Dilworth Market Update for October, 2010
Sales compiled from 9/1/2010 -9/30/2010 from the CMLS
Sales remained flat in the Dilworth neighborhood of Charlotte during the month of September year-over-year as 9 single family homes and townhomes closed in 2009 and 10 closed this year. The average sold price decreased slightly as well, dropping from $375,111 to $370,425. Sellers received only 85.5% of their original asking price while the year prior, they received 93.1%. The average price per square foot also dropped from $213.44 to $206.30.
- Sellers paid 21% more in seller concessions to the buyer or $1242 per home sold,
- Average Days on Market increased 240% to 143,
- Active Inventory remains a steep 163 homes or 16.3 months supply of housing,
- Short Sales and Bank Foreclosures accounted for 40% of sales last month.
With more inventory to choose from, buyers are being aggressive in their offers and those motivated to sell are making the sales happen. The old adage – it just takes one buyer – may be true but that one buyer has SO MUCH MORE to choose from at prices unseen in over a decade in some parts of town. There is a bright light at the end of the tunnel for sellers in Dilworth.
While 7 more homes in the 28203 zip code received a notice of default last month, many lenders are holding on to their inventories and not releasing them to cause the much-feared “foreclosure tidal wave”. In fact, some lenders are even holding on to their properties and leasing them out to the former owners are responsible tenants. If successful, programs like this should create the much-desired floor to the market which will stabilize values. The question is then will sellers lower their prices to meet the desires of the buyers shopping at that time?
REO’s and short sales account for 8 of the current 41 under contracts transactions and 18 of the active listings.