Below please find Carolina Multiple Listing Statistics from September 2003 through September 2010. Look for trends rather than year to year comparisons.
In September 2010, Charlotte’s housing market experienced historically low levels of activity in:
New Listings (4043)
Pending Contracts (1658)
Closed Transactions (1658)
These activity levels are well below any September between 2003 and 2009.
Low pending sales means that there are were only 1658 people that chose to buy a home last month, as compared to ~3400 buyers each September in the peak years of 2004 and 2005. That’s 50% less buyers in 2010 than the peak years of 2004 and 2005 and 30% less buyers than 2003.
On average, homes are selling at 88% of list price. Listing prices are as high as they were in 2007-08 and closed prices are still down in the 2003-05 range. This significant List to Sales Price disparity is probably due to the increased level of foreclosure and distressed sales in our market.
According to the Business Journal, “In the 3rd quarter, foreclosures were up 34% year over year in Charlotte.”
On October 15th, a Business Week article stated, “Homes in the foreclosure process sold at an average 27 percent discount in the first quarter as almost a third of all U.S. transactions involved properties in some stage of mortgage distress, according to RealtyTrac Inc.”
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