Charlotte Real Estate Housing Market Fall 09

Here it is! The Charlotte residential real estate housing update*...whew!

We're not reeling, but we're not moving upwards, like we had been for the past four months.

September closings (1,945) were down by 12.4% over the month of August (2,221). Even our average sales price dipped down by 6%. September sales averaged $196,760 whereas August sales averaged $209, 245.

Sales are down, but not down and out.

This is not a unique performance for the housing market this time of year. The fall is a traditional season with a traditional decline in home sales and real estate activity.

For the Charlotte market, we fared no differently. Contracts (2,199) for September 2009 have declined by 9.7% over the fine month of August where home contracts totaled 2,434.

The average time a home spent on the market was only three days less than last month...which was 115.7 days...this from its "active" status until the time it went "pending (under contract)".

In the national scheme of things, that is overall pretty darn good! Still, we have a lot of Charlotte homes coming on the market. In September alone, 4,701 new residential real estate listings came aboard! The market changes daily.

Charlotte sellers listed pricing has come down a bit as well. In the month of August, the average list price of a "sold" property was $234,504...and in September this price had dropped down 6.2% to $219,925. Quite a dip in just one month!

The first time home buyer tax credit, has helped stimulate not just one, but two levels of housing; the first time home buyer, and the first time home seller (who then became a second time home buyer). As seen by our dip in pending residential real estate contract numbers, the surge that took place, has pretty much run its course.

For first time home buyers that procrastinated, you may have just lost out on one of the best deals going. (Unless, of course, it comes back again.)

Why? The ability to get a loan processed to close by November 30, 2009, has just about come to an end. The loan processors typically need a good solid 45 days to make it happen!

Was the tax credit a success? You be the judge.
The National Association of Realtors®, states as many as 350,000 home sales this year can be directly attributed to the $8,000 first-time home buyer tax credit.

That's a lot of first time home buyers, who may never have even contemplating owning a home before.

The big question? "Will there be a tax credit extension?"housing tax credit

The big answer, "Maybe, maybe not."

If you were one of the many first time home buyers that did not have your 3.5% saved up for a down payment, hopefully, the stimulus package has motivated you to get that savings put together (just in case).

And, those that were locked in to leases, perhaps your lease is coming up for renewal. Go month to month (just in case).

Buyer beware...if the $8,000 tax credit comes back again...hopefully, you, too, will then take part in the American dream, your own home.

Until then, it is something wonderful to dream about and plan for!

*The numbers used in this September 2009 residential realty report became available on October 8, 2009, courtesy of the Charlotte Regional Realtor® Association based on Carolina Multiple Listing Services, Inc. (CMLS) data covering the Charlotte region.