As dramatic as this is, it isn't the 20% reported by the Charlotte Observer, which included townhouses and condos, and appears to include the much wider CMLS area. (Odd, I would have thought those additions would lower their numbers.)
I pull my stats from the same Carolina MLS, but I limit it to the 9 counties closest to Charlotte, see those details below. My figures show average home prices falling 8.4% from October 2008 to October 2009.
I've already reported regionally on October's home sold numbers here at Weddington-Waxhaw Homes Sold and at South Charlotte Homes Sold I'll look at Lake Norman and other areas next week.
Lets dig in and look at the First Home buyer and Luxury Home market, compare it with the Total Market.
In 2008, there were 1221 homes sold, and in 2009, 1450 homes sold, representing an 18.75% increase, 50% higher than the total market increase, reflecting first home buyer tax credits perhaps? Interestingly home prices fell only 1.36% in this market, to an average $76.68per sf
In 2008, there were 117 Charlotte homes sold over $500,000, and in 2009, it was 115, representing a 1.71% decrease in sales, or 118% Worse than the market average reported above. Home prices in the Over $500K category fell 16% year over year to an average square foot cost of $160/sf in 2009.
The 115 Homes sold over $500K in October is 33% less than sold in October 2007, and 45% less than the peak year of 2006- not coincedental are reports that 2006 was the peak year nationally for "junk" loans.
So, while Charlotte October home sales in the "first home" category Under $250,000 have done very well, the luxury home market, over $500K, remains almost in a train wreck.
Related Posts
Charlotte's Over $1M Market-Bubblisicous
Charlotte Homes Sold Over $1M- A Market Report
Matthews Homes Sold- a Real Estate Market Report
All data is derived from the Carolina MLS, but all figures reported are mine. The Stats come from the following counties and areas within the CMLS: Mecklenburg, Union, Cabarrus, Stanley, Iredell, Catawba, Gaston, Lincoln, the top half of York, and all the MLS areas of Lake Wylie, Lake Norman, and Mt Island Lake.
:::::::::::::::::::::::::::::::::::
Smart buyer's with good information, and a good Buyer agent, Make GREAT deals happen! Call me today, 704-351-1519 to get you started, or signup in our Search for Charlotte Homes- don't worry, no one will bother you and no spam, guaranteed.
If you like this post, why not Digg it? Delicious perhaps?
Union County Real Estate Market Report- October 1-October 31,2009There were 51 Homes sold in Waxhaw, at an average price of $395,148, on an average 3639 sf, or an average of $108/sf at a reported average of 98 Days on Market. In 2008, there were 38 home sales, at an average of $366,874, at an average sf of3373, at not quite $109/sf. So the market is holding steady '08 to '09.
At the end of October there were 572 homes for sale in Waxhaw. The average monthly Waxhaw home sales is 57 (Since June) which equates to about a rought 10 month supply of homes. certainly a strong buyers market, but not grotesque!
There were 7 homes sold in Weddington, at an average price of $713,214 on 5,118 sf, or an average of $139.00/sf, at a reported average of 187 Days on market. In 2008, there were 6 Weddington homes sold, at an average of $574,221, on 3,964 square feet, or $144/sf, and a reported Days on market of 94.
There were 122 Weddington Homes for Sale as of 10/31/2009. The average monthly sales- based on monthly sales since June, is 6.6, reflecting an 18 month supply of homes- bascially a buyers dream.
What accounts for this turn around--for decades Weddington led the way, now there is a strong bias in favor of Waxhaw, why?
The main artery to Weddington is Providence Road, and the expansion is nearing completion, but for the last 3 years Weddington has been nearly inaccessible.
In the areas of 10-1, 10-2 and 10-3- the Weddington-Waxhaw-Marvin-Wesley Chapel area, there were a total of 131 homes sold.
Assuming a "First home balance"* sales price of $230,000- , there were 58 first home buyers in 2009, or 44% of the market. This compares with 34 home sales a year earlier, suggesting a dominant role in first home buyers in 2009- the tax credits at work .
*First Home Balance" sales price is an assumption based on the reality that there is no way to determine in real time who is a first time home buyer- but we know it is some percentage of our market. The "balance" works this way: take a home sales price number and assume that the number of homes sold, that were Not first home buyers, is offset by the people Above the sales price who WERE first home buyers. So when we "balance" the price at $230,000 for statistical analysis, we aren't saying all first home buyers bought below $230,0000 but that this quantity of sales is the balanced number we will uses to compare year to year, in this geographic area.
