Charlotte North Carolina Real Estate News
2011 is a great year to buy properties in Charlotte. Interestes rates are still at historic lows
and inventory is at a historic high. If you're considering buying there has never been a better time!
Mecklenburg County August 2009 There were a total 0f 952 sales of single family and condos in the month of August 2009.
which represented a total of approximately $197 million dollars in sales.This represents an average sale price of $194k
with West Mecklenburg county having the lowest average at 94k and South Mecklenburg county with the highest average
at approximately $364k.
Downtown Charlotte reported a 21% drop in house sales in 2008 , down to 348 from 440. The median price of these
houses rose from 0.7 % from $315,000 to $317,500. The price percentage of asking price remained in the 95-100% range.
Charlotte North Carolina real estate still seems to be one of the stronger real estate areas in the country however
the trend continues downward for this part of the country although not as accute as other areas.
Bank Of America ,one of Charlotte North Carolina's largest employers and instrumental in
it's real estate business, has just announced a 2.39 billion dollar loss for the last quarter of 2008.
They have requested a further $20 billion from the treasury to help with the acquisition of Merril Lynch
which, according to BOA, has larger than anticipated losses.Bank of Americas last quarter loss was equivalent to 48 cents a share, which represents a
a massive decline from the same time last year when it posted a profit of $215 million, or 5 cents a share, a year ago.
The final quarter of 2008 has seen an unprecendented decline in charlotte north carolina
real estate business. The uncertain future of Wachovia bank and Bank Of Americas decision to lay
off 35000 employees during the next 2 years has only added to the uncertainty surrounding the
economy of North Carolina. This together with the world wide credit crunch will make for a very
challenging time for the economy in 2009. The only area of growth is foreclosures and businesses
associated in some way with distressed properties.
During winter 2008 charlotte north carolina real estate has undergone some interesting changes.
It has been, generally speaking, a buyers market which flies in the face of the
country wide trend. The average time on the market for properties in charlotte
north carolina real estate is between 60 and 90 days.
The housing supply in charlotte continues
to be in limited supply which is , ofcourse, great news for those wishing to sell.
The average home price for charlotte north carolina real estate is $175,000 which
is up by 5% from last year with most properties receiving multiple offers of between
95 and 100% of asking price.
The greatest activity within the charlotte north carolina
real estate market has been for single family homes.
Overall charlotte north carolina real estate continues to buck the nationwide trend
of poor sales and oversupply of housing suggesting that it's cautious expansion over the last
few years rather than the explosive growth that has been experienced in other housing markets
has given it a far more solid foundation for stability and future growth.