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Charlotte, NC Real Estate market data for January 2010.
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What’s Driving Our Market?
Page 4 On the Move - Helen Adams Real ty Volume 2, Issue 1
Falling Prices, Record-Low Mortgage Rates and Tax Credits Create Strong Buyer’s Market
RANDOLPH ROAD
2301 Randolph Road, Charlotte, NC 28207
BALLANTYNE
15235‐J John J. Delaney Dr., Charlotte, NC 28277
LAKE NORMAN
8600 Sam Furr Rd. Suite 150, Huntersville, NC 28078
800‐851‐5253 / www.helenadamsrealty.com
Download the new Tax Credit forms and guidelines by visiting:
www.helenadamsrealty.com/resources
Graph and article excepts from: CMLS & NAR Economic Watch Report, Nov.2009.
We are in one of the strongest buyer’s markets in years, possibly
decades. It’s hard to say which factor has sparked recent up‐tick
in sales. However, by most accounts, the majority of homebuy‐
ers were aware of the tax credit, and were eager to take advan‐
tage of it. In addition, the share of first time homebuyers is at its
highest level in years. These trends were seen towards the end
of 2009 (when the tax credit was predicted to expire). However,
now that the tax credit has been extended into spring of 2010
and also includes existing homeowners who purchase another
primary residence, we are likely to see even sharper spikes up‐
ward. Even if buyers do not quality for either of the Tax credit
offers, the market still benefits: purchasers by first time buyers
unlock equity for trade‐up buyers to make their purchase. Fur‐
thermore, the sheer volume of sales stimulated by this tax credit
helps to stabilize prices, boosting buyer confidence and easing
access to PMI.
Key Dates:
• April 30, 2010: Purchase and sales agreements must be dated by all parties with a date by Friday, April 30, 2010.
• June 30, 2010: Purchases must close on or before Wednes‐day, June 30, 2010.
ON MOve Market Activity and Trends for Charlotte & Surrounding Counties
J A N U A R Y 2 0 1 0
The average closing price for the Charlotte area in Dec. 2009 was $211,705, up approximately 5.4% compared to 2008. Average days on market was 143.8 for the month of December, 2009.
There were 1527 total closings in Dec. 2009, up 12% compared to 2008. The bulk of home sales continues to be in the lower price ranges, with 87% of sales in the $350,000 and under category.
Residential Closings - Entire MLS 2008 - 2009
Dec. 2009 Closed Sales by Price Range
www.helenadamsrealty.com
www.helenadamsrealty.com
the
Current Active Listings by Price Range
Under $250,000
$250 - $350,000
$350 - $500,000
$500K - $1 Million
$1 Million +
Total Active Listings = 21,727
Data Courtesy Carolina MLS.
63%
14%
10%
9%
3%
ASP = Average Sold Price
Data Courtesy Carolina MLS.
Total Sold Dec. 09 = 1527
Data Courtesy Carolina MLS.
Under $250,000
$250 - $350,000
$350 - $500,000
$500K - $1 Million
$1 Million + 74%
13%
7% 5%
0.8%
386 sold in 61-90 days
310 sold
in 91-120 days
Page 2 On the Move - Helen Adams Real ty Volume 2, Issue 1
Total Closed Units December 2009 - All MLS Areas
Residential Single Family, Townhomes & Condos
www.helenadamsrealty.com
Days on Market
MLS Area Units Closed
Total Closed Volume
Average Closing Price
01 ‐ Mecklenburg County (N) 122 $ 25,039,333 $ 205,240
02 ‐ Mecklenburg County (E) 86 $ 10,256,734 $ 119,264
03 ‐ Mecklenburg County (SE) 53 $ 8,234,821 $ 155,373
04 ‐ Mecklenburg County (SSE) 66 $ 22,025,959 $ 333,726
05 ‐ Mecklenburg County (S) 117 $ 45,971,973 $ 392,922
06 ‐ Mecklenburg County (SSW) 45 $ 9,792,094 $ 217,602
