July Newsletter
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Transcript of July Newsletter
The average closing price for the Charlotte area in June 2010 was $215,559, down approximately 1.5% compared to 2009. Average days on market was 144.2 for the month of June, 2010.
There were 2324 total closings in June 2010, up 13% compared to 2009. The bulk of home sales continues to be in the lower price ranges, with 74% of sales in the $250,000 and under category.
Residential Closings - Entire MLS 2009 - 2010
June 2010 Closed Sales by Price Range
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Current Active Listings by Price Range
Under $120,000
$120 - $150,000
$150 - $250,000
$250 - $350,000
$350 - $500,000
Total Active Listings = 25,881
Data Courtesy Carolina MLS.
23%
12%
14%
10%
3%
ASP = Average Sold Price
Data Courtesy Carolina MLS.
Total Sold June 2010 = 2324
Data Courtesy Carolina MLS.
14%
12% 8%
5% .08%
$500K - $1 Million
Over $1 Million 29%
9% Under $120,000
$120 - $150,000
$150 - $250,000
$250 - $350,000
$350 - $500,000
$500K - $1 Million
Over $1 Million
32%
28%
462 sold 61-90 days
412 sold
91-120 days
Page 2 On the Move - He len Adams Realty Volume 2, Issue 7
Total Closed Units June 2010 - All MLS Areas
Residential Single Family, Townhomes & Condos
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Days on Market
MLS Area Units Closed
Total Closed Volume
Average Closing Price
01 ‐ Mecklenburg County (N) 221 $ 40,866,049 $ 184,914
02 ‐ Mecklenburg County (E) 150 $ 18,476,876 $ 123,179
03 ‐ Mecklenburg County (SE) 72 $ 11,110,703 $ 154,315
04 ‐ Mecklenburg County (SSE) 82 $ 26,054,800 $ 317,741
05 ‐ Mecklenburg County (S) 208 $ 72,733,900 $ 349,682
06 ‐ Mecklenburg County (SSW) 83 $ 18,418,107 $ 221,904
07 ‐ Mecklenburg County (SW) 67 $ 10,575,721 $ 157,846
08 ‐ Mecklenburg County (W) 60 $ 4,857,230 $ 80,953
09 ‐ Mecklenburg County (NW) 102 $ 17,896,009 $ 175,451
10 ‐ Union County 235 $ 60,078,463 $ 255,653
11 ‐ Cabarrus County 168 $ 30,583,472 $ 182,044
12 ‐ Iredell County 88 $ 13,636,885 $ 154,964
13 ‐ Lake Norman 116 $ 60,485,711 $ 521,428
14 ‐ Lincoln County 35 $ 5,097,880 $ 145,653
15 ‐ Lake Wylie 40 $ 14,417,225 $ 360,430
16 ‐ Gaston County 159 $ 19,621,766 $ 123,407
17 ‐ York County 173 $ 32,889,231 $ 190,111
20 ‐ Alexander County 7 $ 849,500 $ 121,357
21 ‐ Rowan County 63 $ 7,310,582 $ 116,040
22 ‐ Cleveland County 33 $ 3,793,207 $ 114,945
23 ‐ Stanly County 28 $ 4,374,538 $ 156,233
24 ‐ Lancaster County 39 $ 8,506,634 $ 218,118
25 ‐ Anson County 8 $ 534,900 $ 66,862
29 ‐ Catawba County 30 $ 4,941,836 $ 164,727
35 ‐ Chester County 4 $ 640,925 $ 160,231
42 ‐ Mtn. Island Lake 15 $ 4,879,235 $ 325,282
99 ‐ Uptown Charlotte 20 $ 4,910,975 $ 245,548
TOTAL (for All MLS) 2324 $500,961,364 $215,559
The following statistics apply to June 6 to July 5, 2010, and reflect days on market from the original listing date to the recorded closing date.
• 42.9 percent of homes closed in 121+ days.
• 17.7 percent of homes closed in 91‐120 days.
• 19.9 percent of homes closed in 61‐90 days.
• 15.4 percent of homes closed in 31‐60 days.
• 4.2 percent of homes closed in 0‐30 days.
Listing Date to Closing Date
121+ days
91-120 days
61-90 days
31-60 days
0-30 days
Average List to Close June = 144.2 days
Data Courtesy Carolina MLS.
996 sold 121+ days
357 sold 31-60 days
97 sold 0-30 days
Page 3 On the Move - He len Adams Realty Volume 2, Issue 7
www.helenadamsrealty.com
Pending Contracts
Average Residential Closing Price
New Listings
30 Year Fixed Mortgage Rates
Source: Freddie Mac, NAR, May, 2010
Data Courtesy Carolina MLS.
Charlotte Metro Area Ranks Low in Home Price Risk
Page 4 On the Move - He len Adams Realty Volume 2, Issue 7
Based on the PMI Economic Real Estate Trends Report, 2nd Quarter 2010
Geographic Distribution of Home Price Risk
See our Monthly Market Data Reports on:
www.helenadamsrealty.com/market_data
Market Risk Index 4Q 2009 City Risk Rank Risk Index
Miami, FL HIGH 99.9
Las Vegas, NV HIGH 99.9
Baltimore, MD HIGH 90.2
Atlanta, GA HIGH 84.2
Austin, TX ELEVATED 62.1
Cambridge, MA ELEVATED 61.0
Cincinnati, OH ELEVATED 50.9
Denver, CO MODERATE 48.9
Nashville, TN MODERATE 42.0
Dallas, TX MODERATE 35.6
Charlotte, NC LOW 28.7
Memphis, TN LOW 15.7
Pittsburg, PA LOW 12.3
The map below depicts the geographic distribution of house price risk for 384 metro areas. Each area is assigned a risk rank and corresponding color. Among the 50 largest areas, Miami‐Miami Beach‐Kendall, FL ranks the highest on the index, with nearly a 100 percent chance that home prices will be lower in two years. At the other end of the risk spectrum lies a group of cities, largely located in the central and southern US , whose scores are moderate to low. Of large metro areas, Charlotte, NC is one of the lowest home price risk cities in the nation.
The Risk Index scores for all 384 cities are provided in an appendix, available on the publications page of the media center at www.pmi‐us.com.