Matthews, NC

Do you want to know how the Matthews NC real estate market fared in 2008?

This post will summarize the 2008 real estate sales for the town as a whole plus report on the most active neighborhoods within the Town of Matthews NC. This report covers real estate activity within the Matthews town limits, which are entirely within Mecklenburg County. For a complete understanding of how to search for Matthews NC real estate, read Taking the Confusion out of the Matthews NC Real Estate Search.

2008 Real Estate Market Report for Matthews NC

Single Family Homes

Number of Sales: 208 Price Range: $49,000 to $1,139,000 Average Heated Area: 2311 sf Average Price: $250,788 Average Days on Market: 72

Townhouses and Condos

Number of Sales: 40 Price Range: $106,000 to $360,000 Average Heated Area: 1857 sf Average Price: $253,348 Average Days on Market: 102

Most Active Neighborhoods in Matthews NC 2008

Single Family Neighborhoods

Crestdale Crossing Years Built: 2002-2003

Number of Sales: 14 Price Range: $107,500 to $154,900 Average Heated Area: 1360 sf Average Price: $127,450 Average Days on Market: 46

Schools 2008-09: Matthews Elementary, Crestdale Middle, Butler High

Habersham Years Built: 1992-1993

Number of Sales: 4 Price Range: $146,000 to $174,500 Average Heated Area: 1779 sf Average Price: $157,375 Average Days on Market: 70

Schools 2008-09: Crown Point Elementary, Mint Hill Middle, East Mecklenburg High

The Heathers Years Built: 1987

Number of Sales: 7 Price Range: $127,000 to $217,000 Average Heated Area: 2077 sf Average Price: $180,066 Average Days on Market: 52

Schools 2008-09: Bain Elementary, Mint Hill Middle, Butler High

Southwoods Years Built: 1990-1997

Number of Sales: 5 Price Range: $186,500 to $242,500 Average Heated Area: 2589 sf Average Price: $213,400 Average Days on Market: 47

Schools 2008-09: Crown Point Elementary, Mint Hill Middle, Butler High

Windrow Years Built: 1973-1983

Number of Sales: 10 Price Range: $113,850 to $260,000 Average Heated Area: 2247 sf Average Price: $216,725 Average Days on Market: 68

Schools 2008-09: Bain Elementary, Mint Hill Middle, Butler High

Brightmoor Years Built: 1987-1993

Number of Sales: 17 Price Range: $130,950 to $315,000 Average Heated Area: 2217 sf Average Price: $221,391 Average Days on Market: 57

Schools 2008-09: Matthews Elementary, Crestdale Middle, Butler High

Somersby Years Built: 1984-1986

Number of Sales: 4 Price Range: $199,000 to $237,000 Average Heated Area: 1962 sf Average Price: $223,225 Average Days on Market: 32

Schools 2008-09: Elizabeth Lane Elementary, South Charlotte Middle, Providence High

Wynchase Years Built: 2005-2008

Number of Sales: 11 Price Range: $185,000 to $297,400 Average Heated Area: 2555 sf Average Price: $237,312 Average Days on Market: 139

Schools 2008-09: Crown Point Elementary, Mint Hill Middle, East Mecklenburg High

Thornblade Years Built: 1996-1999

Number of Sales: 10 Price Range: $205,000 to $269,900 Average Heated Area: 2281 sf Average Price: $243,230 Average Days on Market: 80

Schools 2008-09: Matthews Elementary, Crestdale Middle, Butler High

Matthews Estates Years Built: 1997

Number of Sales: 5 Price Range: $202,350 to $338,000 Average Heated Area: 2432 sf Average Price: $255,270 Average Days on Market: 59

Schools 2008-09: Matthews Elementary, Crestdale Middle, Butler High

Ashley Creek Years Built: 1987-1992

Number of Sales: 6 Price Range: $235,000 to $305,000 Average Heated Area: 2465 sf Average Price: $267,666 Average Days on Market: 104