Related Posts
South Charlotte -October Market Snapshot
Charlotte NC Homes- Bubbilicious-The Over $1M Market
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Remember, to qualify for the $500 Gift card, give us a call first-704-351-1519- we'll often get the right agent on the phone right then... and get you started. Sign up here for your Fast Start Guide to Buying Your First Home
Learn more about the McDonald Team
But Time Is Running Out! WAIT- not any more, First home buyer tax credits are extended!!!
--and as you can see they are REAL MONEY! Special thanks to client and first time Charlotte home buyer Liana M- happily living in her Ballantyne area townhome. ::::::::::::::::::::::::::::::::
First Home buyers- The McDonald Team offers a $500 Gift card to (your choice) Ikea, Pottery Barn, Crate and Barrel or Lowe's, but you must give us a call first-704-351-1519- we'll often get the right agent on the phone right then... new home or re-sale, and get you started.
Sign up here for your Fast Start Guide to Buying Your First Home
Related Posts
Avoiding Sand Traps and Land Mines-Why Buyer Agency Makes Sense
Buying Your First Home? Learn more about the McDonald Team and First Home Buyers.
We know there is a lot of inventory- 54 months according to my last post based on the first 9 months sales of this year... an almost 5 year supply of homes. Does the word sub-prime, or Pick-A-Pay mean anything to you? Or my preferred term, Junk Financing? Looking back, way back all the way to 2001, I charted the growth of the Over$1M market in the Carolina MLS. It is important to note, the slow but steady growth from 2001-2003, and then the sharp rise in 2004-61%, or an additional 82 homes. Thes 82 new 1M homeowners represent 24% of all 
the over $1m homes sold in 2001-2003. So what happened in Charlotte to account for this massive influx of new money - 82 homes to be precise... Did we bring a corporate headquarters here that year of significance? A NFL franchise perhaps? What would account for not just the 133 home sales of 2003, but another 83 or215 in 2004? What if I told you that Over $1M home sales jumped another 50% in 2005, and another 35% in 2006? Check out the chart, and see if you can answer that question we heard so often: "Where were all these people coming from who can afford these Million dollar homes?" In the peak year, 2007, 477 over $1M homes were sold. That is the equivalent of all the homes sold in 2001, plus 2002,2003, and most of 2004. Whaaat? Those of us who lived here know there is no explanation for this kind of increase in demand. Job growth was good from 2001-2203, and from 2004-2008 and that produced healthy increase in demand for housing, but not this good.
This is about greed, our insatiable desire to have everything NOW, and junk loans. Junk loans that created a false demand, or a bubble, and now, as many of these mortgage reset, are going to produce foreclosures at record levels in the next 3 years.
Since the junk loans are no longer available, and most of those loans reset in 3-5 years, demand is quickly falling to pre-junk levels, and foreclosures will mount as sales won't break 200 in 2009. And in 2010? I'm predicting about 150, and inventory still at 5 year levels. It is going to get worse before it gets better.tm
::::::::::::::::::::::::::::::::::::::::::::::::::::
Is it safe to buy a home here in Charlotte? Yes- with conditions. Buy for the long term, buy in a blue chip neighborhood, and buy it cheap- We can help. We help with home finding, we do the research, and we take your lead in the negotiations.. 704-351-1519 Custom Homes in Stonecroft- Southpark area Over $1M Homes Sales Market Report
Everyone is familiar with the national brouhaha behind The Economic Recovery Act, aka the stimulus plan... Is it possible that, at the State level, the funds could have been politically hijacked, and sent to primarily rural political strongholds in the state? It is possible that the rural interests gain once again at the expense of the cities that pay the state's bills?
The Stimulus invested $563,065, 282 in North Carolina, and of that $512,689,234 is "Under Contract", or allocated presumably with "shovel-ready " projects and contractors from around the state. Much of this data comes from ProPublica*
North Carolina, 10th largest state in the nation, was treated fairly by the Federal Government. It has received the 9th largest State Stimulus Check at $563,065,282.
Since the Charlotte area is, by far, the largest county by population in NC , the largest contributor to state GDP, it is logical to assume we are receiving the largest amount for stimulus funding, right? No, not exactly. Surely it is Raleigh? No, not Raleigh either.RDU? Guess again...
Congressional District 5, Virgina Foxx (R) andSenarotr Burr's former District... Have a look for your self: The rest of the story- spending by Congressional District, and County Charlotte NC Stimulus
 |
|
|
I lead a small skillful Team in the buying and selling of residential and investment property from Waxhaw to Lake Norman. We are knowledgeable, dedicated, and vigorously defend our clients interests.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
