Charlotte, NC Market Update - Upward Trend!

The real estate data for the market area north of Charlotte has been issued. The comparison is for the activity from July 2008 to July 2009.

Overall the market seems to be showing some life but I am convinced that we will experience ups and downs rather than a define trend upward. Simply because of consumer confidence, unemployment, and unsettled economic indicators. Also the $8,000 federal tax credit will expire at the end of November which has resulted in more first time home buyers entering the market. We will probably experience an up tick in interest rates which has a tendency to cause fence sitters to actbut most will wait and see. Thus, our bottom of the market will bounce along the bottom into 2010. The analysis of the market trends however are positive and we can use this to reassure buyers and sellers that their is a viable real estate market and this is a great time to buy or sell real estate. This is a fantastic time to buy or sell land for develoment purposes ..but follow the guide posted previously on my blog. Now the market analysis:

1. Months of Supply of Housing Inventory - trend is down
Approx. 15-20% reduction in inventory due to solds and sellers pulling listings

2. Average Days on the Market - relatively constant at about 120 days
Above the $500,000 price point, the average days on the market at about 170 days

3. Homes Under Contract - trend is bumpy and not well defined
Seems that the bottom of the market was in February 2009

Charlotte typically trails the country on real estate trends so it will be interesting to obtain market analysis from other parts of the country. I will work on that.

4. Median Sold Price - trend is up for most price points

Trend is down for the $300,000 - $400,000 market segment

The bottom line: the market is improving but not stable enough to establish a consistent trend line.