banks can now borrow money more cheaply, but they do not seem likely to pass that savings on to the consumer due to their other problems. The subprime lending market has almost disappeared which will cut back some buyers chances of getting a loan, but it has increased the number of investors looking to put their capital into real estate. The reports that the Charlotte area is one of the best buys as well as most stable buys is increasing calls from out of town investors.
Hopefully, the better report for the last 2 months will continue. The Charlotte Metrolina market came back from a low in 2002 when the price appreciation was only about 1% and only slightly over 1/2 of the houses on the market sold. The increase in the average house price between 2004 yearly statistics and 2005 yearly statistics was 3.23% and the increase in the average house price between 2005 statistics and 2006 statistics was 4.80%. This same figure in 2007 showed an increase of 6.65%. Hopefully we will pull out of the negative appreciation so far in 2008 to a positive in the next couple of months.
Approximate Location Boundaries: All of Mecklenburg County
Location Characteristics: Take some quiet southern charm, mix it with big city entertainment, toss in an abundance of beautiful tall trees and offer it up with a cost of living 3% BELOW the national average and median household income 11.8% ABOVE. Now know the ingredients for a great place to live and work, and understand why Charlotte is the number one choice of visitors to North Carolina.
Despite its high national profile, the Charlotte area still has homes with prices more typical of small rural towns. According to the National Association of Realtors, the median home price in Charlotte of $169,400 is about 10% below the national average. (These figures are from earlier 2006 and may have differ slightly to the present.)
About Sara Rich:
I spent most of my life as a teacher. This gives me skills in communication and patience. I decided when my children were in high school that I wanted to try something new, and because I have always loved houses, real estate seemed the logical choice. I really love serving my clients and helping them solve their real estate needs. After working for several years with a large local company, I began to feel that I could serve my clients better by opening my own company. The premise upon which Rich Properties is built is that great service makes clients want to refer their friends and family. We desire to be a referral-based company. As I add new agents, I dedicate myself to choosing REALTORS who share this view of service.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