07 ‐ Mecklenburg County (SW) 45 $ 6,300,212 $ 140,004
08 ‐ Mecklenburg County (W) 43 $ 3,813,715 $ 88,691
09 ‐ Mecklenburg County (NW) 53 $ 7,694,665 $ 145,182
10 ‐ Union County 136 $ 32,097,968 $ 236,014
11 ‐ Cabarrus County 114 $ 22,981,606 $ 201,593
12 ‐ Iredell County 75 $ 9,513,775 $ 126,850
13 ‐ Lake Norman 71 $ 33,586,870 $ 473,054
14 ‐ Lincoln County 31 $ 5,462,043 $ 176,194
15 ‐ Lake Wylie 25 $ 7,747,434 $ 309,897
16 ‐ Gaston County 99 $ 12,105,463 $ 122,277
17 ‐ York County 107 $ 22,194,891 $ 207,428
20 ‐ Alexander County 5 $ 568,400 $ 113,680
21 ‐ Rowan County 49 $ 6,693,506 $ 136,602
22 ‐ Cleveland County 18 $ 2,177,300 $ 120,961
23 ‐ Stanly County 22 $ 3,390,390 $ 154,108
24 ‐ Lancaster County 54 $ 10,970,963 $ 203,165
25 ‐ Anson County 4 $ 152,900 $ 38,225
29 ‐ Catawba County 16 $ 1,828,880 $ 114,305
35 ‐ Chester County 4 $ 384,900 $ 96,225
42 ‐ Mtn. Island Lake 9 $ 2,536,235 $ 281,803
99 ‐ Uptown Charlotte 42 $ 6,814,586 $ 162,252
TOTAL (ALL MLS) 1527 $323,273,616 $211,705
The following statistics apply to Nov. 6 to Dec. 5, 2009, and reflect days on market from the original listing date to the recorded closing date.
• 43 percent of homes closed in 121+ days.
• 16 percent of homes closed in 91‐120 days.
• 19 percent of homes closed in 61‐90 days.
• 23 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
Average List to Close Dec. = 143.8 days
Data Courtesy Carolina MLS.
851 sold in 121+ days
390 sold in 31-60 days
63 sold in 0-30 days
Page 3 On the Move - Helen Adams Real ty Volume 2, Issue 1
www.helenadamsrealty.com
Pending Contracts
Average Residential Closing Price
New Listings
30 Year Fixed Mortgage Rates
Source: Freddie Mac, NAR, Dec. 2009
Data Courtesy Carolina MLS.
386 sold in 61-90 days
310 sold
in 91-120 days
Page 2 On the Move - Helen Adams Real ty Volume 2, Issue 1
Total Closed Units December 2009 - All MLS Areas
Residential Single Family, Townhomes & Condos
www.helenadamsrealty.com
Days on Market
MLS Area Units Closed
Total Closed Volume
Average Closing Price
01 ‐ Mecklenburg County (N) 122 $ 25,039,333 $ 205,240
02 ‐ Mecklenburg County (E) 86 $ 10,256,734 $ 119,264
03 ‐ Mecklenburg County (SE) 53 $ 8,234,821 $ 155,373
04 ‐ Mecklenburg County (SSE) 66 $ 22,025,959 $ 333,726
05 ‐ Mecklenburg County (S) 117 $ 45,971,973 $ 392,922
06 ‐ Mecklenburg County (SSW) 45 $ 9,792,094 $ 217,602
07 ‐ Mecklenburg County (SW) 45 $ 6,300,212 $ 140,004
08 ‐ Mecklenburg County (W) 43 $ 3,813,715 $ 88,691
09 ‐ Mecklenburg County (NW) 53 $ 7,694,665 $ 145,182
10 ‐ Union County 136 $ 32,097,968 $ 236,014
11 ‐ Cabarrus County 114 $ 22,981,606 $ 201,593
12 ‐ Iredell County 75 $ 9,513,775 $ 126,850
13 ‐ Lake Norman 71 $ 33,586,870 $ 473,054
14 ‐ Lincoln County 31 $ 5,462,043 $ 176,194
15 ‐ Lake Wylie 25 $ 7,747,434 $ 309,897
16 ‐ Gaston County 99 $ 12,105,463 $ 122,277
17 ‐ York County 107 $ 22,194,891 $ 207,428
20 ‐ Alexander County 5 $ 568,400 $ 113,680
21 ‐ Rowan County 49 $ 6,693,506 $ 136,602
22 ‐ Cleveland County 18 $ 2,177,300 $ 120,961
23 ‐ Stanly County 22 $ 3,390,390 $ 154,108
24 ‐ Lancaster County 54 $ 10,970,963 $ 203,165
25 ‐ Anson County 4 $ 152,900 $ 38,225
29 ‐ Catawba County 16 $ 1,828,880 $ 114,305
35 ‐ Chester County 4 $ 384,900 $ 96,225
42 ‐ Mtn. Island Lake 9 $ 2,536,235 $ 281,803
99 ‐ Uptown Charlotte 42 $ 6,814,586 $ 162,252
TOTAL (ALL MLS) 1527 $323,273,616 $211,705
The following statistics apply to Nov. 6 to Dec. 5, 2009, and reflect days on market from the original listing date to the recorded closing date.
