Charlotte Homes Sold (Single Family Homes) Rose 12.5% in October
As dramatic as this is, it isn't the 20% reported by the Charlotte Observer, which included townhouses and condos, and appears to include the much wider CMLS area. (Odd, I would have thought those additions would lower their numbers.)
I pull my stats from the same Carolina MLS, but I limit it to the 9 counties closest to Charlotte, see those details below. My figures show average home prices falling 8.4% from October 2008 to October 2009.
Lets dig in and look at the First Home buyer and Luxury Home market, compare it with the Total Market.
Charlotte Homes Sold Under $250,000
In 2008, there were 1221 homes sold, and in 2009, 1450 homes sold, representing an 18.75% increase, 50% higher than the total market increase, reflecting first home buyer tax credits perhaps? Interestingly home prices fell only 1.36% in this market, to an average $76.68per sf
Charlotte Homes Sold Over $500,000, the custom luxury home market
In 2008, there were 117 Charlotte homes sold over $500,000, and in 2009, it was 115, representing a 1.71% decrease in sales, or 118% Worse than the market average reported above. Home prices in the Over $500K category fell 16% year over year to an average square foot cost of $160/sf in 2009.
The 115 Homes sold over $500K in October is 33% less than sold in October 2007, and 45% less than the peak year of 2006- not coincedental are reports that 2006 was the peak year nationally for "junk" loans.
So, while Charlotte October home sales in the "first home" category Under $250,000 have done very well, the luxury home market, over $500K, remains almost in a train wreck.
All data is derived from the Carolina MLS, but all figures reported are mine. The Stats come from the following counties and areas within the CMLS: Mecklenburg, Union, Cabarrus, Stanley, Iredell, Catawba, Gaston, Lincoln, the top half of York, and all the MLS areas of Lake Wylie, Lake Norman, and Mt Island Lake.
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