February 2010 Charlotte Real Estate Market Update: Northeast Charlotte, Cornelius, Davidson, and Huntersville

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 1 including:

Charlotte, Cornelius, Davidson, and Huntersville Neighborhoods East of I-77, North of N. Tryon Street, West of Cabarrus County, and South of Iredell County including the neighborhoods of Davis Lake, Highland Creek, Vermillion, Heritage Green, River Run, Skybrook, Northstone, Cambridge Grove, and others.

Map of all the neighborhoods covered in Area 1

Data gathered for February 1 2010 - February 28, 2010

New Listings: 388

In comparison to: +18.29% January | +18.29% 2009 | -7.84% 2008 | -7.62% 2007 | -4.43% 2006 | -4.90% 2005

Pending Listings: 130

In comparison to: +11.11% January | +4.84% 2009 | -36.27% 2008 | -58.06% 2007 | -53.24% 2006 | -50.76% 2005

Sold Listings: 84

In comparison to: +25.37% January | +6.33% 2009 | -41.26% 2008 | -59.02% 2007 | -57.14% 2006 | -53.85% 2005

Average Sold Price: $176,621

In comparison to: -3.68% January | -8.88% 2009 | -20.99% 2008 | -11.89% 2007 | -10.82% 2006 | -2.89% 2005

Average Days on Market: 98

In comparison to: -5.77% January | -16.95% 2009 | +12.64% 2008 | +11.36% 2007 | +12.64% 2006 | -7.55% 2005

Average Seller Concession: 55% of the sales in area 1 offered the buyer a concession averaging $3,799.

Average Price Per Square Foot: Sales in the month of February closed at an average of $79.21 per sq. ft, with the highest sale occurring in Old Davidson at $169.94 per sq. ft.

Original Listing Price to Sold Price: Sellers received 92.05% of their original listed price in February (90.81% when concessions are subtracted from the final sales price). Of the homes that sold in less than 90 days, sellers received 92.93% of their asking price while the sellers of the homes on the market for more than 90 days received only 90.61%.

Market Analysis and Advice for Buyers and Sellers in North Charlotte, Huntersville, Cornelius, and Davidson

2009's Fourth quarter sales rally ended in January with pending sales and closed units both down over January 2008 12.69% and 18.29% respectively. This isn't much of a suprise as December is usually one of the busiest months for real estate sales in the Charlotte area, resulting in January and February being two of the worst. In a turn of events, February proved to be a continuation of the fourth quarter rally with new listings, pending sales, and closings all up over February 2009.

While average sales peaked in September 2008 and have since declined 23.7%, average prices since September 2009 have remained relatively flat.

Homeowners in this part of Mecklenburg county who are considering selling their home this spring should keep a few things in mind:

• While the average closed sales price is starting to trend level out, there still remains a 14.7 month supply of single family homes on the market
• 44% of the closed sales in this part of Mecklenburg were distressed real estate (bank-owned, pre-foreclosure, HUD, short sale) or involved in a corporate relocation.

With that in mind, sellers will need to continue to price their home aggressively and promote their home's value in order for the buyers to ignore the distressed competition.
Charlotte NC Homes For Sale