Schools 2008-09: Matthews Elementary, Crestdale Middle, Butler High

Sardis Plantation Years Built: 1987-1995

Number of Sales: 11 Price Range: $210,000 to $315,000 Average Heated Area: 2328 sf Average Price: $268,536 Average Days on Market: 64

Schools 2008-09: Elizabeth Lane Elementary, South Charlotte Middle, Providence High

Coachman Ridge Years Built: 1984-1990

Number of Sales: 7 Price Range: $262,500 to $465,000 Average Heated Area: 3195 sf Average Price: $360,071 Average Days on Market: 105

Schools 2008-09: Elizabeth Lane Elementary, South Charlotte Middle, Providence High

Reverdy Glen Years Built: 2001-2007

Number of Sales: 4 Price Range: $650,000 to $1,196,000 Average Heated Area: 4526 sf Average Price: $855,725 Average Days on Market: 78

Schools 2008-09: Elizabeth Lane, South Charlotte Middle, Providence High

Townhouse/Condo Neighborhoods

Parkview at Matthews Years Built: 2004-2005

Number of Sales: 6 Price Range: $106,000 to $141,000 Average Heated Area: 1808 sf Average Price: $126,166 Average Days on Market: 94

Schools 2008-09: Crown Point Elementary, Mint Hill Middle, East Mecklenburg High

St. Andrews Years Built: 2006-2007

Number of Sales: 28 Price Range: $231,770 to $360,082 Average Heated Area: 1873 sf Average Price: $282,104 Average Days on Market: 105

Schools 2008-09: Matthews Elementary, Crestdale Middle, Butler High

Source: Carolina Regional Realtor Association

Learn more about Matthews NC schools:

School Progress Reports in the Charlotte-Mecklenburg Schools

Want to know more about the Matthews NC real estate market and Matthews NC neighborhoods?

Visit www.CarolinaSmallTownLiving.com.

About the author: Carol Fox of Allen Tate Realtors is a veteran agent who has helped people find the right homes and neighborhoods in Matthews NC for over twenty years.

Copyright 2009. Carol Fox. All rights reserved. "Matthews NC 2008 Real Estate Market Report"

A radon inspection is one of the elements of a complete home inspection and should be considered when you buy a Matthew NC home. The NC Offer to Purchase and Contract form even has standard language providing for a radon inspection and creating a process for requesting mitigation if elevated levels are found.

The truth is that radon is rarely an issue in Matthews NC home inspections. The reason: real estate agents don't emphasize the radon issue so buyers usually don't inspect for it. I just experienced my first elevated radon results from a home inspection in over twenty years of selling real estate in Matthews NC. I learned a lot about radon from the process and hope the story of mitigating radon in this home will help educate you too.

First, some background...

What is radon?

According to the EPA, radon is a radioactive gas that you cannot smell, see or taste. It comes from the decay of uranium in soil and rocks. If it gets trapped within the walls of a home, it can accumulate and cause lung cancer. It can also be found in well water and escape when showers and faucets are in use. The EPA believes that radon is the second leading cause of lung cancer after smoking.

How does the home inspector test for radon?

Most home inspectors will set two canisters at the lowest level of the home to test for radon. The canisters will be left in an undisturbed area for two days and then retrieved for reading. They use two canisters to ensure that both are working correctly. If the results from the two canisters are within 10%, then it is assumed that the reading is accurate. Some inspectors use a machine that will sample radon levels in the home periodically throughout the day. Both methods of testing are considered valid. If the results show radon levels at 4.0 picocuries per liter or higher, then mitigation to bring the levels down is recommended.

Mitigating radon at a Matthews NC area home...

