So how is the Market in Charlotte, NC?

Well that question I hear at least once a day. How is the market? Let’s see, let’s start with the average days on market for February 2010. Out of the 1,397 homes that closed, 46% closed in 121 days or more or 639 homes, 16% closed between 91 and 120 days or 228 homes, 17% closed between 61 and 90 days or 238 homes, 237 homes closed in 31-60 days, and 55 homes in Charlotte, NC closed in less than 30 days. Now this does not take in consideration homes may have been re-listed multiple times. In February 2009, there were 1,348 closings compared to February 2010 which had 1,397 so we are up slightly 3.6%.
The average closing price in Dec. 2008 was $200,226, Dec. 2009 was $211,705 and February 2010 $191,288. So we are down but if you compare the average closing price from Feb.2010 to Feb. 2009, it shows an increase of 4.6%.
Mortgage rates are just about the same as they were a year ago. 5.07 in 2009 and 5.05 in 2010.
Closings by price in Charlotte, NC:
Of the 1,397 homes that closed in Charlotte,NC

• 556 were under $120,000
• 204 were between $120-150,000
• 187 were between $150-190,000
• 130 were between $250-350,000
• 85 were between $350-$500,000
• 56 were between $500-1million
• 13 were over $1 million

On the market? Are you sitting down? There are currently around 24,043 homes on the market in the Charlotte area. Lots and Lots of inventory!

• 5317 are priced below $120,000
• 3,037 are priced from $120-150,000
• 3,356 are priced from $150-190,000
• 3,548 are priced from $190-250,000
• 3,341 are priced from $250-350,000
• 2514 are priced between $350-500,000
• 2,187 are priced between $500-1Million
• 743 are priced over 1 Million

So back to the question- How is the market in Charlotte, NC? It would depend what you home is priced at for your chances of selling. If you are selling your home and really want get it sold, price it to sell FAST. Don’t just stick it on the market, declutter, clean, tidy up the yard, stage if it is empty. There is a lot of competition out there so you will want to look your best.. or you will be a sitting duck at that over 120 day bracket. If you are buying, you can really get a great home right now and take advantage of the tax credit.

This information was reported from Realtor Reflections magazine February addition.