Real Estate Market Report

CHARLOTTE is experiencing a buyers market with prices trending downward. Average prices of existing homes range from 180k and 240K

-->Based on all data from the Charlotte Regional Realtor Association, as of November 9, 2009 the average sales price of homes in our area was $195,244. This was an increase of 1.1% over November of 2008. amd .5% over October 2009.

-->A recent Trulia.com study indicates that 31% of the active listings in Charlotte have been reduced an average reduction of 9.1%.

-->Things have improved in the last several months, with home sales averaging about 800 per month, (up from the first half of the year it where it was about 600 per month).

-->With 6,831 homes on the market, there is about an 8 1/2 month supply of inventory in the Charlotte area was given the rate of sales.

-->It is still a buyer's market, but the price per square foot sold is up--showing a positive sign for our market. Prices on closed sales has been as low as $95.00 in the last year and is now at $105 per square foot on average.

-->The Charlotte Observer reports that foreclosures are increasing. Sales increased due to government incentives and current listing showing activity seems to indicate that the current 2010 government home buyer incentives are working.


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Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market? Check out www.minthillrealty.com

The Economy….It’s getting better!

Consumer confidence is back to its highest level since January 2008, according to a recent University of Michigan survey. The stock market has been up more then down, and our friends at the Federal Reserve have declared that “economic activity has picked up following a severe downturn”

While many of our countrymen are still out of work and suffering from the past years’ terrible economic setbacks, a growing number of businesses and banks are finding that the darkness is almost over and we are getting closer to the dawn.

As consumer confidence grows, and people are spending more money – we will see manufacturing bounce back. With manufacturing jobs, one of the big issues is that inventories are low and must be brought up to higher levels – meaning some industries will see a desperate need for more manpower and employees. Exports are up which is also indicative that our pals in Europe are doing better too.

Along with the fantastic rebate for first-time home-buyers, other government stimulus plans have been helpful as well. The ‘cash for clunkers’ program certainly worked well for portions of the auto industry. All in all, people are starting to make money, spend money, and invest money again.

Consider this the prefect time to make a move- whether it is your first property, a new home, or some investment real estate. There is plenty of great opportunities out there for a savvy buyer, and we can help you find them.

--RICH

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com