Charlotte Real Estate Market Activity April 2011

Page 1

Page 4

On the Move - Helen Adams Realty

Volume 4, Issue 4

Loan Demand Up as Rates Stay Stable Borrowers Rush to Beat FHA Premium Increase Demand for home purchase loans picked up at the end of March to the highest level of the year, while mortgage rates remained mostly unchanged, according to surveys by the Mortgage Bankers Association (MBA) and Freddie Mac. The MBA's Weekly Mortgage Applications Survey showed demand for purchase loans grew a seasonally adjusted 6.7 percent during the week ending April 1 when compared to the week before. MBA said last week's increase in purchase loan demand was due to a sharp increase in applications in government loans, likely due to a scheduled increase in FHA insurance premiums. Demand for government-backed loans (by the Federal Housing Administration, U.S. Department of Veterans Affairs and U.S. Department of Agriculture) surged a seasonally adjusted 10.3 percent, to the highest level since May 7, 2010.

With the pool of borrowers who have the ability to qualify for a refinance continuing to shrink, requests for refinancings have dropped to the lowest share since May, 2010. In a March 15 forecast, MBA economists predicted that rates on 30-year fixed-rate loans

Article excerpts from Inman News, April 7, 2011

will continue a gradual rise next year, climbing to an average of 6.2 percent in the final three months of 2012. MBA also predicted a 3.6% increase in existing home sales for 2011 compared to 2010, and a 6.7 % increase in sales for 2012 vs. 2011.

Residential Closings - Entire MLS

March 2010 - March 2011 ASP = Average Sold Price

Interest Rate Forecast

Data Courtesy Carolina MLS.

Home Sales Forecast

Data Source: MBA Mortgage Finance Forecast, March , 2011

The average closing price for the Charlotte area in March 2011 was $194,465, down approximately 1.6% compared to 2010. Average days on market was 159 for the month of March 2011.

There were 1903 total closings in March 2011, up 0.2% compared to 2010. The bulk of home sales continues to be in the lower price ranges, with 76% of sales in the $250,000 and under category.

Current Active Listings by Price Range

March 2011 Closed Sales by Price Range .08%

2% 8%

Under $120,000

9%

28%

$120 - $150,000 $150 - $250,000

13%

4%

$250 - $350,000

11% 36%

26%

$500K - $1 Million

27%

Over $1 Million

$120 - $150,000 $150 - $250,000 $250 - $350,000

$350 - $500,000

13%

Under $120,000

8%

14%

$350 - $500,000 $500K - $1 Million Over $1 Million

Total Active Listings = 22,401

Total Sold March 2011 = 1903

Data Courtesy Carolina MLS.

Data Courtesy Carolina MLS.

www.helenadamsrealty.com


Page 2

On the Move - Helen Adams Realty

Volume 4, Issue 4

On the Move - Helen Adams Realty

Total Closed Units

Volume 4, Issue 4

Page 3

Pending Contracts

Average Residential Closing Price

New Listings

30 Year Fixed Mortgage Rates

March 2011 - All MLS Areas

Residential Single Family, Townhomes & Condos MLS Area

Units

Total

Average

Closed

Closed Volume

Closing Price

01 - Mecklenburg County (N)

140

$ 23,905,314

$ 170,752

02 - Mecklenburg County (E)

94

$ 9,184,036

$ 97,703

03 - Mecklenburg County (SE)

79

$ 9,298,665

$ 117,705

04 - Mecklenburg County (SSE)

79

$ 25,343,402

$ 320,803

05 - Mecklenburg County (S)

157

$ 52,975,533

$ 337,424

06 - Mecklenburg County (SSW)

62

$ 11,870,600

$ 191,461

07 - Mecklenburg County (SW)

75

$ 10,294,909

$ 137,265

08 - Mecklenburg County (W)

54

$ 4,391,710

$ 81,328

09 - Mecklenburg County (NW)

