Charlotte Homes- A Real Estate Market Report
So, I hear new home sale nationally fell 7% in December- big news right? Well no, not really, it was a hangover from the end, and re-start of the first home buyer Tax Credits, and we don’t Need ANY new home built in 2010 in the first place.
Case-Shiller Announced gains in 16 of 20 markets that they measure, pronouncing that “flat is good” and that on a seasonally adjusted basis, home prices were down very slightly in Charlotte NC, and up in Los Angeles, San Diego, Denver, and Boston.
Now we’ll have a look at the MLS and talk about Charlotte Homes For Sale and Charlotte Homes Sold in 2009.
The average cost per square foot fell 10.7% in 2009, while the # of units-houses- sold decreased18%. This further contracted the real estate industry after unit volume fell 30% in 2008.
The 4th quarter showed the power of the Tax Credits which were to expire November 30- but were then extended through the winter. Sales in the 4th quarter reflected those tax cuts increasing by 18% over 4th quarter 2008.
Even as unit sales grew, home prices were 4% lower in the 4th quarter.
Lets look at Inventory and median Price per square foot
Prices rose until until mid October, then fell sharply in a seasonally slow time. Now average Days On Market rose steadily through the year, the Median Market Action Index remained stable at Strong Buy.
These very cools stats are from Altos, they come from tax records, so they would include all sales, including F.S.B.O.’s.
Now to look at the variance between popular south Charlotte zipcode 28277, versus a popular northern suburb 28269.
Averages hide a lot, in this case there is a $40/sf variance between the northern(green) and southern (black) zip code, and while the average cost per square foot in Charlotte was $96… you can see how the average is made, though each zip code tracked basically the same way in 2009.
Charlotte Jobs
While unemployment in the area is about 12%, I’ve never seen it so high here, the Charlotte economy still added more jobs in 2009- over 15,000, than in 2008. Ultimately, its the jobs stupid… the #1 reason for home prices and sales to go up, employment goes up.
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Buying a Home in Charlotte?
Your timing couldn’t be better! I’m looking at the best Asking Prices- List Prices , I’ve seen in 5 years, AND interest rates are still at all time lows. There are some tax credits available too- for First Home buyers and now for “move-up” Buyers as well… plus in Charlotte, there is always a supply of good homes available-there are many quality choices and deals to be had!!!
Time to get started finding you a terrific home in a great community? Call Terry at 704-351-1519– he’ll probably answer, and take’s most calls direct.
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