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.


Listen to us LIVE on the Radio every Saturday from 2-3pm. WBT-Talk Radio 1110am. - Talk to Rich Ferretti - Call 704.374.3500 with questions!


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

Local Market Update from Rich Ferretti

Just in time for the holidays, an homes sales up-swing in progress!!! Here are some statistics:

The Charlotte Regional Realtor® Association reports that the number of closings for October 2009 (2,210) increased 13.6 percent over the previous month when closings were 1,945, which is also up 19.6 percent over 2008.

The average sales price for homes in October 2009 was $196,204-- down 0.3 percent over last month ($196,760) and down 9.5 percent over last year. The average listing price of solds in October 2009 ($218,050) is down less than 1 percent over last month’s list price of $219,925.

The residential contracts reported figure in October 2009 was 2,400 an incerase of 9.1 % over last month when contracts totaled 2,199. This figure is also up 33.5 percent over last year when contracts totaled 1,798.

What does all this mean?

Home sales are on the rise!!!

Also note that mortgage rates continue to make both new and resale home purchases easier: 30 year fixed rates declined to just below 4.8% on average recently, and 15 year rates dropped below 4.3%, (the lowest recorded by the MBA since it began its national rate survey in 1970).

Are you looking for a new home? Let Me Help You!

Just tell me what you are looking for and I will search all of our sources and provide you with a convenient report of all the properties that you may be interested in, complete with photographs of the properties and detailed neighborhood information. Now to buy is NOW!!

Whether you're buying a new home in Charlotte, investing in property or selling a house, feel free to contact me, and I will be happy to help you with all of your real estate needs.

--Rich Ferretti

Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market? Check out www.minthillrealty.com or call Rich Ferretti at 704-564-0807.

Existing Home Sales Rebounding!

In April, sales of existing homes in the US grew 2.9 percent in April, recovering from a decline in March. The National Association of Realtors (NAR) reported that the sales were due in large part to the low prices on new builds.

NAR said sales of homes increased to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March. They had initially estimated the March rate at 4.57 million units. The April sales exceeded the forecast of 4.65 million units.

This is good news, depite the fact that sales this April were 3.5 percent below the 4.85 million-unit level in April 2008.

Buyers all over the country are being spurred on by lower prices. "We have definitely seen an uptick in both interest and home sales here in Mint Hill" said Rich Ferretti of Jamison Realty, "it is a great time to buy, especially for first-time homebuyers."

First-time homebuyers, buyers who have not owned a home in three years, are eligible for a temporary federal housing tax credit of up to 8,000 dollars for principal homes bought this year through November 30.

Home mortgage interest rates are hovering at historic lows, causing the buying surge. Freddie Mac reports that mortgage rates fell in April to a low last seen in 1971, at 4.81 percent for a 30-year fixed-rate mortgage, compared with 5.92 percent a year ago.

The housing market is certainly showing new life, and yet there remains a great opportunity for buyers to get a phenomenal deal.

Rich Ferretti
Jamison Realty

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

Market Conditions and Newsletters

I have released my July e-Newsletter and my video newsletter. These two resources are packed full of real estate news, as well as Charlotte market conditions. I welcome you to check these out and subscribe if you are interested. Topics include information on real estate loans, effective selling, What you should know about a "buyer's market" and much much more.

Rich Ferretti's Charlotte Real Estate e-Newsletter
Rich Ferretti's Charlotte Real Estate Video Newsletter

If there is any real estate topic on which you would like more information, especially as it pertains to the Charlotte area residential market--I would love to hear from you. Comment below or send me an email.

Want more information about the Charlotte area real estate market? Check out www.richferretti.com