Dave diCecco

NoDa or also known as the Arts District is a suburb of uptown Charlotte. Conveniently located 2 miles from uptown it is home to art galleries and various southern cuisine restaurants. People love living here for the old world charm it still has. An old textile mill area of is a thriving area of Charlotte. Below is the market trends over the past three years for the area from November 1st to october 31st.

3 years ago there were 43 homes that sold for an average sale price of $242,541. They were on the market for an average of 62 days.

2 years ago there was 24 homes that sold for an average of $235,046. They were on the market for an average of 161 days.

Last year there was 30 homes that sold for an average of $183,117. They were on the market for an average of 113 days.

Currently there are 31 homes actively on the market for an average asking price of $250,258. They have been on the market for an average of 182 days.

There are also 7 homes under contract. These homes have not closed yet. They have an average asking price of $277,000 and were on the market for an average of 191 days.

Based on the current market conditions inventory levels are still high in this area. A six month supply of inventory is considered to be a blanced market. Currently there is a little over a year supply. this bodes well for buyers in this area right now.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Everyday it seems somewhere in the news the stories are out there about how bad the housing market is and that foreclosures are toppling the market. Being in the business everyday someone is asking me if the market is getting better or worse....

One indication of home prices seems to be the amount of homes that are in the foreclosure process. This means homes that the banks have begun the foreclosure process on. not all of these people will foreclosure on their homes. Some will work out a modification of their existing loan, others will short sale their homes and unfortunately some will lose their homes to foreclosure.

But, nationally as well as in Charlotte north Carolina the trend of foreclosure filings is down. Nationally year to year it is down 23%. In Charlotte the amount of filings are down 34% from last year. What does all that mean?

Well less people are falling behind on their mortgage payments this year than last year for one. A good sign that the economy and the housing market can start to climb. The fact remains is that we will have foreclosures. it is an inevitable part of our business....Trying t minimize the amount can go a long way to stabilizing the housing market and the economy as a whole.

despite all the gloom of foreclosures out there North Carolina ranks 34th in terms of foreclosed homes. The press has done a great job of making this sound worse than it really is.... With the economy in question and a presidential election around the corner painting a gloomy forecast does well for ratings. But the reality is that the less foreclosures out there means that the "great deals" out there are going to be harder to come by....

I have written in earlier blogs that inventory levels are at record low levels, couple that with fewer foreclosure filings, and historic low interest rates and you have a great mix for buyers to get a low payment on a house and for sellers to sell their homes right now.....

Dave diCecco
Realtor/Broker
www.davedicecco.com

NoDa or also known as the Arts District is a suburb of uptown Charlotte. Conveniently located 2 miles from uptown it is home to art galleries and various southern cuisine restaurants. People love living here for the old world charm it still has. An old textile mill area of is a thriving area of Charlotte. Below is the market trends over the past three years for the area from October 1st to September 30th.

3 years ago there were 45 homes that sold for an average sale price of $242,226. They were on the market for an average of 63 days.

2 years ago there was 23 homes that sold for an average of $239,226. They were on the market for an average of 161 days.

Last year there was 27 homes that sold for an average of $185,158. They were on the market for an average of 113 days.

Currently there are 29 homes actively on the market for an average asking price of $258,883. They have been on the market for an average of 188 days.

There are also 7 homes under contract. These homes have not closed yet. They have an average asking price of $258,000 and were on the market for an average of 125 days.

Based on the current market conditions inventory levels are still high in this area. A six month supply of inventory is considered to be a blanced market. Currently there is a little over a year supply. this bodes well for buyers in this area right now.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Crestdale Crossing is a quaint 110 single family home subdivision located in Matthews, NC. 28105 just outside of the center of town. This quiet community was built in 2002-2003. It's families love the location to the highways, the great schools and family like atmosphere with children playing in the park or riding bikes through the cul de sac's.

Below are the market trends for Crestdale Crossing for the past three years. This will give you a good idea of how the housing has trended in there. These numbers are from October1st through September 30th.

3 years ago there were 3 homes that sold for an average sale price of $109,333. They were on the market for an average of 13 days.

2 years ago there were 6 homes that sold for an average sale price of $121,625. They were on the market for an average of 63 days.

Last year there were 5 homes that sold for an average sale price of $92,120. They were on the market for an average of 70 days.

Currently there are 2 active homes on the market for an average sale price of $88,450. In addition there are 3 homes under contract that had an average asking price of $87,567. They were on the market for an average of 131 days.

Based on the current trends in Crestdale Crossing the inventory levels make it for a balanced market that favors neither the seller or the buyer.

Dave diCecco
Realtor/Broker
www.davedicecco.com

Housing inventory is a good indicator of the housing market. generally this time of the year there is less inventory than the spring and the summer because people do not want their homes showed during the holiday's. However; the trend of available inventory has even the skeptics scratching their heads right now.

There is a large consensus that the housing market did not begin it's crash until 2008. Prior to that we were in what they called a housing boom. During the time to available homes for sale in Charlotte, NC hovered between 7,000 to 8,000 homes on average for sale during any given month. With the amount of people out looking it was not easy to find a good deal and think about it...if you did that chances are you would have lost out on the house.

Well, I like to look at numbers and I crunch them all day everyday trying to get a home priced right to list and help a buyer get a good fair deal on the buying side. One number I have been tracking that seemed to me to defy what I heard on the news was the inventory levels of homes available in Charlotte, NC.

During the peak of the housing crash we were hovering around 10,000 homes available for sale. that was an increase of over 30% from the best days.... Thus the collapse and with it the housing prices have dropped with it. Thus making it a buyer's market.

However; a trend seems to be happening (mostly in the past year). Housing inventory has decreased dramatically. In the last twelve months through September 2011 the available housing inventory has dropped by 16.8% to an average of 7442 homes for sale....

This trend downwards is a positive sign for the housing market... there are pessimists that will say it is a true indication...But do numbers lie?

Dave diCecco
Realtor/Broker
www.davedicecco.com