Charlotte NC Real Estate Market Report, NOV 2008
Charlotte NC November Sales, 2008
Incorporated in 1768 and named for the wife of King George III, Charlotte has constantly redeveloped herself, growing into the largest city in North Carolina. The Queen City, as it is nicknamed, has changed from an agrarian township to a gold town, textile center and banking giant. Now, Charlotte is the second largest banking center in the United States of America behind New York City, New York.Visitors to the city are treated to historical attractions as well as a vast and varied range of events and recreational activities. Charlotte is ideally located to take in the wonders of North Carolina, as it is a three-hour drive from the Atlantic beaches and only two hours from the Blue Ridge Mountains.
With the economic changes of recent, Charlotte has been experiencing a bit of a decline when comparing year over year statistics. We are in a decline however, homes are still moving and newcomers continue to arrive in the Queen City! The recently updated sales statistics and the market absorption rates for the Charlotte Metro Region is below.
This graph is self-explanatory--the number of homes sold during the month of November, 2008 are listed within their various price ranges:
This graph reflects the numbers above--in a format that shows the most purchased and least purchased price range in the Charlotte area for the month of November, 2008:
Market Absorption Trend, Charlotte NC (below):This is what is expected with the types of markets which are indicated in a market absorption rate analysys: - Seller's Market (0-4 month supply of homes on the market): Generally includes multiple offers, few if any seller concessions, slight appreciation, and prices being driven by multiple offers and low number of days on the market.
- Neutral Market (5-6 month supply of homes on the market): Market sales prices are near list prices with minimal seller concessions and very little appreciation. Expect longer days on the market than in the above, Seller's Market.
- Buyer's Market (7-12 month supply of homes on the market): Sold prices are considerably less than list prices and/or you will see great seller concessions, no appreciation or a slight depreciation. The days on the market are considerably extended as well.
- Depressed Market (Over 12-month supply of homes on the market): Significantly fewer homes are moving and price-correction is seen in a depressed market. Incredible seller concessions are seen, many short sales and foreclosures are making their way into the market more than before.
Fortunately for our area, days on the market are not as extended as most markets. Foreclosures and short sales are not flooding the market but, we are seeing an increase in the area. As well, we do not have nearly the number of new construction homes available on the market today as we did last year--the builders have slowed building significantly which will enable our local market to show improvement quicker than others in the U.S.Here is the November, 2008 Market Absorption Trend: 
The interpretation of the above chart is as follows:* The 3,6, and 12 month columns (top to bottom) show the number of closed transactions from 10/31/07 to 10/31/08.* The currently active listings are inserted into each column (in green)* The Months of Supply on the Market is calculated to show that Charlotte is hovering around the 15-month number--this means that we have enough homes on the market to last us 13-16 months (or you could look at it that it will take 13-16 months to sell the homes that are currently for sale on the market). This represents a Depressed Market for the Charlotte Metro area.* The average list prices and sales prices are also listed for each 3,6 and 12 month statistics.* Using the above, the average list to sales price is then calculated--meaning that Charlotte home sellers are receiving, as an average, 95-96% of their list price when sold.
Compare to October, 2008 Report.
As an active, full-time, real estate professional, it is my opinion that this market is not nearly as bad as it 'feels' or has been reported nationally. We are moving homes, although we are in a depressed market presently. Charlotte is a transient area that will continue to grow as it has during the past decade. Be patient; if you've done everything right, your home will sell!
For pointers on listing and selling your home, read this.
Can you get a mortgage? Read this.
About the author:
Debe Maxwell is a
Charlotte Residential Real Estate Broker, Certified Neighborhoor & Relocation Specialist, ABR & e-PRO who can assist you with the purchase and/or sale of real estate in the
Charlotte NC Metro Area. If you're relocating to or from any other area of the country, Debe connects you with any member of her team of relocation professionals in your destination or exit city of choice. The destination service is of no cost to you!
The Maxwell House Group's quality service guarantee puts this team far ahead of the competition; providing unsurpassed customer service is their #1 priority! Debe Maxwell -- Helen Adams Realty -- 704.491.3310
Copyright© 2008 By Debe Maxwell, All Rights Reserved...**Charlotte NC Market Report November 2008**
Disclaimer: All information provided by this author is strictly an opinion, is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.