73

$ 10,216,923

$ 139,958

10 - Union County

181

$ 41,709,897

$ 230,441

11 - Cabarrus County

145

$ 24,272,923

$ 167,399

12 - Iredell County

77

$ 8,462,738

$ 109,906

13 - Lake Norman

92

$ 40,076,624

$ 435,615

14 - Lincoln County

50

$ 6,642,086

$ 132,842

15 - Lake Wylie

30

$ 9,236,118

$ 307,871

16 - Gaston County

127

$ 15,191,735

$ 119,620

17 - York County

138

$ 26,063,823

$ 188,868

20 - Alexander County

8

$ 1,210,900

$ 151,362

21 - Rowan County

62

$ 6,919,952

$ 111,612

22 - Cleveland County

27

$ 2,558,200

$ 94,748

Days on Market The following statistics apply to Feb. 1 to Feb. 28, 2011, and reflect days on market from the original listing date to the recorded closing date. 54.2 percent of homes closed in 121+ days. 13.1 percent of homes closed in 91-120 days. 16 percent of homes closed in 61-90 days. 14 percent of homes closed in 31-60 days. 3 percent of homes closed in 0-30 days.

Listing Date to Closing Date 39 sold

121+ days

0-30 days

23 - Stanly County

11

$ 1,507,350

$ 137,032

24 - Lancaster County

63

$ 13,701,503

$ 217,484

25 - Anson County

5

$ 230,200

$ 46,040

721 sold

181 sold

121+ days

31-60 days

29 - Catawba County

17

$ 2,605,351

$ 153,256

35 - Chester County

2

$144,900

$72,450

42 - Mtn. Island Lake

13

$ 2,279,645

$175,357

99 - Uptown Charlotte

25

$ 7,042,200

$281,688

TOTAL (for All MLS)

1901

$422,892,488

175 sold 91-120 days

91-120 days 61-90 days 31-60 days 0-30 days

213 sold 61-90 days

$194,465 Total # Units Closed March = 1901 Average List to Close March = 159 days Source: Freddie Mac, NAR, March 2011

Data Courtesy Carolina MLS.

Data Courtesy Carolina MLS.

www.helenadamsrealty.com

www.helenadamsrealty.com


Page 2

On the Move - Helen Adams Realty

Volume 4, Issue 4

On the Move - Helen Adams Realty

Total Closed Units

Volume 4, Issue 4

Page 3

Pending Contracts

Average Residential Closing Price

New Listings

30 Year Fixed Mortgage Rates

March 2011 - All MLS Areas

Residential Single Family, Townhomes & Condos MLS Area

Units

Total

Average

Closed

Closed Volume

Closing Price

01 - Mecklenburg County (N)

140

$ 23,905,314

$ 170,752

02 - Mecklenburg County (E)

94

$ 9,184,036

$ 97,703

03 - Mecklenburg County (SE)

79

$ 9,298,665

$ 117,705

04 - Mecklenburg County (SSE)

79

$ 25,343,402

$ 320,803

05 - Mecklenburg County (S)

157

$ 52,975,533

$ 337,424

06 - Mecklenburg County (SSW)

62

$ 11,870,600

$ 191,461

07 - Mecklenburg County (SW)

75

$ 10,294,909

$ 137,265

08 - Mecklenburg County (W)

54

$ 4,391,710

$ 81,328

09 - Mecklenburg County (NW)

73

$ 10,216,923

$ 139,958

10 - Union County

181

$ 41,709,897

$ 230,441

11 - Cabarrus County

145

$ 24,272,923

$ 167,399

12 - Iredell County

77

$ 8,462,738

$ 109,906

13 - Lake Norman

92

$ 40,076,624

$ 435,615

14 - Lincoln County

50

$ 6,642,086

$ 132,842

15 - Lake Wylie

30

$ 9,236,118

$ 307,871

16 - Gaston County

127

$ 15,191,735

$ 119,620

17 - York County

138

$ 26,063,823

$ 188,868

20 - Alexander County

8

$ 1,210,900

$ 151,362

21 - Rowan County

62

$ 6,919,952

$ 111,612

22 - Cleveland County

27

$ 2,558,200

$ 94,748

Days on Market The following statistics apply to Feb. 1 to Feb. 28, 2011, and reflect days on market from the original listing date to the recorded closing date. 54.2 percent of homes closed in 121+ days. 13.1 percent of homes closed in 91-120 days. 16 percent of homes closed in 61-90 days. 14 percent of homes closed in 31-60 days. 3 percent of homes closed in 0-30 days.

