One of the things we frequently hear from some agents is that certain price ranges are tougher to move these days than others. One of our clients was telling us that she has no problem selling homes in the under-$200k range, but most of her listings over $200k (even ones priced very aggressively for their areas) are not getting showings.
So, we figured we’d check the numbers to see if this is a trend in Charlotte. And sure enough, there is some validity to it.
Of the ACTIVE single-family homes on the market now, 51% of them are priced under $200k. 37% are between $200k-500k and 12% are over $500k. Here’s a chart:
Compare to the SOLDS in 2010, where 63% them were under $200k, 30% were between $200k-500k and only 7% were over $500k.
Indeed, houses under $200k make up a larger percentage of solds than they do of actives. That difference of 12 percentage points means that there are 23% more homes in the sub-$200k price range in “solds” than there are in “actives.”
While there is a lower percentage of $200k-$500k homes that have sold, the percentage difference is 19%, so the negative impact on that range is not as large as the positive impact on the under-$200k range.
Where we see the greatest hit is to the over-$500k range, where there are a whopping 42% more active homes in that price range than they are “solds” in 2010.
Overall, it’s important to remember that Charlotte is doing quite well compared to many markets in the US, and based on the numbers in 2010, 2009 is looking more and more like the true “bottom.” As you can see, activity is slightly up in 2010 (even including July’s numbers, which were down due to the expiration of the tax credit), and sales prices are about 4% higher than 2009.
And that’s the nerdy real estate stats talk for today!… Happy weekend!
Posted via email from Charlotte real estate technology, IDX, market data
