Jonathan Osman - Charlotte / Matthews NC

Real Estate Market Update for

Single Family Homes in Union County North Carolina including:

Matthews, Stallings, Indian Trail, Weddington, Monroe, Marvin, Wesley Chapel, Mineral Springs, Waxhaw, Marshville, Wingate, and Peachland

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

Active Listings

In May, 459 single family detached homes were listed for sale in Union county North Carolina. May's new listings were 15.93% less than in April and 24.75% fewer than were listed in May 2008.

Pending Units

229 Single Family homes received a contract. This was 7.51% more than received a contract in April but 22.37% fewer contracts than in May 2008. When compared to May 2007 and 2006, 50.43% and 49.56% fewer contracts were written and accepted this past May.

Sold Units

165 Single Family Detached Homes were sold in May 2009. This was an decrease of 17.86% from April and a decrease of 26.01% from May 2008. Most notably the decrease from 2007 and 2006 are as follows for sold units 53.26% and 56.92%.

Average Sold Price

In May, single family detached homes that sold in Union County sold at an average of $255,379, which was a 5.19% decrease from April and 5.19% decrease when compared to May 2008. Looking back to 2007 and 2006 there is also a decrease of 8.08% and a decrease of 9.27% in the average sold price.

Average Days on Market

Of the 165 homes that closed in May, they were on the market for an average of 108 days before receiving an offer. That was 8% increase than the month earlier 13.68% increase than a year earlier, and 38.46% greater than in 2006. 94 Single Family homes sold in less than 100 days while 71 homes in 100 days or greater. 4 homes were listed for over a year before receiving an offer.

Seller Concession

72 out of the 165 homes (or 44%) that sold in May offered the buyer a concession, usually closing costs. The average seller concession was $4,861.

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. 7 closed listings offered such a concession, with the sellers receiving an average of 90.84% of their original asking price and closing in 47 days.

Sold Price as a Percentage of Tax Value

123 of the 140 homes that sold in May in Union County had a tax value assigned to the listing. The homes that sold in May sold at an average of 97.62% of their listed tax values. 71 homes sold below tax value, the lowest which sold at 25.16% of its tax value. There were also 2 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 92.54% as a percentage of tax value.

Sales Price as a Percentage of Original List Price

Of the homes that sold in May in Union County, sellers received 89.24% of their original asking price. With seller concessions included, sellers received on average 88.25% of their original asking price.

For homes listed for sale for less than 100 days, those sellers received 92.75% of their original asking price including concessions while homes listed for greater than 100 days received only 82.29%.

Buyer Financing

Of the homes that sold in May, 6 buyers used VA financing, 51 used FHA, 81 used Conventional Financing, 21 cash, 1 NC Bond, 3 Owner Financed and 2 other.

Jonathan Osman
Charlotte Real Estate

Cabarrus County North Carolina Market Update for:

Real Estate Market Update

Single Family Homes in Cabarrus County North Carolina Area 11 including:

Cabarrus Neighborhoods: Ashebrook, Beaver Pond, Beverly Hills, Bradford Park, Braxton Estates, Cabarrus Crossing, Canterfield, Central Park, Christenbury Mews, Cochran Farms, English Woods, Falcon Chase, Glen Grove, Governors Pointe, Greystone, Harbour Towne, Havenbrook, Hawick Commons, Heatherstone, Hidden Pond, Highland Creek, Highland Street Commons, Kellswater Bridge, Landsdowne, Magnolia Springs, Mallard Pointe, Mission Hills, Morris Glen, Moss Creek, Mountain Laurel, Paradise Estates, Park Place, Parkwood, Providence Manor, Quail Hollow, Ramsgate, Remington Estates, Roberta Farms, Rocky River Crossing, Rocky River Plantation, Shenandoah Estates, Shiloh Village, Skybrook North Villages, Southern Chase, The Farm at Riverpointe, Victoria Park, Winding Walk & Yate Meadow.

Data gathered for May 1- May 31, 2009

New Listings

In May, 330 single family listings were added to the inventory of homes for sale in area 11. This was a 7.30% decrease from April and a decrease of 37.74% from the past year.

Pending Sales

165 single family detached homes received a contract in May. This was a 26.67% fewer than were written the year prior and 48.28% fewer than were written in May 2007.

Sold Listings

107 homes closed in Area 11 of Charlotte in May. Closings for May were down 39.20% compared to 2008 and 63.36% compared with 2007.

Days on Market

Of the homes which closed in May in Cabarrus County, the average days on market was 105, a 8.25% increase from a year prior. 70 listings sold in less than 100 days while 37 sold in 100 days or greater.

Seller Concessions

53 of the 107 (50%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $3,922.

Tax Value as compared to Sold Price

99 of the homes that closed in Area 11 of Cabarrus County in May had a tax value assigned. Those listings sold at 94.94% of their listed tax values. 75 sold below tax value, with the lowest being a property which sold at 19.02% of tax value. There were 3 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 85.81%.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 11 of Cabarrus County was $178,145. This averages to 89.25% of the original listing price with concessions and 90.33% without concessions. Sellers whose property sold in less than 100 days received 90.62% of their original asking price, while sellers needing more than 100 days received only 86.67%.

