Sales: 7/1/2010 – 7/31/2010
Data from the CMLS
Following the trend experienced in Charlotte post home buyer tax credit, residential real estate sales in Matthews fell 35.8% year-over-year in July with only 43 single family and condo / townhouse units closing. As a result of the dip in sales, the average sales price increased from $239,236 to $291,776 with sellers paying $1791 in seller concessions.
The average days on market also increased 84 to 119 and sellers received 91.81% of their original asking price.
So was the average sales price increase a genuine increase? Surprisingly, the increase in sales price from $239k to $291k was a legitimate increase as the average price per square foot, while down from the '07 high of $109.30, rose from $98.01 the year prior to $103,40 during July 2010.
Only 10 or 23% of the sales in July were of distressed properties (foreclosed homes, pre-foreclosure, HUD homes) and new construction accounted for another 18.6%
130 new single family and townhomes were added to the available housing inventory in Matthews during the month of July. As of a date of this post, the current active inventory stands at 605.
As we move into fall, the market is expected to balance out from the void left the result of the tax credit. Many aggressive buyers are purchasing now as they are not only taking advantage of lower prices but substantially lower interest rates from year and a month ago.