Monday, November 3, 2008

Charlotte Housing Report

October Housing Report

Charlotte Housing Report

Each month Southern Winds Realty participates in a survey of the market. That information is then aggregated and broken down by some of the top markets nationwide. Click the link to see the entire report and view other markets.

Charlotte, NC – Uncertain Employment Picture Leads to Drop in Buyer Traffic (15,185 single-family permits in 2007, 7th largest market in the country) Employment fears weaken buyer confidence further. Buyer traffic fell in October as our buyer traffic index slipped to 12 from 14 in September (any reading below 50 suggests traffic below agents’ expectations). Agents said the recent turbulence in the financial markets hit home on several fronts, as the broader economic impacts were amplified by the recent merger announcements from both of the area’s prominent financial institutions, which unfortunately may result in many job losses.

Agents commented that the uncertainty surrounding potential job losses is motivating sellers to sell, but buyers want to wait until the dust settles before deciding whether or not to buy. Recent comments we’ve heard from homebuilders are consistent with this, as several have noted a sharp drop-off in buyertraffic in Charlotte.

Motivated sellers lead pricing lower, but inventory increases also. Home prices fell further in October, as our price index was unchanged at 18 from 17 in September (readings below 50 indicate lower home prices over the past 30 days). Agents said the weakening economy is motivating sellers to reduce pricing, but these efforts appeared to be in vain over the past month as there were few buyers and higher listings. Our home listings index fell to 22 in October from 32 in September, with readings below 50 indicating sequentially higher inventory levels. In addition, our time to sell index dropped to 8 inOctober from 12 in September, indicating a longer time needed to sell a home (readings below 50). Higher inventory and a longer time to sell suggest further price declines are ahead.

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About The Author

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Rich Ferretti is a Charlotte NC Residential Real Estate Professional that can assist you with the purchase and/or sale of real estate in Charlotte, North Carolina and surrounding areas, from bank owned homes to new construction to waterfront property, and everything in between.

· Rich is a Relocation Specialist that has created a network of real estate professionals throughout the country in an effort to assist people relocating to Charlotte NC.

· Rich Ferretti is a true professional and expert in the field of relocation and can serve many purposes beyond a simple home search.

· In addition to being a Relocation Specialist, Rich also holds the designations of Broker, Accredited Buyer Representative (ABR), and e-PRO. Rich is also licensed in North Carolina, South Carolina and New Jersey.

If you are considering Homes for Sale in Charlotte NC, Rich can help!

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Rich Ferretti – Broker/Realtor - 704-564-0807 –


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