Buyer Financing

Of the closings in Cabarrus County in May, 42 used conventional financing, 36 FHA, and 17 paid cash, 6 utilized VA form of financing, 1 owner financed, and 5 categorized as other.

Jonathan Osman
Charlotte Real Estate

Real Estate Market Update for

Lake Norman North Carolina, MLS Area 13

Including the cities of Mooresville, Cornelius, Huntersville, Denver, Terrell, Statesville, and Sherrills Ford

Data gathered for May 1- May 10, 2009

New Listings

In May, 278 single family listings were added to the inventory of homes for sale in area 13. This was a 18.71% increase from April and a decrease of 24.04% from the past year.

Pending Sales

83 single family detached homes received a contract in May. This was a 12.63% decrease than were written the year prior and 56.32% fewer than were written in May 2007.

Sold Listings

66 homes closed in Area 13 of Charlotte in May. Closings for May were down 30.53% compared to 2008 and 61.40% compared with 2007.

Days on Market

Of the homes which closed in May in Lake Norman, the average days on market was 155, a 56.57% increase from a year prior. 31 listings sold in less than 100 days while 35 sold in 100 days or greater. 6 properties took over 1 year to sell.

Seller Concessions

17 of the 66 (26%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $5,622.

Tax Value as compared to Sold Price

61 of the homes that closed in Area 13 of Lake Norman in May had a tax value assigned. Those listings sold at 148.46% of their listed tax values. 29 sold below tax value, with the lowest being a property which sold at 43.32% of tax value. There were also 4 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 104.30% as a percentage of tax value.

Original Listing Price to Sold Price

When adjusted for seller concessions, the average sales price in Area 13 of Lake Norman was $417,778. This averages to 87.63% of the original listing price with concessions and 88.17% without concessions. Sellers whose property sold in less than 100 days received 92.67% of their original asking price, while sellers needing more than 100 days received only 83.16%.

Buyer Financing

Of the closings in Lake Norman in May, 49 used conventional financing, 5 FHA, and 8 paid cash and 1 1031 Exchange and 1 VA and 1 Assumed the mortgage of the seller.

Jonathan Osman
Charlotte Real Estate

Total Charlotte NC Real Estate Market Overview

May 1, 2008 - May 31, 2008

Data for all counties and cities served by the Carolina Multiple Listing Service including Charlotte, Monroe, Concord, Gastonia, Mooresville, and many others.

New Active Listings

In May, 4319 single family detached homes were listed throughout the Charlotte area. This was a decline of 24.76% from 2008 and a decrease of 8.71% from the previous month.

Under Contract

2114 Single Family Detached homes were placed under contract in May for the entire MLS area. This was an increase from April of 1.10% but a decline of 25.22% from 2008.

Homes Sold

Sales in the CMLS were down 36.92% from 2008 as 1500 homes closing in May. There was in incease of 3.09% over the month of April.

Days on Market

The average Days on Market for homes in the CMLS for May was 110, down 6.80% in May 2008.

Average Sold Price

The average sold price for homes which closed in May was $198,590, an increase of 1.62% from a year earlier.

Percentage of Tax Value

1388 of the properties sold in May that had a tax value assigned in the listing. The average sold at 155.53% above the tax value. Of the homes that sold in May, 646 sold below their assigned tax value. There were also many properties selling well over tax value (normally new construction or extreme renovations where the land is the origional tax value). With these unusual factors removed the average drops to 95.15% as a percentage of tax value.

Commission Bonuses

Just 50 properties offered the buyer’s agent a bonus for an accepted contract. The average bonus was $2,171. Offering a bonus did not help the sell the home faster or net the seller more money. The average bonused property sold in 120 days at an average of 88.11% of asking price, not including the money paid for the bonus.

Original List Price to Actual Sold Price Percentage

Single Family Homes that closed in May sold at 89.20% of the original asking price. When concessions are included, the percentage drops to 88.09%. 914 properties sold below 100% of their original listing price while 586 sold at above 100% or more.

Homes listed for over a million dollars sold at an average of 91.24% of their original asking price, including concessions.

Homes which sold at less than $100,000 sold at 81.32% of their original asking prices, with one bank owned property selling for 58.82%.

914 single family detached homes sold in less than 100 days in May at an average of 91.73% of their original asking prices including concessions. The balance, 586 homes which were on the market for more than 100 days, sold at an average of 82.43% of their original asking prices.

Jonathan Osman
Charlotte Real Estate

This week, we have reduced the price of our total inventory of homes a combined $144,900!

3727 Sally Lane: Was $129,900 is now $128,900: Customer Full Report

6713 Potter Road S: Was $399,900 is now: $375,000: Customer Full Report

4532 Glen Oaks Drive: Was $495,000 is now $449,900 Customer Full Report

533 McMillan: Was $299,900 is now $275,000: Customer Full Report

2009 Harvest Red Road: Was $200,000 (originally purchased for $216,000 in ‘05) is now $189,900: Customer Full Report

2008 Secret Garden Court: Was $189,900 is now $179,900: Customer Full Report

4270 Cole Creek Drive: Was $198,900 is now $170,000: Customer Full Report

Charlotte Real Estate