On the Move Newsletter - Brought to You by Kim Walton

ON MOve Market Activity and Trends for Charlotte & Surrounding Counties

S E P T E M B E R 2 0 1 0

The average closing price for the Charlotte area in August 2010 was $225,156, up approximately 7% compared to 2009. Average days on market was 151.4 for the month of August, 2010.

There were 1704 total closings in August 2010, down 23.3% com‐pared to 2009. The bulk of home sales continues to be in the lower price ranges, with 71% of sales in the $250,000 and under category.

Residential Closings - Entire MLS 2009 - 2010

August 2010 Closed Sales by Price Range

www.helenadamsrealty.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 = 25,259

Data Courtesy Carolina MLS.

25%

13%

13%

10%

3%

ASP = Average Sold Price


Total Sold August 2010 = 1704


13%

13%

8% 7%

1%

$500K - $1 Million

Over $1 Million 29%

8% Under $120,000

$120 - $150,000

$150 - $250,000

$250 - $350,000

$350 - $500,000

$500K - $1 Million

Over $1 Million

35%

24%

Kim Walton 704‐516‐5688 [email protected] www.callkimwalton.com

Kim Walton 704‐516‐5688

[email protected]

Page 2 On the Move - He len Adams Realty Volume 2, Issue 9

Total Closed Units August 2010 - All MLS Areas

Residential Single Family, Townhomes & Condos

NC Foreclosure Filings

MLS Area Units Closed

Total Closed Volume

Average Closing Price

01 ‐ Mecklenburg County (N) 140 $ 33,850,435 $ 241,789

02 ‐ Mecklenburg County (E) 94 $ 10,368,033 $ 110,298

03 ‐ Mecklenburg County (SE) 49 $ 8,049,580 $ 164,277

04 ‐ Mecklenburg County (SSE) 77 $ 25,443,129 $ 330,430

05 ‐ Mecklenburg County (S) 179 $ 79,272,034 $ 442,861

06 ‐ Mecklenburg County (SSW) 47 $ 9,935,241 $ 211,388

07 ‐ Mecklenburg County (SW) 32 $ 4,031,314 $ 125,979

08 ‐ Mecklenburg County (W) 34 $ 2,417,855 $ 71,113

09 ‐ Mecklenburg County (NW) 70 $ 10,659,238 $ 152,275

10 ‐ Union County 159 $ 41,050,105 $ 258,177

11 ‐ Cabarrus County 140 $ 24,492,450 $ 174,946

12 ‐ Iredell County 80 $ 11,632,765 $ 145,410

13 ‐ Lake Norman 89 $ 38,452,234 $ 432,048

14 ‐ Lincoln County 28 $ 3,274,285 $ 116,939

15 ‐ Lake Wylie 30 $ 8,776,160 $ 292,539

16 ‐ Gaston County 133 $ 16,077,090 $ 120,880

17 ‐ York County 107 $ 21,815,317 $ 203,881

20 ‐ Alexander County 6 $ 594,000 $ 99,000

21 ‐ Rowan County 56 $ 6,198,900 $ 110,695

22 ‐ Cleveland County 22 $ 2,227,658 $ 101,257

23 ‐ Stanly County 22 $ 2,762,290 $ 125,559

24 ‐ Lancaster County 35 $ 9,245,722 $ 264,163

25 ‐ Anson County 4 $ 217,000 $ 54,250

29 ‐ Catawba County 25 $ 4,741,700 $ 189,668

35 ‐ Chester County 1 $ 58,500 $ 58,500

42 ‐ Mtn. Island Lake 9 $ 2,352,417 $ 261,380

99 ‐ Uptown Charlotte 11 $ 3,125,100 $ 284,100

TOTAL (for All MLS) 1704 $433,223,759 $225,156

Mecklenburg County has the highest number of fore‐closure filings year‐to‐date in North Carolina, how‐ever the state as a whole ranks 31st in its foreclosure rate among 50 states.

Mecklenburg County’s average foreclosure sales price in July 2010 was $131,487. The rate of foreclo‐sures in July 2010 was 1 in every 279 housing units, which represents a 18.4% decrease compared to July 2009. North Carolina’s unemployment rate was 10.1% in June 2010. The national unemployment rate was 9.5% in July 2010.

Source: NC Administrative Courts / Realtor® Reflections, August 2010

Rank County Total Filings (YTD)

#1 Mecklenburg 6726

#2 Wake 3246

#3 Guilford 2542

#4 Forsyth 1449

#5 Union 1179

#6 New Hanover 1126

#7 Durham 1109

#8 Brunswick 1073

#9 Gaston 1068

#10 Cumberland 961



Pending Contracts

Average Residential Closing Price

New Listings

30 Year Fixed Mortgage Rates

Source: Freddie Mac, NAR, August, 2010



Affordability in Real Estate Reaches Record Levels


Midwest and Northeast Offer Some of the Most Affordable Markets

See our Monthly Market Reports on:

www.helenadamsrealty.com/market_data

The share of homes that families making the national median income could af‐ford to buy remained above 70 percent for the sixth quarter in a row, according to the latest National Association of Home Builders Index (HOI).

The HOI tracks the share of homes sold in a particular area that would have been affordable to a family earning the local median income. The index assumes a family can afford to spend 28 percent of its gross monthly income on housing.

In first‐quarter 2009, there was a 10.1‐percentage‐point jump in the afforda‐bility index from fourth‐quarter 2008, and it marked the first time the index jumped into the 70s range in the index's nearly 20‐year history. The median home price nationwide was $179,000 in the second quarter of this year, up from

Most Affordable Metro Areas City Median Median Home Price Income

Syracuse, NY $88,000 $64,300

Springfield, OH $76,000 $56,800

Mansfield, OH $71,000 $55,100

Bay City, MI $80,000 $56,200

Monroe, MI $115,000 $69,000

Lansing, MI $93,000 $65,900

Kokomo, IN $89,000 $61,400

Elkhart, IN $98,000 $58,600

Cumberland, MD $96,000 $52,200

Canton, OH $82,000 $57,700

$177,000 in 2009's second quarter.

"Homeownership is within reach of more households than it has been for almost a generation," said Bob Jones, the building association's chairman, in a statement.

"Interest rates continue to hover at historic low levels, the economy is be‐ginning to rebound, and with house prices starting to stabilize, conditions are beginning to draw homebuyers back into the market, which is a posi‐tive step on the path to recovery."

Three Rust Belt states featured promi‐nently among the top 10 most afford‐able metro areas: Ohio, Michigan and Indiana. Syracuse, N.Y., was the most affordable metro area in the country.

Source: “Near Record Affordability in Real Estate” by Andrea Brambila, Inman News, Wed. Sept. 8.

Kim Walton

2301 Randolph Road, Charlotte, NC 28207

704‐516‐5688

[email protected]

www.callkimwalton.com

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On the Move Newsletter - Brought to You by Kim Walton