The following information is taken from the Carolina Multiple Listing Service, Inc. for only Birkdale. Birkdale is a community of over 1,000 homes and is located approximately 15 miles north of Charlotte, NC. Contrary to the overall Charlotte region and many areas across the country, Birkdale has held its value and price trends are up.
YEAR # of AVG SP/LP DOM
CLOSED HOMES CLOSED PRICE
2005 96 $317,058 98% 41
2006 80 $351,168 98% 32
2007 75 $364,545 98% 33
2008 47 $382,782 97% 43
2009 38 $314,827 96% 76
2010 40 $352,746 96% 141
Thru 11/18/11 48 $358,565 96% 140
Most real estate experts indicate housing prices are back to 2003 levels. Of course this is a national viewpoint and NOT indicative of local markets. In fact, Birkdale prices are moving back up for a couple of reasons. The community did not see rapid housing appreciation during the housing boom – 3-5% increases. The community is stable and has not experienced many foreclosures or short sales that cause a downward spiral of housing prices.
The other interest fact is the number of days on the market (DOM). During the boom period homes stayed on the market for about a month and now approximately 4 months – a normal market!
Also, seller’s seem to be making price concessions even if the for sale inventory is low. To me this is reflective of “fear” in the marketplace.
Why wouldn’t you investigate your own neighborhood housing price trends and determine how your LOCAL market is fairing in today’s economy?
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