Listing Date to Closing Date 39 sold

121+ days

0-30 days

23 - Stanly County

11

$ 1,507,350

$ 137,032

24 - Lancaster County

63

$ 13,701,503

$ 217,484

25 - Anson County

5

$ 230,200

$ 46,040

721 sold

181 sold

121+ days

31-60 days

29 - Catawba County

17

$ 2,605,351

$ 153,256

35 - Chester County

2

$144,900

$72,450

42 - Mtn. Island Lake

13

$ 2,279,645

$175,357

99 - Uptown Charlotte

25

$ 7,042,200

$281,688

TOTAL (for All MLS)

1901

$422,892,488

175 sold 91-120 days

91-120 days 61-90 days 31-60 days 0-30 days

213 sold 61-90 days

$194,465 Total # Units Closed March = 1901 Average List to Close March = 159 days Source: Freddie Mac, NAR, March 2011

Data Courtesy Carolina MLS.

Data Courtesy Carolina MLS.

www.helenadamsrealty.com

www.helenadamsrealty.com


Page 4

On the Move - Helen Adams Realty

Volume 4, Issue 4

Loan Demand Up as Rates Stay Stable Borrowers Rush to Beat FHA Premium Increase Demand for home purchase loans picked up at the end of March to the highest level of the year, while mortgage rates remained mostly unchanged, according to surveys by the Mortgage Bankers Association (MBA) and Freddie Mac. The MBA's Weekly Mortgage Applications Survey showed demand for purchase loans grew a seasonally adjusted 6.7 percent during the week ending April 1 when compared to the week before. MBA said last week's increase in purchase loan demand was due to a sharp increase in applications in government loans, likely due to a scheduled increase in FHA insurance premiums. Demand for government-backed loans (by the Federal Housing Administration, U.S. Department of Veterans Affairs and U.S. Department of Agriculture) surged a seasonally adjusted 10.3 percent, to the highest level since May 7, 2010.

With the pool of borrowers who have the ability to qualify for a refinance continuing to shrink, requests for refinancings have dropped to the lowest share since May, 2010. In a March 15 forecast, MBA economists predicted that rates on 30-year fixed-rate loans

Article excerpts from Inman News, April 7, 2011

will continue a gradual rise next year, climbing to an average of 6.2 percent in the final three months of 2012. MBA also predicted a 3.6% increase in existing home sales for 2011 compared to 2010, and a 6.7 % increase in sales for 2012 vs. 2011.

Residential Closings - Entire MLS

March 2010 - March 2011 ASP = Average Sold Price

Interest Rate Forecast

Data Courtesy Carolina MLS.

Home Sales Forecast

Data Source: MBA Mortgage Finance Forecast, March , 2011

The average closing price for the Charlotte area in March 2011 was $194,465, down approximately 1.6% compared to 2010. Average days on market was 159 for the month of March 2011.

There were 1903 total closings in March 2011, up 0.2% compared to 2010. The bulk of home sales continues to be in the lower price ranges, with 76% of sales in the $250,000 and under category.

Current Active Listings by Price Range

March 2011 Closed Sales by Price Range .08%

2% 8%

Under $120,000

9%

28%

$120 - $150,000 $150 - $250,000

13%

4%

$250 - $350,000

11% 36%

26%

$500K - $1 Million

27%

Over $1 Million

$120 - $150,000 $150 - $250,000 $250 - $350,000

$350 - $500,000

13%

Under $120,000

8%

14%

$350 - $500,000 $500K - $1 Million Over $1 Million

Total Active Listings = 22,401

Total Sold March 2011 = 1903

Data Courtesy Carolina MLS.

Data Courtesy Carolina MLS.

www.helenadamsrealty.com


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