In terms of home prices and activity, 2007 represented the peak in metro Charlotte: about 1,250 homes sold per month in Mecklenburg that year, at an average price of $257k. This year, about 725 houses a month are selling in Mecklenburg, at an average price of $241k. The prices have only dropped about 6% since the peak, but activity is down about 40%.
These numbers probably don’t look too unfamiliar, so we decided to delve deeper. Looking at the sold properties from both 2007 and 2010, what trends can we identify?
The first one, you could probably guess. In 2007, the “under $200k” price bracket represented 58% of the homes sold in Mecklenburg. The $200-500k range was 35% of homes sold, and the last 7% was homes over $500k.
“Sold” price ranges: 2007
In 2010, interestingly, one of these percentages is identical : the over $500k range! But homes under $200k are up to 63% of homes sold, and that 5% gain came entirely from the $200k-$500k range, which is down to 30% of homes sold.
“Sold” price ranges: 2010
Other than that 5% “swap” between price ranges, what else is different? Frankly, not much! We examined the MLS areas, and found the sales patterns were almost exactly the same. Area 1 had the most sales in both 2007 and 2010, representing 19% of homes sold in Mecklenburg, followed by Areas 5, 2, 9, 4, and 3. The percentages stayed virtually the same, with a few of the areas moving by at most 1%. Areas 5 and 7 were down by 1%, and Areas 2 and 3 were up by 1%. But otherwise, everything was almost identical.
| Area | 2007 | 2010 |
|---|---|---|
| 1 | 19% | 19% |
| 5 | 16% | 15% |
| 2 | 13% | 14% |
| 9 | 10% | 10% |
| 4 | 9% | 9% |
| 3 | 8% | 9% |
| 7 | 8% | 7% |
| 8 | 7% | 8% |
| 6 | 5% | 5% |
So what’s to conclude? Honestly, these numbers show that Charlotte is experiencing many of the same trends as other areas, but unlike some of the hard-hit areas, prices are very stable here. For prices to have only dropped 6% from the peak is almost remarkable in these times. If you have any REALTOR friends in Florida or Nevada, ask them how low prices are now compared to the peak, and you will hear percentages like 20 or 30%.
Until next time… Happy Labor Day!
Posted via email from Charlotte real estate technology, IDX, market data
