Diane McDermott, Real Estate Broker, Charlotte NC

Olde Providence Market Report 3.4.08

Taking a look at the current market in the Olde Providence neighborhood in South Charlotte, the most active price point is below $300,000, for both Active and Under Contract (pending, conditional, contingent) listings.

One point to note about the Days on Market for the Conditional/Contingent column is that currently there is only one listing in that category so the Days on Market are for that listing only - looking at the Active and Pending columns, that 226 days on market is an exception, not the norm.

The current Olde Providence listings range in size from 1400-2900 square feet, have 3-4 bedrooms, 1.5-3 baths.

For more detailed information on any of the current Olde Providence listings, or for any other South Charlotte neighborhood, we're just an e-mail away.

Diane McDermott
Real Estate Broker, REALTOR®
Diane@southcharlottespecialist.com
704-516-3691
e2 Real Estate Team, Banks Calkins Real Estate Inc.
www.e2realestateteam.com
"Exceeding Expectations"

*Statistics based on data from Carolina Multiple Listing Service Inc. as of 3.4.08. Information deemed reliable but not guaranteed.

Below is the current market report on Active, Under Contract, and Recently Sold listings for the Beverly Crest neighborhood in South Charlotte.

Beverly Crest Market Report - Current Listings 3.4.08

What is interesting is the difference in activity by price range (Listings priced over $350,000 have the majority of Active AND Under Contract listings). There is also a noticeable difference in days on market for Active compared to Under Contract - 84 for active compared with 20 for pending and 26 for Conditional/Contingent.

Taking a look back at February's Closed listing activity:

February Closed Single Family Listings - Beverly Crest

Closed Sales prices in February 2008 ranged from $313,000 - $495,900 for the Beverly Crest neighborhood.

While the days on market average was 84, one of the solds actually only spent 8 days on the market before going under contract, and the other two sold listings were over 100 days...so averages really are just a part of the picture.

Beverly Crest homes sold in February, all had at least 4 bedrooms, and ranged in square footage from 2,242 to 3,082.

For more detailed information on any of the recently sold or currently active Beverly Crest homes, we're only ever an e-mail or call away.

Diane McDermott
Real Estate Broker, REALTOR®
Diane@southcharlottespecialist.com
704-516-3691
e2 Real Estate Team, Banks Calkins Real Estate Inc.
http://www.e2realestateteam.com/
"Exceeding Expectations"

*Statistics based on data from Carolina Multiple Listing Service Inc. as of 3.4.08. Information deemed reliable but not guaranteed.

Real Estate is and always has been a long term investment so if an investment is long term, shouldn't there be a look back at more than one year? If you're going to compare something as long term as average pricing - there needs to be enough data which means more than last year's numbers!!! A year or two isn't enough to get the big picture.

A market report for previous months can absolutely be useful, it gives a recent activity analysis, but it is NOT equivalent to looking back at how that year fits in with the longer term trends meaning years past.

You're not dating real estate, you're marrying it so be prepared for that - sometimes marriage isn't pretty when you're only looking short term!

Many of the market reports comparing recent data to last year leave out a significant piece of the puzzle...look at a snapshot and you won't ever see what's beyond the lens' reach. It's not about how this year compares to last year, it's about how does this year fit in the longer term puzzle...meaning at least several years back?

Charlotte NC is again one of the few cities nationally named as having seen an average price increase last year (Seattle and Portland were the other two). By looking at the Charlotte market history an interesting trend emerges - the appreciation here has been gradual. Since countywide data is averaged, not all neighborhoods or areas have gone up as quickly as others (some even go down for a year or more), but the overall trend for the region is upward.

The average sales price for closed listings in Charlotte and Mecklenburg County in 2007 was $237,600, compared with $166,388 in 1999.


There have also been a lot of reports that sales were slower last year - they were. Prices were up (good for sellers), Inventory's up (good for buyers). So who wins? Anyone looking to buy, and sellers serious about bringing an appealing product to the market.

So let's look at the history. Below are the activity levels for single family homes in Charlotte and Mecklenburg County (includes Charlotte, Huntersville, Davidson, Cornelius, Mint Hill, Matthews, and Pineville) since 1999.
Looking at 2000-2003, inventory was going up and sales weren't keeping pace until really 2004, 2005 and 2006 when the gap narrowed. Now the gap has widened back to right around 2003 with regard to sales relative to inventory.

Just remember that real estate is considered one of, if not THE best long term investment for a reason. When the long term picture comes into view, real estate is much less volatile and a phenomenal investment when you're prepared to hold onto it.

It's also nice to have a home that's your own and not pay for someone else's investment which is what happens when you pay rent. That real estate you rent is an investment to someone and chances are they understand the big picture and value of long term trends. Buying real estate is not for everyone but if it's something you're considering it can be really helpful to look at the long term picture.