My recent radon experience took place at a brand new home with a finished basement. Set out in the basement, the radon canisters both showed radon levels of 5.0. Andy Penning, a North Carolina certified Radon Mitigation Provider, met the builder and me at the home to discuss mitigation options. What Andy recommended for this home was the installation of a "sub-slab depressurization" system. To install this system, Andy created a hole in the slab in the mechanical room of the basement and installed a perforated four inch PVC pipe under most of the length of the slab to suction the radon out. A vent pipe and a fan were installed to vent the radon to the outdoors. After installation, Andy tested radon levels again in the basement and found that they have been reduced to 2.0.

The photos with this article show the system inside the basement and on the outside of the home. The pipe inside has an indicator showing that the system is working. The fan is located outside and because the radon has to be vented above the roof, the pipe is run through a downspout to conceal it. The fan is very quiet and cannot be heard unless you are standing next to it outside. The system is warranted if Andy checks it once a year much like a termite bond. The cost was less than $2000 for a basement of approximately 3000 sq.ft.

What I have learned...

I will recommend that my real estate buyer clients include radon as part of the inspection process, particularly if they are purchasing a basement home. The home inspector said that he finds radon in about 1 in 6 basement homes that he tests in the Charlotte NC region. Andy Penning discussed several neighborhoods where many homes have elevated radon levels. Radon apparently is more common than thought here and should be a part of the home inspection process.

Related home inspection articles:

Buy a Matthews NC Home: Understanding the Home Inspection Process

Buy a Matthews NC Home: Take a Virtual Home Inspection

Want to Know More About Buying or Selling Real Estate in Matthews NC?

Visit www.CarolinaSmallTownLiving.com.

About the author: Carol Fox of Allen Tate Realtors is a veteran real estate agent who has been helping Matthews NC home buyers for over twenty years.

Copyright 2008. Carol Fox. All rights reserved. "Get a Radon Inspection When You Buy a Matthews NC Home"

Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 4 including:

Charlotte, Matthews. Neighborhoods West of Hwy 74, Indepdendence Blvd. and East of Providence Road including, Grier Heights, Chantilly, Cotswold, Elizabeth, Eastover, Beverly Crest, Sardis Woods, High Timbers, Downtown Matthews, Lansdowne, Providence Plantation, and others.

Data gathered for November 1, 2008 - November 30, 2008

New Active Listings

In November, 127 new single family detached homes were added to the available inventory of Charlotte and Matthews Area 4. As of the date of this blog, this brings the total inventory in Area 4 to 764 single family detached homes. The new inventory was down 33.51% from the month prior and down 24.85% from the prior November.

Pending Homes

Only 41 single family detached homes were placed under contract in Charlotte and Matthews Area 4. This was 20.59% more contracts than in October but down 36.92% from November 2007. When compared to November 2006 and 2005, this November's pending sales were down 66.12% and 66.39% respectively.

Sold Units

Only 35 single family detached homes were closed (sold) in November. This was 23.91% fewer than in October and 50% fewer than closed the November prior. When compared with November 2006, this past November closing were down 73.68%. This increases the supply of homes in Charlotte and Matthews Area 4 to 21.8.

Percentage of the Listing Price Received

According to the CMLS, sellers received 94.5% of their asking price.

Our composite of the same 35 sales revealed that when compared to the original asking price, sellers received 91.13% of their asking price including concessions. Excluding concessions, sellers received 91.65%.

Of the properties listed for sale in Charlotte and Matthews Area 4 that were on the market less than 100 days, those sellers received 93.72% of their original asking price with concessions. Those longer than 100 days received only 93.72%

The bank owned properties were selling at 86.13% of their asking price, while new construction fared slightly better at 86.13%. Owner-occupants received 91.89% while a relocation company did the best at 95.77% of their asking price. All prices included concessions.

Price was also a factor in determining how much a seller received of their asking price. Those properties selling for less than the FHA limit sold at 92.02% of original asking price with concessions and those above sold at 89.42%

Average Days on Market

The average days on market in November was 111. This was 16.84% higher than the month previous month and 50% higher than the November prior.

Average Sold Price

In November, the average sold price in Matthews and Charlotte Area 4 was $351,973. That was down 4.38% from October and 5.6% from the November prior. However, when compared to November 2006, this November's average sold prices were up 11.13%.

Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate

You have scheduled the home inspection for your new Matthews home.

Did you know that you can go on a virtual home inspection to learn more about what the home inspector will look for?

The American Society of Home Inspectors (ASHI) has a great web site that includes a virtual home inspection. Take the tour to better understand the various components of the home inspection.

While you are at the ASHI site, you can review the Home Inspector Code of Ethics, get answers to some frequently asked questions about home inspections, and find links to specialized topics such as septic tanks and lead.

Related Articles:

Buy a Matthews NC Home: Understanding the Home Inspection Process.

Want to know more about buying Matthews NC real estate?

Visit www.CarolinaSmallTownLiving.com.

About the author: Carol Fox of Allen Tate Realtors is a veteran agent who has assisted Matthews NC home buyers for over twenty years.

Copyright 2008. Carol Fox. All rights reserved. "Buy a Matthews NC Home: Take a Virtual Home Inspection"

You are buying a home in Matthews NC. Negotiations with the seller are complete and the home is under contract. You are about to begin the next phase of the home buying process: having the home inspected and negotiating repairs. Unfortunately, for many buyers the home inspection process is more stressful than negotiating the contract. This series of articles will give you an overview of this process and identify resources to help you make educated decisions about your real estate purchase.

What inspection rights do you have in the North Carolina contract?

• You have the right to inspect all permanent improvements to the property. This includes mechanical systems, such as appliances, wiring, plumbing and heating and cooling. It also includes structural components, such as roofing, foundations, fireplaces, windows and doors, crawl spaces and attics.
• You may inspect the water and sewer systems. If the property is on a well and/or a septic system, specialized inspections will need to be done.
• You may inspect the drainage systems around the house.
• You may inspect to see that there is no existing environmental contamination, such as asbestos or lead.

What other inspections are allowed by the North Carolina contract?

• You have the right to get a wood-destroying insect report from a licensed pest control operator.
• You have the right to have the property tested for radon.

What is the timetable for the inspection and repair negotiation process?

• All inspections must be completed within a certain number of days after the Effective Date of the contract. This Repair Notice Date is negotiated between the buyer and seller and generally falls within a 10 to 15 day period. You will be expected to make your repair request in writing by this date.
• The seller must respond in writing to your repair request within a negotiated time period, usually 3 to 5 days after your written repair request.
• You will then have five days to respond in writing to the seller's response.

Does the seller have to make every repair that you request and what rights do you have if he doesn't agree to your request?

• Once the seller receives your written repair request, he can agree to complete the repairs or he can refuse to complete the repairs.
• If the seller refuses to complete any or all of your requested repairs, you have the right to accept the property "as is" or terminate the contract.
• If the seller doesn't respond to your repair request within the negotiated timetable, you have the right to terminate the contract.
• If you don't answer the seller's response within the five day timetable, then it is assumed that you agree with the seller's response and you do not have the right to terminate the contract.

What if the home inspections reveal an a large number of costly defects in the home?

• The North Carolina contract includes a cost of repair contingency that allows you to terminate the contract if a reasonable estimate of the total repairs equals or exceeds a negotiated amount. This amount is typically $3000 or $5000 or possibly 1% or 2% of the contract sales price.
• To exercise this right, you must present your estimate of repairs within 7 days after the Repair Notice Date.
• The cost of termite treatment and radon remediation may not be included in the repair cost estimate.

A thorough understanding of the home inspection process will help you eliminate some of the stress and become a better negotiator when you buy your Matthews NC home.

Want to know more about buying Matthews NC real estate?

Visit www.CarolinaSmallTownLiving.com.

About the author: Carol Fox of Allen Tate Realtors is a veteran agent who has been assisting Matthews home buyers for over twenty years.

Copyright 2008. Carol Fox. All rights reserved. "Buy a Matthews NC Home: Understanding the Home Inspection Process"