In the South Charlotte NC region (mls area 5), the single family real estate market over the past year or so has seen higher real estate inventory levels, longer days on market and overall a much more challenging climate for home sellers.
Looking at the trends on a monthly basis from August 2008 to September 2009, the new listing pace has followed a fairly typical seasonal pattern with December 2008 the clear low point and March/April 2009 the peak of new listing traffic.
The under contract and sold South Charlotte NC single family real estate listings have had a much softer pattern with activity declining from August 2008 till Jan/Feb 2009, then a gradual increase in sales activity to a peak in June 2009 and then a slower pace of sales since then.
Compared to a year ago, as of September 2009 the amount of new single family real estate listings in the South Charlotte NC region is about the same as are the amount of sold listings (103 sold in Sept 2009, 110 sold September 2008), but the under contract activity was actually up slightly from both the previous month and compared to a year ago.
Make no mistake about it though, the prevailing real estate market trends remain very challenging for South Charlotte NC home sellers and competition has remained high even through the spring and summer of 2009 – home buyers continue to have plenty of options to evaluate.
Monthly average sales prices for real estate in South Charlotte NC have ranged from a low of $321,096 in January 2009 to a high of $594,139 back in October 2008 and have been fairly consistent from May-September 2009 hovering around the low $400,000 range.
Average sale prices on a monthly basis can be quite volatile since they’re based on only a single month’s activity but overall in the South Charlotte NC real estate market successful sales activity has been weighted below the $300-$400,000 price points: September 2009 single family real estate activity by price range for the real estate market in South Charlotte NC
As for the average days on market trends, last fall the average days on market started climbing, reached over 100 days in December 2008 and has remained over that mark for all of 2009. September 2009’s successful sales reached a new high with an average of 138 days on the market.
The final trend we’ll look at is the % of sales price compared to list price. This is another indicator that’s good for general trends but for specific neighborhoods and application to any given home, it’s always best to have original list price history not just final list price comparisons.
The majority of recent sale-to-list price rations for sold single family real estate listings in South Charlotte NC have been in the 90-95% range and from June-September 2009 there’s been a downward trend on sale-to-list price ratios with September 2009 coming in right around 92%.
As with all real estate market indicators and conditions, at the local neighborhood and price range level things can change and vary from the prevailing general real estate market trends so it’s helpful to keep not only the general area trends in mind but also be aware of more localized real estate activity. For some local South Charlotte NC neighborhood real estate market reports: Neighborhood real estate market activity in Charlotte NC. The October 2009 Olde Providence neighborhood real estate market report is a good (and very recent) example of how neighborhood conditions can differ from general trends.
To set up a consultation (via phone or in person), for a customized list and regular updates with changes to available homes for sale in Charlotte NC that may be of interest, OR for any questions you may have about buying or selling a home in Charlotte NC and how current real estate market conditions may relate to you, contact us.
Related Articles: Charlotte NC Neighborhood Real Estate Market Reports
Copyright©2009 by Diane McDermott, All Rights Reserved, “South Charlotte NC Single Family Real Estate Market History August 2008-September 2009″
*Data and statistics based on information from Carolina Multiple Listing Service Inc. for single family real estate listings, mls area 5. Information deemed reliable but not guaranteed.