Charlotte Real Estate Trends
"As home sales moderate, overall home prices will be essentially flat this year,"
says David Lereah, chief economist for the National Association of Realtors. Tighter lending standards are expected to slow sales, but the good news is, inventory
remains well below the levels seen in the real estate downturn of the early 1990's.
Is may be the trend nationally, but not necessarily what is happening in our local
real estate markets. Home sales have softened a bit, but prices are continuing to
increase. Let's look at Cabarrus and Mecklenburg Counties.
Cabarrus County
Cabarrus County (Concord/Harrisburg/Kannapolis) single family home sales in March
2007 were 15 percent lower than March 2006. New listings, also, decreased by 5
percent and pending listings decreased by 9 percent.
The good news is, the average list price increased in March by 9 percent, while the
average sale price increased by 12 percent to $195,338. Market times remained
relatively unchanged with a less than 1 percent decrease.
|
Date |
New |
Pending |
Sold |
Average |
Average |
DOM |
|
Mar 2007 |
438 |
288 |
229 |
$198,351 |
$195,338 |
80 |
|
Mar 2006 |
462 |
316 |
270 |
$180,243 |
$174,108 |
81 |
Mecklenburg County
Similarily, Mecklenburg County (Greater Charlotte) single family home sales
decreased in March by 4 percent compared to March 2006 and the average sale
price increased 12 percent to $227,569.
March saw a 4 percent increase in new listings and a 4 percent increase in pending
sales. Market times dropped by 12 percent.
|
Date |
New |
Pending |
Sold |
Average |
Average |
DOM |
|
Mar 2007 |
2,522 |
1,721 |
1,244 |
$239,450 |
$227,569 |
67 |
|
Mar 2006 |
2,428 |
1,652 |
1,302 |
$216,048 |
$203,353 |
76 |
What does all this mean to buyers and sellers. Buyers have more negotiating power
with slower sales, while sellers are benefiting from rising prices. It is a great time to
buy or sell a home in the Charlotte area!
If you are thinking of buying a home? You can get a daily email list of new homes for
sale as they hit the market by visiting ForHouseInfo.com. It is fast, easy and FREE!
Statistics compiled by the Charlotte Multiple Listing Service and are deemed accurate but not warranted.
