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ONthe MOve Market Activity and Trends for Charlotte & Surrounding Counties

AUGUST CELL: 704.579.2080

FAX: 704.439.3333

2010

EMAIL: jgodleywebster@HelenAdamsRealty.com

No one sells more houses in the Overlook than

www.helenadamsrealty.com

JUDY GODLEY WEBSTER !!!

Judy Godley Webster

She has proven that she is Overlook’s #1 Realtor!

NC & SC Realtor

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

The average closing price for the Charlotte area in July 2010 was $217,320, up approximately 2% compared to 2009. Average days on market was 142.9 for the month of July, 2010.

There were 1968 total closings in July 2010, down 11.5% compared to 2009. The bulk of home sales continues to be in the lower price ranges, with 72% of sales in the $250,000 and under category.

Current Active Listings by Price Range

July 2010 Closed Sales by Price Range

3% 9% 10%

24%

1% 7%

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

14%

$250 - $350,000

Under $120,000

7%

$120 - $150,000

13%

34%

$250 - $350,000 $350 - $500,000

$350 - $500,000

12%

25%

$500K - $1 Million

29%

Over $1 Million

$150 - $250,000

13%

$500K - $1 Million Over $1 Million

Total Active Listings = 25,818

Total Sold July 2010 = 1968

Data Courtesy Carolina MLS.

Data Courtesy Carolina MLS.

www.helenadamsrealty.com


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On the Move - Helen Adams Realty

Volume 2, Issue 8

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

Total

Average

Closed

Closed Volume

Closing Price

01 - Mecklenburg County (N)

167

$ 31,589,775

$ 189,160

02 - Mecklenburg County (E)

110

$ 12,988,108

$ 118,074

03 - Mecklenburg County (SE)

66

$ 8,135,800

$ 123,270

04 - Mecklenburg County (SSE)

99

$ 34,733,727

$ 350,846

05 - Mecklenburg County (S)

176

$ 71,572,457

$ 406,662

06 - Mecklenburg County (SSW)

62

$ 11,810,919

$ 190,499

07 - Mecklenburg County (SW)

56

$ 6,969,315

$ 124,452

08 - Mecklenburg County (W)

67

$ 5,394,177

$ 80,510

09 - Mecklenburg County (NW)

81

$ 12,237,405

$ 151,079

10 - Union County

193

$ 55,933,574

$ 289,811

11 - Cabarrus County

133

$ 22,129,346

$ 166,386

12 - Iredell County

88

$ 11,465,893

$ 130,294

13 - Lake Norman

92

$ 39,645,668

$ 430,931

14 - Lincoln County

32

$ 4,996,626

$ 156,145

15 - Lake Wylie

38

$ 16,345,035

$ 430,132

16 - Gaston County

139

$ 17,017,231

$ 122,426

17 - York County

117

$ 23,285,725

$ 199,023

20 - Alexander County

6

$ 1,507,500

$ 251,250

21 - Rowan County

73

$ 9,287,033

$ 127,220

22 - Cleveland County

26

$ 2,052,608

$ 78,946

23 - Stanly County

20

$ 3,170,017

$ 158,501

24 - Lancaster County

43

$ 10,000,335

$ 232,1566

25 - Anson County

10

$ 969,500

$ 96,950

29 - Catawba County

22

$ 2,744,777

$ 124,763

35 - Chester County

1

$ 10,000

$ 10,2000

42 - Mtn. Island Lake

17

$ 3,924,360

$ 230,845

99 - Uptown Charlotte

14

$ 2,914,900

$ 208,207

TOTAL

1968

MLS Area

(for All MLS)

$427,686,411

HPI Annual Appreciation The HPI (Home Price Index) is a broad measure of the change in annual single family home prices in geographic area across the US. 2009 and 2010 show the first signs of home depreciation in the Charlotte metro area in over 30 years. This decline however, coupled with the fact we are seeing some of the lowest mortgage interest rates in decades, also indicates that is it an excellent time to buy.

Charlotte Metro Area

$217,320 Source: Federal Housing Finance Agency: www.fhfa.gov

www.helenadamsrealty.com


On the Move - Helen Adams Realty

Volume 2, Issue 8

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Pending Contracts

Average Residential Closing Price

New Listings

30 Year Fixed Mortgage Rates

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

www.helenadamsrealty.com


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On the Move - Helen Adams Realty

Volume 2, Issue 8

How To Get a Downpayment to Buy Investment Property Take Advantage of Falling Interest Rates By Refinancing Your Home With falling interest rates, are you thinking of Strategy Loan Amount Term refinancing your home to lower your monthly Original Loan $150,000 30 years payments? Instead, consider this: refinance your home and leave the payment the same. Refinance $183,579 30 years This will allow you to pull cash out of your home and buy and investment property. This Cash Out $33,579 is the #1 way most investors find the downpayment to get started owning investment 4. Work with knowledgeable people. Pick 7. Realtors® who know the neighborhood and real estate. The graph top the right shows an market trends, and look for experienced, example of how your home can produce a reputable home inspectors, accountants, $33,579 “golden nest egg”. attorneys and repair men to aid you in the Tips for Buying Investment Property: process. 1. Buy residential properties. Buy single 5. Take good care of your property. Hire a 8. family homes, condos, townhomes. Stay reputable property management company away from land and commercial unless to screen potential tenants for credit and you are an experienced investor. crime history, maintain the home, handle 2. Buy “mainstream” homes. These are repairs, landscaping, etc. competitively priced properties that 6. Get started early. Don’t wait to buy real would appeal to most buyers. Avoid over estate. When the time is right and rates are priced or unusual properties. Look for low, buy real estate and wait. If you don’t single family homes with at least 3 bedhave the money now, make a plan and rooms and condos with at least 2 bedcommitment to obtain it. rooms. 3.

Don’t buy with partners - unless you have to. If you do partner, make sure they have the same goals, values, as well as financial and geographic stability.

See our Monthly Market Reports on: www.helenadamsrealty.com/market_data

Interest Rate

Monthly Payment

8.0%

$1100.65

6.0%

$1100.65

Know your enough. How much of a nest egg do you need? Make a financial plan to determine how many properties you’d like to accumulate, when you would like to stop investing, and when you want to start paying off all that you have. Believe in the long run. Real estate markets are cyclical, but a sound investment will reap profits with time. Keep an eye on dropping interest rates, and look for homes that will offer long-term value to determine the best time to buy.

AUGUST 2010 On the Move- JUDY  

AUGUST 2010 On the Move- JUDY