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Page 4 On the Move - Helen Adams Real ty Volume 4, Issue 4
Loan Demand Up as Rates Stay Stable
Demand for home purchase loans picked up at the end of March to the highest level of the year, while mortgage rates remained mostly unchanged, according to surveys by the Mort‐gage Bankers Association (MBA) and Freddie Mac. The MBA's Weekly Mortgage Applica‐tions Survey showed demand for purchase loans grew a seasonally adjusted 6.7 percent during the week ending April 1 when com‐pared to the week before.
MBA said last week's increase in purchase loan demand was due to a sharp increase in applications in government loans, likely due to a scheduled increase in FHA insurance pre‐miums. Demand for government‐backed loans (by the Federal Housing Administration, U.S. Department of Veterans Affairs and U.S. De‐partment of Agriculture) surged a seasonally adjusted 10.3 percent, to the highest level since May 7, 2010.
Borrowers Rush to Beat FHA Premium Increase Article excerpts from Inman News, April 7, 2011
Data Source: MBA Mortgage Finance Forecast, March , 2011
With the pool of borrowers who have the ability to qualify for a refinance continuing to shrink, requests for refinancings have dropped to the lowest share since May, 2010. In a March 15 forecast, MBA economists pre‐dicted that rates on 30‐year fixed‐rate loans
will continue a gradual rise next year, climbing to an average of 6.2 percent in the final three months of 2012.
MBA also predicted a 3.6% increase in existing home sales for 2011 compared to 2010, and a 6.7 % increase in sales for 2012 vs. 2011.
Interest Rate Forecast
Home Sales Forecast
Your Trusted Real Estate Advisor
Joyce poole NC & SC BROKER / REALTOR®
Mobile: 704.617.1074 Fax: 888.822.0217
Email: [email protected]
Web: www.JoycePoole.com
ON MOve Market Activity and Trends for Charlotte & Surrounding Counties
A P R I L 2 0 1 1
The average closing price for the Charlotte area in March 2011 was $194,465, down approximately 1.6% compared to 2010. Average days on market was 159 for the month of March 2011.
There were 1903 total closings in March 2011, up 0.2% compared to 2010. The bulk of home sales continues to be in the lower price ranges, with 76% of sales in the $250,000 and under category.
Residential Closings - Entire MLS March 2010 - March 2011
March 2011 Closed Sales by Price Range
www.DougSidell.com
the
Current Active Listings by Price Range
Under $120,000
$120 - $150,000
$150 - $250,000
$250 - $350,000
$350 - $500,000
Total Active Listings = 22,401
28%
13%
13%
9%
2%
ASP = Average Sold Price
Data Courtesy Carolina MLS.
Total Sold March 2011 = 1903
14%
11%
8% 4%
.08%
$500K - $1 Million
Over $1 Million 27%
8% Under $120,000
$120 - $150,000
$150 - $250,000
$250 - $350,000
$350 - $500,000
$500K - $1 Million
Over $1 Million
36%
26%
Joyce Poole NC & SC BROKER/REALTOR® / Mobile: 704.617.1074 / Email: [email protected] www.joycepoole.com
Joyce poole
Page 2 On the Move - Helen Adams Real ty Volume 4, Issue 4
Total Closed Units March 2011 - All MLS Areas
Residential Single Family, Townhomes & Condos
MLS Area Units Closed
Total Closed Volume
Average Closing Price
01 ‐ Mecklenburg County (N) 140 $ 23,905,314 $ 170,752
02 ‐ Mecklenburg County (E) 94 $ 9,184,036 $ 97,703
03 ‐ Mecklenburg County (SE) 79 $ 9,298,665 $ 117,705
04 ‐ Mecklenburg County (SSE) 79 $ 25,343,402 $ 320,803
05 ‐ Mecklenburg County (S) 157 $ 52,975,533 $ 337,424
06 ‐ Mecklenburg County (SSW) 62 $ 11,870,600 $ 191,461
07 ‐ Mecklenburg County (SW) 75 $ 10,294,909 $ 137,265
08 ‐ Mecklenburg County (W) 54 $ 4,391,710 $ 81,328
