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ONthe MOve Market Activity and Trends for Charlotte & Surrounding Counties

MAY 2010 www.helenadamsrealty.com

Compliments of

Debe Maxwell, Realtor速/Broker

Mobile: 704.491.3310

Residential Closings - Entire MLS 2009 - 2010 ASP = Average Sold Price Data Courtesy Carolina MLS.

The average closing price for the Charlotte area in April 2010 was $201,410, up approximately 1% compared to 2009. Average days on market was 147.7 for the month of April, 2010.

There were 2220 total closings in April 2010, up 20.2% compared to 2009. The bulk of home sales continues to be in the lower price ranges, with 78% of sales in the $250,000 and under category.

Current Active Listings by Price Range

April 2010 Closed Sales by Price Range 1%

3% 9%

Under $120,000

11%

22%

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

14%

11%

$250 - $350,000

$250 - $350,000

30%

$500K - $1 Million

29%

Over $1 Million

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

32%

$350 - $500,000

12%

Under $120,000

5% 5%

16%

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

Total Active Listings = 25,885

Total Sold April 2010 = 2220

Data Courtesy Carolina MLS.

Data Courtesy Carolina MLS.

www.SoldByDebe.com


Page 2

On the Move - Helen Adams Realty

Volume 2, Issue 5

Total Closed Units April 2010 - All MLS Areas Residential Single Family, Townhomes & Condos MLS Area

Units Closed

Total Closed Volume

Average Closing Price

01 - Mecklenburg County (N)

198

$ 37,434,847

$ 189,064

02 - Mecklenburg County (E)

111

$ 14,370,151

$ 129,460

03 - Mecklenburg County (SE)

84

$ 11,626,813

$ 138,414

04 - Mecklenburg County (SSE)

87

$ 26,382,563

$ 303,247

05 - Mecklenburg County (S)

188

$ 66,177,425

$ 352,007

06 - Mecklenburg County (SSW)

72

$ 17,255,580

$ 239,660

07 - Mecklenburg County (SW)

73

$ 10,123,094

$ 138,672

08 - Mecklenburg County (W)

67

$ 6,332,708

$ 94,518

09 - Mecklenburg County (NW)

82

$ 11,978,315

$ 146,077

10 - Union County

226

$ 54,459,744

$ 240,972

11 - Cabarrus County

174

$ 30,200,385

$ 173,565

12 - Iredell County

109

$ 15,767,835

$ 144,659

46 percent of homes closed in 121+ days.

13 - Lake Norman

95

$ 40,994,740

$ 431,523

12 percent of homes closed in 91-120 days.

14 - Lincoln County

48

$ 6,026,603

$ 125,554

18 percent of homes closed in 61-90 days.

15 - Lake Wylie

42

$ 12,384,295

$ 294,864

18 percent of homes closed in 31-60 days.

16 - Gaston County

183

$ 21,643,203

$ 118,268

5 percent of homes closed in 0-30 days.

17 - York County

127

$ 23,981,975

$ 188,834

20 - Alexander County

6

$ 1,122,200

$ 187,033

21 - Rowan County

68

$ 7,529,809

$ 110,732

22 - Cleveland County

28

$ 2,681,304

$ 95,760

23 - Stanly County

21

$ 3,139,341

$ 149,492

24 - Lancaster County

46

$ 11,596,122

$ 252,089

25 - Anson County

7

$ 821,000

$ 117,285

29 - Catawba County

33

$ 4,210,350

$ 127,586

35 - Chester County

4

$ 296,850

$ 74,212

42 - Mtn. Island Lake

12

$ 2,865,002

$ 238,750

99 - Uptown Charlotte

12

$ 3,043,890

$ 253,657

TOTAL (ALL MLS)

2220

$447,131,044

Days on Market The following statistics apply to March 6 to April 5, 2010, and reflect days on market from the original listing date to the recorded closing date.

Listing Date to Closing 98 sold

121+ days

0-30 days

877 sold 121+ days

348 sold

91-120 days

31-60 days

61-90 days

345 sold 61-90 days

31-60 days 0-30 days

232 sold

91-120 days

$201,410 Average List to Close April = 147.7 days Data Courtesy Carolina MLS.

www.SoldByDebe.com


On the Move - Helen Adams Realty

Volume 2, Issue 5

Page 3

Pending Contracts

Average Residential Closing Price

New Listings

30 Year Fixed Mortgage Rates

Source: Freddie Mac, NAR, April 2010 Data Courtesy Carolina MLS.

www.SoldByDebe.com


Page 4

On the Move - Helen Adams Realty

Volume 2, Issue 5

What is Absorption Rate Pricing? Determine Your Home’s Value Based on Supply and Demand Absorption rate pricing is a method used to calculate the value of your home based on the principles of supply and demand.

2.

Then, they will conduct a search for all ACTIVE listings of homes on the market for sale which are similar to your home in: location, condition, size, features, amenities and price.

3.

To calculate the monthly SUPPLY of homes on the market, you divide the total number of ACTIVE listings (which are similar to your home) by the average home sales per month.

4.

The next step it to rank your home versus the competition in the categories of: location, condition, size, features and amenities. This analysis will help determine the best asking price.

5.

Based on the positioning of your home versus the competition and monthly supply on the market, your Realtor® will be able to calculate the odds of selling your home in 30, 60 or 90 days.

Today, Appraisers are required to use Absorption Rate Pricing to determine your home’s worth, so it is important to understand how the process works. There are only a certain number of homes that will sell in any market in any given period of time. If 12 homes sold in the last 12 months in a given market, that means that the market will absorb 1 house per month on average. If there are 10 homes currently on the market, there is a 10 month supply. A 6 month supply is considered a balanced market. Less than 6 months supply is considered a sellers market. More than a 6 months supply is considered a buyers market. To calculate Absorption rate, your Realtor® / Appraiser will: 1.

Conduct a search for homes sold in the past 12, 6 and 3 months, which are similar to your home in: location, condition, size, features, amenities and price. From these numbers, they will calculate the average sales per month (DEMAND).

Market absorption rate for Area 5, Zip Code 28226

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Debe Maxwell, Realtor®/Broker Helen Adams Realty 2301 Randolph Road, Charlotte, NC 28207

704.491.3310 / www.SoldByDebe.com


Charlotte NC Real Estate Market Report