Charlotte NC Homes - Madison Park Market Activity 5.12.08

Since real estate is local it's helpful to compare activity on a localized basis. When considering buying or selling a home, it doesn't matter what an area across town is doing as far as sales activity. The relevant sales are in the same neighborhood.

Madison Park is a neighborhood of single family homes located between South Blvd and Park Rd, convenient to Uptown Charlotte, the new Light rail line and just minutes from South Park. Homes were built in the 1950's and 1960's.

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Madison Park Activity Report 5.12.08

There is a wide variety of price points within Madison Park. Homes below the $200,000 threshold may need cosmetic work or updating and are sometimes located on busier streets, but the neighborhood offers options for buyers in multiple price ranges. The most active price points for listings under contract are under $300,00.
The current days on market averages are in a pretty close range for all current listings, ranging from just under to slightly more than 2 months.

For the month of April 2008, the closed listing data for Madison Park is below:

Comparing this year's activity to the same timeframe in 2007:

The biggest difference showed up in March of 2008, with a drop of 7 closed listings compared to March 2007, however each of the other months have been above or just below last year's activity pace. Average days on market have increased slightly, inching up toward the two month mark. Average sold prices have increased by 9.8% and the listings that sell are still bringing prices very close to list price at 97%.

Price, condition, features and updates continue to be key in appealing to the buyers who are still proving that Madison Park is a popular South Charlotte neighborhood.




*Statistics based on data from Carolina Multiple Listing Service Inc as of 5.12.08. Information deemed reliable but not guaranteed.