Jonathan Osman - Charlotte / Matthews NC

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 2 including:

Charlotte Neighborhoods East of N. Tryon Street and North of Albermarle Road (24/27) including the neighborhoods of Plaza Midwood, NoDa (The Arts District), Belmont, McCarron, Old Stone Crossing, Buckleigh.

Data gathered for May 1, 2009 - May 31, 2009

New Active Listings

In May, 254 homes were listed for sale in Charlotte’s Area 2. This was a increase of 2.83% over April but a 27.64% decrease when compared with May 2008, 38.65% decrease compared with 2007, and 35.86% decrease compared with 2006.

Pending Homes

112 single family homes were placed under contract for Area 2 in May 2009. This the same from the month prior. Compared to May 2008, there were 35.63% fewer homes receiving contract than the year prior and 57.74% fewer than during the same period in 2006.

Sold Units

In May, 87 single family detached homes were sold in Area 2 through the MLS. This was a decrease of 3.33% when compared to the month prior but 38.30% fewer than in May 2008. The numbers begin to get staggering when you look back to 2007 and 2006 when the decrease in the sales for this year were 62.34% and 65.20% respectively.

Percentage of the Listing Price Received

Sellers received on average 89.16% of their asking price before concessions in May. Compared to April that is a decrease of .54%. Looking further in the past in past May's there is also a decline in 2007 and 2006 of 7.84% and 9.03%.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 93 days before receiving an offer. That was 7.92% less than the month earlier 12.05% more than a year earlier, and 40.01% greater than in 2007 and greater than 2006 with 24%.

55 Single Family homes sold in less than 100 days while 32 homes in 100 days or greater. Only one home sold after 1 year of being on the market.

Seller Concession

47 out of the 87 homes (or 54%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,591.

Sold Price as a Percentage of Tax Value

83 of the homes that sold in May in Area 2 had a tax value assigned to the listing. The homes that sold in May sold at an average of 194.80% of their listed tax values. 53 homes sold below tax value, the lowest of which was an REO which sold at 42.55% of its tax value. There were also 4 properties selling well over tax value (normally new construction or extreme renovations). With this unusual factor removed the average drops to 93.13% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 2, sellers received 89.16% of their original asking price. With seller concessions included, sellers received on average 87.84% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 92.33% of their original asking price including concessions while homes listed for greater than 100 days received only 80.12%.

Buyer Financing

Of the homes that sold in May, 2 buyer used VA financing, 37 used FHA, 25 used Conventional Financing, 22 cash, and 1 other.

Jonathan Osman
Charlotte Real Estate

Market Update for Matthews, Mint Hill, and Charlotte NC (MLS Area 3).

For all neighborhoods west of Independence Blvd and South of 24/27 in Mecklenburg County, including the towns of Mint Hill, Matthews, and Charlotte.

Data gathered for May 1 2009 - May 31 2009 from the CMLS

Active Listings

In May, 157 single family detached homes were listed for sale in Area 3 North Carolina. May's new listings were 3.09% less than in April and 13.26% fewer than were listed in May 2008.

Pending Units

76 Single Family homes received a contract. This was 2.70% more than received a contract in April and 28.97% fewer contracts than in May 2008. When compared to May 2007 and 2006, 51.28% and 53.37% fewer contracts were written and accepted this past May.

Sold Units

49 Single Family Detached Homes were sold in May 2009. This was a decrease of 16.67% from April and a decrease of 47.31% from May 2008. When looking in 2007 and 2006 the decrease is even more apparent, 63.43% and 63.70% respectively.

Average Sold Price

In May, single family detached homes that sold in area 3 sold at an average of $196,061, which was a 34.19% increase than in April and a decrease of 6.67% when compared to May 2008. Taking seller concessions into account the average sales price dropped to $194,014 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 102 days before receiving an offer. That was 21.54% less than the month earlier 18.60% less than a year earlier, and 92.45% greater than in 2007. 30 Single Family homes sold in less than 100 days while 19 homes in 100 days or greater. 1 homes took a year or more to close.

