Single Family and Condo Sales
Closings: 8/1/2010 – 8/31/2010
Suffering a hangover from the end of the first time home buyer tax credit, Charlotte single family and condo sales fell year-over-year in August 26% to 573 closed units. This is the second time in as many months that sales in the Charlotte are have fallen in the 20's. Compared to July, sales fell an additional 10% from the 636 closings from the month earlier.
The average selling price in Charlotte rose from $209,439 in 2009 to $231,985. The average selling price per square foot remained virtually flat year-over year, falling slightly from $98.54 the year prior to $96.51. Home sellers also received only 87.59% of their original asking price whereas the year prior they earned 91.12%.
Bank Owned (Foreclosure) Sales:
Bank owned properties accounted for 32% of sales in August (187 units) at an average sales price of just $97,243. At just $55.28 per square foot, the banks received 82% of their original asking price and 93% of their final asking price. 25% of the purchasers of bank owned foreclosures in August paid the full asking price or greater.
Short Sales / Pre-foreclosure Sales:
Pre-foreclosure short sales accounted for a miserable 4% of all sales (24 units) in Charlotte. Short sale properties closed at an average price of $220,525 or $89.21. Sellers received 84.77% of their original asking price and closed after 173 days on the market. Short sales, of which 654 are currently listed as active in the MLS account for 8% of the active inventory while bank owned properties – 634 are active – are fairing much better. Through August 26, 622 new pre-foreclosures were filed in Charlotte – not all of which will end in foreclosure.
As of the date of this posting, the total inventory for of available single family and condo / townhome properties stands at 14 months – firmly a buyers market. Inventory levels reflecting sales of 5 months or less would be considered a seller's market.