Homeowners received their new tax assessed values this month. The county last assessed Charlotte homes in 2002. Thus, the comparison is the sale prices between 2002 and 2010. Every market is different and we can say for certain that the “housing bubble” peaked after 2002 and before 2010!! To know if your revaluation is accurate, you must do some research. To give an idea of the data required, I have completed the following chart of sale prices per year from 2001 to 2010 – based on the square footage of the homes sold.
Average Sold Price Source: Charlotte MLS
Year 1,500 sq. ft. 2,000 sq. ft. 2,500 sq. ft. 3,000 sq. ft.
2010 $109,557 $149,527 $234,347 $281,373
2009 110,318 149,200 253,733 274,616
2008 114,858 187,024 270,732 365,680
2007 132,959 201,987 245,107 351,866
2006 130,893 186,977 253,109 344,672
2005 120,637 180,358 239,042 352,551
2004 116,830 168,193 230,937 340,968
2003 116,030 184,438 244,640 306,541
2002 133,006 162,579 219,179 282,846
2001 131,709 167,891 245,981 312,943
Percent Reduction (-) or Appreciation from 2002 to 2010
-17.6% -8.0% +6.9% -0.5%
Percent Reduction from the Peak of the Market to 2010
-17.6% -26.0% -13.4% -23.0%
Interpreting the data:
Charlotte housing prices certainly dropped from the peak but not as drastic as some markets.
The peak of the “bubble” in Charlotte came after most of the country.
Did the bottom of the market happen quicker than most areas and a rebound will be in 2011?
The smaller houses and most likely lower prices experienced the greatest decline – does this have anything to do with foreclosures and short sales in this market segment?
Location-Location-Location and Community-Community-Community will guide real estate sales in 2011 and new home construction in 2012.
Be ready for the first quarter 2012!!!
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