Seller Concession

28 out of the 49 homes (or 57%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,583.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. This month there were no properties that sold offering such a bonus.

Sold Price as a Percentage of Tax Value

44 of the homes that sold in May in Area 3 had a tax value assigned to the listing. The homes that sold in May sold at an average of 135% of their listed tax values. 15 homes sold below tax value and 29 sold over tax value. The lowest sold as a percentage of tax value was sold for 57.15% below tax value. There were also 2 property selling well over tax value (normally new construction, land or extreme renovations). With this unusual factor removed the average drops to 111.67% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 3, sellers received 92.41% of their original asking price. With seller concessions included, sellers received on average 91.25% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 94.21% of their original asking price including concessions while homes listed for greater than 100 days received only 89.58%.

Buyer Financing

Of the homes that sold in May, 16 used FHA, 17 used Conventional Financing, 2 Other, 4 VA, 1 Owner Financed and 9 cash.

Jonathan Osman
Charlotte Real Estate

Real Estate Market Update for Single Family Homes in

Mecklenburg County North Carolina Area 4 including: Charlotte, Matthews. Neighborhoods West of Hwy 74, Independence Blvd. and East of Providence Road including, Grier Heights, Chantilly, Cotswold, Elizabeth, Eastover, Beverly Crest, Sardis Woods, High Timbers, Downtown Matthews, Lansdowne, Providence Plantation, and others.

Data gathered for May 1 2009 - May 31, 2009 from the CMLS

Active Listings

In May, 209 single family detached homes were listed for sale in Area 4, North Carolina. May's new listings were 13.99% less than in April and 17,72% fewer than were listed in May 2008.

Pending Units

50 Single Family Detached Homes were sold in May 2009. This was 14.79% less then April and 48.98% less then May 2008. When compared to May 2007 and 2006, 69.88% and 67.95% fewer home sold then this past May.

Average Sold Price

In May, the single family detached homes that sold in Area 4 sold at an average of $282,518, which was 4.37% lower than in April and a 16.46% decrease when compared to May 2008. When taking seller concessions into account the average sales price for May 2009 is $273,940.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 119 days before receiving an offer. That was a 4.80% less than the month earlier 54.55% greater than a year earlier, and 176.74% greater than in 2007. 28 Single Family homes sold in less than 100 days while 22 homes in 100 days or greater.

Seller Concession

24 out of the 50 homes (or 48%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $3,783.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. This month there were no properties offering such a bonus.

Sold Price as a Percentage of Tax Value

All of the homes that sold in May in Area 4 had a tax value assigned to the listing. The homes that sold in May sold at an average of 122.84% of their listed tax values. 4 homes that sold were under 100% and 44 were over 100%of the tax value. The lowest property sold as a percentage of tax value sold for 44.30%. This month there were no properties selling for well over tax value (normally new construction, land or extreme renovations).

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 4, sellers received 91.31% of their original asking price. With seller concessions included, sellers received on average 90.53% of their original asking price. For homes listed for sale for less than 100 days, those sellers received 92.23% of their original asking price including concessions while homes listed for greater than 100 days received only 88.58%.

Buyer Financing

Of the homes that sold in April, 13 used FHA, 32 used Conventional Financing, 4 cash and 1 VA.

Jonathan Osman
Charlotte Real Estate

Charlotte North Carolina Market Update for:

Real Estate Market Update for

Single Family Homes in Mecklenburg County North Carolina Area 5 including:

Charlotte Neighborhoods West of Providence Road and East of Park Road including, Cherry, Dilworth, Myers Park, Barclay Downs, Foxcroft, Beverly Woods, Cameron Wood, South Park, Quail Hollow, Olde Providence, Shadow Lake, Stone Creek Ranch, and Ballantyne.

Data gathered for May 1, 2009 - May 31, 2009

New Listings

In May, 322 single family listings were added to the inventory of homes for sale in area 5. This was a 13.21% decrease from April and a 17.22% decrease when compared to May 2008.

