If you’ve been watching the news lately, you’ve seen the national numbers: home sales are way down since June 30 (and the end of the home buyer tax credit). But as a good REALTOR, you know that markets are local — so what’s the story here in Charlotte?
As you may know, about 33% fewer homes were sold in July than were sold in June in CMLS. And there was another drop-off in August, but not a very big one — 14% fewer homes sold in August than sold in July (though August’s sales represent a 44% drop from June).
Prices, however, continue be stable in our region. Despite the lower activity in July, prices actually rose about 4%, though they fell back to near June levels in August.
Looking at the long view, 2010 still is a better year and continues to make 2009 look like “the bottom.” In 2008, about 2,300 homes sold per month in CMLS. That dropped to 1,650 in 2009, and thus far in 2010 is at 1,850 per month.
The price chart over that time span looks similar: the average home in 2008 sold for $220k. That dropped to $199k in 2009 and is up to about $210k this year. It also bears mentioning that at our peak in 2007, the average price of homes sold was $231k, which is only a $20k difference from today, which represents only about an 8.6% difference. Ask the folks in Florida or Nevada if they’d take an 8.6% drop…
Overall, tight credit and jittery buyers is preventing more folks from hitting the pavement to buy a house, but all in all, the Charlotte market is as healthy as you could ask for given the economic crash we witnessed in 2008. With the summer about over, we can probably expect the sales numbers to drop some more, but we still suspect 2010 will stay ahead of 2009. So if you have buyers who are trying to “time the market,” these graphs sure make 2009 look like a bottom!
Until next time… thanks for reading!
Posted via email from Charlotte real estate technology, IDX, market data