09 ‐ Mecklenburg County (NW) 73 $ 10,216,923 $ 139,958
10 ‐ Union County 181 $ 41,709,897 $ 230,441
11 ‐ Cabarrus County 145 $ 24,272,923 $ 167,399
12 ‐ Iredell County 77 $ 8,462,738 $ 109,906
13 ‐ Lake Norman 92 $ 40,076,624 $ 435,615
14 ‐ Lincoln County 50 $ 6,642,086 $ 132,842
15 ‐ Lake Wylie 30 $ 9,236,118 $ 307,871
16 ‐ Gaston County 127 $ 15,191,735 $ 119,620
17 ‐ York County 138 $ 26,063,823 $ 188,868
20 ‐ Alexander County 8 $ 1,210,900 $ 151,362
21 ‐ Rowan County 62 $ 6,919,952 $ 111,612
22 ‐ Cleveland County 27 $ 2,558,200 $ 94,748
23 ‐ Stanly County 11 $ 1,507,350 $ 137,032
24 ‐ Lancaster County 63 $ 13,701,503 $ 217,484
25 ‐ Anson County 5 $ 230,200 $ 46,040
29 ‐ Catawba County 17 $ 2,605,351 $ 153,256
35 ‐ Chester County 2 $144,900 $72,450
42 ‐ Mtn. Island Lake 13 $ 2,279,645 $175,357
99 ‐ Uptown Charlotte 25 $ 7,042,200 $281,688
TOTAL (for All MLS) 1901 $422,892,488 $194,465
181 sold 31-60 days
213 sold 61-90 days
Days on Market
The following statistics apply to Feb. 1 to Feb. 28, 2011, and reflect days on market from the original listing date to the recorded closing date.
• 54.2 percent of homes closed in 121+ days.
• 13.1 percent of homes closed in 91‐120 days.
• 16 percent of homes closed in 61‐90 days.
• 14 percent of homes closed in 31‐60 days.
• 3 percent of homes closed in 0‐30 days.
Listing Date to Closing Date
121+ days
91-120 days
61-90 days
31-60 days
0-30 days
Total # Units Closed March = 1901
Average List to Close March = 159 days
Data Courtesy Carolina MLS.
721 sold 121+ days
175 sold 91-120 days
39 sold 0-30 days
www.JoycePoole.com
Page 3 On the Move - Helen Adams Real ty Volume 4, Issue 4
Pending Contracts
Average Residential Closing Price
New Listings
30 Year Fixed Mortgage Rates
Source: Freddie Mac, NAR, March 2011
Data Courtesy Carolina MLS.
www.JoycePoole.com
Page 2 On the Move - Helen Adams Real ty Volume 4, Issue 4
Total Closed Units March 2011 - All MLS Areas
Residential Single Family, Townhomes & Condos
MLS Area Units Closed
Total Closed Volume
Average Closing Price
01 ‐ Mecklenburg County (N) 140 $ 23,905,314 $ 170,752
02 ‐ Mecklenburg County (E) 94 $ 9,184,036 $ 97,703
03 ‐ Mecklenburg County (SE) 79 $ 9,298,665 $ 117,705
04 ‐ Mecklenburg County (SSE) 79 $ 25,343,402 $ 320,803
05 ‐ Mecklenburg County (S) 157 $ 52,975,533 $ 337,424
06 ‐ Mecklenburg County (SSW) 62 $ 11,870,600 $ 191,461
07 ‐ Mecklenburg County (SW) 75 $ 10,294,909 $ 137,265
08 ‐ Mecklenburg County (W) 54 $ 4,391,710 $ 81,328
09 ‐ Mecklenburg County (NW) 73 $ 10,216,923 $ 139,958
10 ‐ Union County 181 $ 41,709,897 $ 230,441
11 ‐ Cabarrus County 145 $ 24,272,923 $ 167,399
12 ‐ Iredell County 77 $ 8,462,738 $ 109,906
13 ‐ Lake Norman 92 $ 40,076,624 $ 435,615
14 ‐ Lincoln County 50 $ 6,642,086 $ 132,842
15 ‐ Lake Wylie 30 $ 9,236,118 $ 307,871
16 ‐ Gaston County 127 $ 15,191,735 $ 119,620
17 ‐ York County 138 $ 26,063,823 $ 188,868
20 ‐ Alexander County 8 $ 1,210,900 $ 151,362
21 ‐ Rowan County 62 $ 6,919,952 $ 111,612
22 ‐ Cleveland County 27 $ 2,558,200 $ 94,748
23 ‐ Stanly County 11 $ 1,507,350 $ 137,032
24 ‐ Lancaster County 63 $ 13,701,503 $ 217,484
25 ‐ Anson County 5 $ 230,200 $ 46,040
29 ‐ Catawba County 17 $ 2,605,351 $ 153,256
35 ‐ Chester County 2 $144,900 $72,450
42 ‐ Mtn. Island Lake 13 $ 2,279,645 $175,357
99 ‐ Uptown Charlotte 25 $ 7,042,200 $281,688
TOTAL (for All MLS) 1901 $422,892,488 $194,465
181 sold 31-60 days
213 sold 61-90 days
Days on Market
The following statistics apply to Feb. 1 to Feb. 28, 2011, and reflect days on market from the original listing date to the recorded closing date.