Pending Sales

115 single family detached homes received a contract in northeast Charlotte in May. This was 9.52% more than April. Additionally for May 2008 and 2007 there were 38.17% and 59.07% fewer than were written in May.

Sold Listings

Only 89 homes closed in Area 5 of Charlotte in May. Closings for May were down 42.21% compared to 2008 and 68.66% compared with 2007.

Days on Market

Of the homes which closed in May in northeast Charlotte, the average days on market was 116, a 68.12% increase from a year prior. 49 listings sold in less than 100 days while 40 sold in 100 days or greater.

Seller Concessions

33 of the 89 (37%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $4,284.

Tax Value as compared to Sold Price

83 of the homes that closed in Area 5 of Charlotte in May had a tax value assigned. Those listings sold at 126.16% of their listed tax values. 12 of the properties sold below tax value, with the lowest being a property which sold at 72.30% of tax value. There was 1 property selling well over tax value (normally new construction or extreme renovations). With this unusual factor removed the average decreases to 123.22% as a percentage of tax value.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 5 of Charlotte was $391,915. This averages to 89.98% of the original listing price with concessions and 90.57% without concessions. Sellers whose property sold in less than 100 days received 93.73% of their original asking price with concessions, while sellers needing more than 100 days received only 85.39%.

Buyer Financing

Of the closings in northeast Charlotte in May, 63 used conventional financing, 14 FHA, 2 VA and 10 paid cash.

Jonathan Osman
Charlotte Real Estate

Charlotte North Carolina Market Update for:

Single Family Homes in Mecklenburg County North Carolina Area 6 including: Charlotte Neighborhoods including Dilworth, Wilmore, Selwyn Farms, Sedgefield, Broadmoor, Madison Park, Ashbrook, Colonial Village, Collins Park, Stone Orchard, Montclaire, Freeland Park.

Data gathered for May 1, 2009 - May 31, 2009

Active Listings

In May, 127 single family detached homes were listed for sale in Area 6 North Carolina. May's new listings were the same in April and 12.41% fewer than were listed in May 2008.

Pending Units

54 Single Family homes received a contract. This was the same that received a contract in April and 20.59% fewer contracts than in May 2008. When compared to May 2007 and 2006, 38.64% and 54.62% fewer contracts were written and accepted this past May.

Sold Units

30 Single Family Detached Homes were sold in May 2009. This was an decrease of 14.29% from April and a decrease of 53.85% from May 2008.

Average Sold Price

In May, single family detached homes that sold in area 3 sold at an average of $239,110 which was 12.32% higher than in April and a decrease of 9.78% when compared to May 2008. Taking seller concessions into account the average sales price dropped to $236,460 in May.

Average Days on Market

Of the homes that closed in May, they were on the market for an average of 80 days before receiving an offer. That was a 8.05% decrease than the month earlier 35.59% more than a year earlier, and 77.78% greater than in 2007. 22 Single Family homes sold in less than 100 days while 8 homes in 100 days or greater.

Seller Concession

18 out of the 30 homes (or 60%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $4,416.

Buyer’s Agent Bonus

Offering a bonus to a Buyer’s Real Estate agent is widely thought to produce a quicker sale and net the seller a higher return. Only one such property offered such a bonus netting the seller 97.17% of list price selling in 13 days.

Sold Price as a Percentage of Tax Value

29 of the homes that sold in May in Area 6 had a tax value assigned to the listing. The homes that sold in May sold at an average of 139.28% of their listed tax values. 3 homes sold below tax value, the lowest of which was sold at 44.15% of its tax value. There were 3 properties selling well over tax value (normally new construction or extreme renovations). With those properties removed the average droped to 128.84

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Area 6, sellers received 94.72% of their original asking price. With seller concessions included, sellers received on average 93.46% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 95.25% of their original asking price including concessions while homes listed for greater than 100 days received only 88.54%.

Buyer Financing

Of the homes that sold in May, 12 used FHA, 17 used Conventional Financing and 4 cash.

Jonathan Osman
Charlotte Real Estate