• 43 percent of homes closed in 121+ days.
• 16 percent of homes closed in 91‐120 days.
• 19 percent of homes closed in 61‐90 days.
• 23 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
Average List to Close Dec. = 143.8 days
Data Courtesy Carolina MLS.
851 sold in 121+ days
390 sold in 31-60 days
63 sold in 0-30 days
Page 3 On the Move - Helen Adams Real ty Volume 2, Issue 1
www.helenadamsrealty.com
Pending Contracts
Average Residential Closing Price
New Listings
30 Year Fixed Mortgage Rates
Source: Freddie Mac, NAR, Dec. 2009
Data Courtesy Carolina MLS.
What’s Driving Our Market?
Page 4 On the Move - Helen Adams Real ty Volume 2, Issue 1
Falling Prices, Record-Low Mortgage Rates and Tax Credits Create Strong Buyer’s Market
RANDOLPH ROAD
2301 Randolph Road, Charlotte, NC 28207
BALLANTYNE
15235‐J John J. Delaney Dr., Charlotte, NC 28277
LAKE NORMAN
8600 Sam Furr Rd. Suite 150, Huntersville, NC 28078
800‐851‐5253 / www.helenadamsrealty.com
Download the new Tax Credit forms and guidelines by visiting:
www.helenadamsrealty.com/resources
Graph and article excepts from: CMLS & NAR Economic Watch Report, Nov.2009.
We are in one of the strongest buyer’s markets in years, possibly
decades. It’s hard to say which factor has sparked recent up‐tick
in sales. However, by most accounts, the majority of homebuy‐
ers were aware of the tax credit, and were eager to take advan‐
tage of it. In addition, the share of first time homebuyers is at its
highest level in years. These trends were seen towards the end
of 2009 (when the tax credit was predicted to expire). However,
now that the tax credit has been extended into spring of 2010
and also includes existing homeowners who purchase another
primary residence, we are likely to see even sharper spikes up‐
ward. Even if buyers do not quality for either of the Tax credit
offers, the market still benefits: purchasers by first time buyers
unlock equity for trade‐up buyers to make their purchase. Fur‐
thermore, the sheer volume of sales stimulated by this tax credit
helps to stabilize prices, boosting buyer confidence and easing
access to PMI.
Key Dates:
• April 30, 2010: Purchase and sales agreements must be dated by all parties with a date by Friday, April 30, 2010.
• June 30, 2010: Purchases must close on or before Wednes‐day, June 30, 2010.
ON MOve Market Activity and Trends for Charlotte & Surrounding Counties
J A N U A R Y 2 0 1 0
The average closing price for the Charlotte area in Dec. 2009 was $211,705, up approximately 5.4% compared to 2008. Average days on market was 143.8 for the month of December, 2009.
There were 1527 total closings in Dec. 2009, up 12% compared to 2008. The bulk of home sales continues to be in the lower price ranges, with 87% of sales in the $350,000 and under category.
Residential Closings - Entire MLS 2008 - 2009
Dec. 2009 Closed Sales by Price Range
www.helenadamsrealty.com
www.helenadamsrealty.com
the
Current Active Listings by Price Range
Under $250,000
$250 - $350,000
$350 - $500,000
$500K - $1 Million
$1 Million +
Total Active Listings = 21,727
Data Courtesy Carolina MLS.
63%
14%
10%
9%
3%
ASP = Average Sold Price
Data Courtesy Carolina MLS.
Total Sold Dec. 09 = 1527
Data Courtesy Carolina MLS.
Under $250,000
$250 - $350,000
$350 - $500,000
$500K - $1 Million
$1 Million + 74%
13%
7% 5%
0.8%
