Matthews Homes and Real Estate Market Report

Matthews Homes Sold- A Market Report

Matthews,one of my favorite small towns in Charlotte, is a window into much of the Charlotte market.

For this report, I divided the sales into Under $300,000, and over $300K because this is roughly where the first time home buyer is most active (under 300K) and the move up buyer has historically been above $300K… not surprisingly, the Under $300,000 market is performing significantly better.

Matthews Home Sales

Under $300,000

Matthews homes sold in the summer of 2009, the quantity of homes sold, are off 18% from 2008, and 46% from their peak in 2007. Prices peaked in 2008, and are off 7% based on the average cost per square foot sold. This compares favorably with Charlotte’s 10% falling home prices, and actually shows improving numbers for August, if you looked at the preceding 90 days.

So 110 Matthews Homes sold in the 90 days ending August 31, 2009 under $300,000, the number of sales fell 18% and the averages price per square foot fell just under 7%. There are 248 Matthews Homes for sale under $300,000 at the end of August.

Homes Sold Over $300,000

Matthews Homes sold over $300,000 fell 35% from 2008, and 54% from their peak in 2007. The average cost per square foot fell 15% to $119/sf in 2009, twice the under $300k rate and 50% worse than the Charlotte average as a whole.

It is made clear also in the inventory of re-sale homes: 57 homes were sold this past 90 day period, and there are 229 Matthews Homes for Sale at the end of August over $300,000.

There is a 12 month supply of Over $300K homes versus a 6.6month supply of under $300K. One note of caution, these represent the summer selling period, when sales are “brisk”, a more accurate absorption rate calculation would include seasonal adjustments.

It remains a strong buyers market in Matthews, however, Sellers with homes in the best condition are selling, and it is much easier to sell that under $300K home. Questions? Interested in your home’s value? Please don’t hesitate to call

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How to Buy Smart in This Market

90 Days Left For $8000 First Home Buyer Tax Credits

Matthews Homes Sold Report (earlier)