Diane McDermott
Real Estate Broker, REALTOR®
Diane@Southcharlottespecialist.com
e2 Real Estate Team, Banks Calkins Real Estate Inc.
www.e2realestateteam.com
"Exceeding Expectations"
*Statistics based on data from Carolina Multiple Listing Service, Inc. single family yearly reports for mls areas 1-9. Information deemed reliable but not guaranteed*

How's Charlotte's real estate market? Everywhere you turn there's talk about "the market", how "the market" is doing, whether it's a "buyer's market" or "seller's market". All of this shares one common theme and that is market activity.

A market is never "good" or "bad". The market just is. It's the application and interpretation of market data with regard to a specific house, neighborhood, area, or specific needs and goals of a given buyer or seller that really gives an insight into how the market applies to a situation.

With all that being said, let's take a look back at Charlotte NC's market activity since January 2007. Below is the monthly history of new listings, under contract listings, and sold listings for single family homes in Mecklenburg County (includes Charlotte, Pineville, Huntersville, Davidson, Cornelius, Mint Hill and Matthews).

Kind of interesting isn't it? The blue bars indicate New Listings, which actually followed a seasonal springtime peak, declined in number through December then took a big jump in January of this year - actually more of a springtime amount of listings than would be expected in January.

Then looking at Under Contract numbers (the red bars), those also followed a seasonal flow, and showed an increase in January of this year. This is the most forward looking indicator - contracts lead to closed sales but it takes some time for the closed data to reflect new contracts.

Finally looking at Solds (the orange bars), that number tends to lag a bit behind the Under Contract number, and also shows a seasonal activity peak but slightly later in the year than the Under Contract numbers.

OK, so what does any of this mean?

Sellers: Sorry to tell you this but your house isn't the only option buyers are looking at.
#1. Know your competition.
#2. Price, condition, the "wow" factor are crucial. If your house doesn't stand out to buyers, they'll move along to the next one.
#3. The listings that are priced well, are move-in ready, and offer buyers updated/neutral/upgraded features are going to sell so take the time to maximize your home's appeal before it's listed.

Buyers: Look at the data - you have options, there's no question.
#1. Right now you have the luxury of having an increase in potential homes that may meet your needs/wants/desires.
#2. However, you also need to remember that the homes priced well, offering appealing features are also going to appeal to other buyers.
#3. Pre-approval is key. Many sellers are now getting much more serious about making sure a buyer is truly qualified, show the sellers you've started the loan application process and you'll become much more attractive to a seller.
#4 This may be the most important - mortgage rates are at incredible levels right now, no one can predict when that will change, this is an awesome time to take advantage of the current mortgage opportunities, and yes they do exist.

One other factor I do feel deserves mention is the buyer pool. There's no easy way to quantify how many serious buyers are currently searching, so what follows is my opinion: Charlotte in recent years has become a popular relocation destination, and therefore Charlotte's buyer pool is actually impacted by other markets. When buyers want to buy in Charlotte but can't sell a home elsewhere, many times they're forced to put a Charlotte purchase on hold - this is (again my opinion) one of the more elusive influences impacting Charlotte's market activity.

It's difficult to drill down to data on how many buyers are dependent on selling elsewhere before buying here, but just from my own experience, it is definitely a factor that impacts our market, even if that impact is indirect and sometimes less obvious.

Diane McDermott
Real Estate Broker, REALTOR®
Diane@southcharlottespecialist.com
704-516-3691
www.e2realestateteam.com
e2 Real Estate Team, Banks Calkins Real Estate Inc.
"Exceeding Expectations"

*Statistics based on data from Carolina Multiple Listing Service Inc. for January 2007-January 2008, mls areas 1-9. Information deemed reliable but not guaranteed*

Neighbors are nosy. There, I said it. It's true and I think it's part of human nature to be curious.

When you're getting ready to put your house on the market, your neighbors will be watching. They'll probably take some of the flyers out by the sign, maybe even stop to chat with you if they see you outside.

They want to know what your list price is, how your home looks inside, what features your house has, what activity you're getting....and how all of that relates to their house!

There's absolutely nothing wrong with this. After all, your neighbors probably aren't hoping you sell your house at rock bottom pricing...that doesn't do their home values any good!

The reason I bring it up is that I think it's a largely untapped resource when putting your house on the market. This is not a post about open houses and their pros/cons. This is about inviting your neighbors in for a look around your house.

You're getting ready to list right? By putting your house on the market you're inviting the buying public in to see it, right? So why not invite your neighbors in too? Don't ignore the neighborhood, if anyone out there has an immediate curiosity when you put your house on the market, it's your neighbors!!!

They see that sign go up in the yard, they've probably driven by your house and have an idea of the curb appeal, style, property layout. And guess what? They just might know someone who's looking to buy in the area.

So, if you're getting ready to put your house on the market, ask your agent about inviting the neighbors in. "Just listed" cards are great but I do think there's something more unique about an actual invitation. You're inviting the public in so why not send a special invite to the neighbors?

A new listing is only hot once, so maximize the exposure and include those who live nearby. If you do decide to have an open house, they're likely to stop by anyway so why not make them feel welcome and let them know they're invited too?