• 54.2 percent of homes closed in 121+ days.
• 13.1 percent of homes closed in 91‐120 days.
• 16 percent of homes closed in 61‐90 days.
• 14 percent of homes closed in 31‐60 days.
• 3 percent of homes closed in 0‐30 days.
Listing Date to Closing Date
121+ days
91-120 days
61-90 days
31-60 days
0-30 days
Total # Units Closed March = 1901
Average List to Close March = 159 days
Data Courtesy Carolina MLS.
721 sold 121+ days
175 sold 91-120 days
39 sold 0-30 days
www.JoycePoole.com
Page 3 On the Move - Helen Adams Real ty Volume 4, Issue 4
Pending Contracts
Average Residential Closing Price
New Listings
30 Year Fixed Mortgage Rates
Source: Freddie Mac, NAR, March 2011
Data Courtesy Carolina MLS.
www.JoycePoole.com
Page 4 On the Move - Helen Adams Real ty Volume 4, Issue 4
Loan Demand Up as Rates Stay Stable
Demand for home purchase loans picked up at the end of March to the highest level of the year, while mortgage rates remained mostly unchanged, according to surveys by the Mort‐gage Bankers Association (MBA) and Freddie Mac. The MBA's Weekly Mortgage Applica‐tions Survey showed demand for purchase loans grew a seasonally adjusted 6.7 percent during the week ending April 1 when com‐pared to the week before.
MBA said last week's increase in purchase loan demand was due to a sharp increase in applications in government loans, likely due to a scheduled increase in FHA insurance pre‐miums. Demand for government‐backed loans (by the Federal Housing Administration, U.S. Department of Veterans Affairs and U.S. De‐partment of Agriculture) surged a seasonally adjusted 10.3 percent, to the highest level since May 7, 2010.
Borrowers Rush to Beat FHA Premium Increase Article excerpts from Inman News, April 7, 2011
Data Source: MBA Mortgage Finance Forecast, March , 2011
With the pool of borrowers who have the ability to qualify for a refinance continuing to shrink, requests for refinancings have dropped to the lowest share since May, 2010. In a March 15 forecast, MBA economists pre‐dicted that rates on 30‐year fixed‐rate loans
will continue a gradual rise next year, climbing to an average of 6.2 percent in the final three months of 2012.
MBA also predicted a 3.6% increase in existing home sales for 2011 compared to 2010, and a 6.7 % increase in sales for 2012 vs. 2011.
Interest Rate Forecast
Home Sales Forecast
Your Trusted Real Estate Advisor
Joyce poole NC & SC BROKER / REALTOR®
Mobile: 704.617.1074 Fax: 888.822.0217
Email: [email protected]
Web: www.JoycePoole.com
ON MOve Market Activity and Trends for Charlotte & Surrounding Counties
A P R I L 2 0 1 1
The average closing price for the Charlotte area in March 2011 was $194,465, down approximately 1.6% compared to 2010. Average days on market was 159 for the month of March 2011.
There were 1903 total closings in March 2011, up 0.2% compared to 2010. The bulk of home sales continues to be in the lower price ranges, with 76% of sales in the $250,000 and under category.
Residential Closings - Entire MLS March 2010 - March 2011
March 2011 Closed Sales by Price Range
www.DougSidell.com
the
Current Active Listings by Price Range
Under $120,000
$120 - $150,000
$150 - $250,000
$250 - $350,000
$350 - $500,000
Total Active Listings = 22,401
28%
13%
13%
9%
2%
ASP = Average Sold Price
Data Courtesy Carolina MLS.
Total Sold March 2011 = 1903
14%
11%
8% 4%
.08%
$500K - $1 Million
Over $1 Million 27%
8% Under $120,000
$120 - $150,000
$150 - $250,000
$250 - $350,000
$350 - $500,000
$500K - $1 Million
Over $1 Million
36%
26%
Joyce Poole NC & SC BROKER/REALTOR® / Mobile: 704.617.1074 / Email: [email protected] www.joycepoole.com
Joyce poole
