September 1, 2008
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Analyzing the Second QuarterBy Chuck Graham, Charlotte Real Estate Consultant
Story Highlights •
Charlotte's return to normalcy will be quicker than most•
Soon to be the best time to buy
A comparison of the twelve months ending 2Q08 vs. 2Q07 reveals an existing market down 26 percent on an unchanged median price; the new home market was down a similar 26 percent on a 6 percent increase in median price.The total (new and existing) Charlotte for-sale housing market first slipped 2Q07 when total closings fell 5 percent 2Q07 versus 2Q06. Median pricing however continues to climb at 3 percent.3Q07 saw a 14 percent drop in closings with an additional 4 percent increase in the median price. 4Q07 reported a 20 percent drop in closings with 5 percent increase in the median price.1Q08 was a particularly difficult time period with total closings dropping 36 percent on a 1 percent increase in median price. Both new and existing closings were equally hurt.2Q08 saw a similar drop of 37 percent on a 1 percent decrease in median price. Existing closings were down 36 percent and new closings 40 percent. These statistics would suggest that the market’s deceleration has peaked.As previously noted, Charlotte’s residential title transfers never saw the run-up in the investor market, the sub-prime/alt A market, or pricing that has been seen nationally. Consequently its difficulties will be less severe and its return to normalcy quicker as continued Case-Shiller reporting suggests.For home buyers without a house to sell; future deceleration will gradually slow as we near the bottom of the Charlotte market – and the best of times to consider looking and buying depending upon your ability to satisfy desire.For home buyers with a house to sell consider that good times, average times and difficult times present very similar pricing differentials, what you sell your house for will be matched by a similar value in the house you buy.
Thank you, Chuck Graham.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
Analyzing the Second QuarterBy Chuck Graham, Charlotte Real Estate Consultant
Story Highlights •
Charlotte's return to normalcy will be quicker than most•
Soon to be the best time to buy
A comparison of the twelve months ending 2Q08 vs. 2Q07 reveals an existing market down 26 percent on an unchanged median price; the new home market was down a similar 26 percent on a 6 percent increase in median price.The total (new and existing) Charlotte for-sale housing market first slipped 2Q07 when total closings fell 5 percent 2Q07 versus 2Q06. Median pricing however continues to climb at 3 percent.3Q07 saw a 14 percent drop in closings with an additional 4 percent increase in the median price. 4Q07 reported a 20 percent drop in closings with 5 percent increase in the median price.1Q08 was a particularly difficult time period with total closings dropping 36 percent on a 1 percent increase in median price. Both new and existing closings were equally hurt.2Q08 saw a similar drop of 37 percent on a 1 percent decrease in median price. Existing closings were down 36 percent and new closings 40 percent. These statistics would suggest that the market’s deceleration has peaked.As previously noted, Charlotte’s residential title transfers never saw the run-up in the investor market, the sub-prime/alt A market, or pricing that has been seen nationally. Consequently its difficulties will be less severe and its return to normalcy quicker as continued Case-Shiller reporting suggests.For home buyers without a house to sell; future deceleration will gradually slow as we near the bottom of the Charlotte market – and the best of times to consider looking and buying depending upon your ability to satisfy desire.For home buyers with a house to sell consider that good times, average times and difficult times present very similar pricing differentials, what you sell your house for will be matched by a similar value in the house you buy.
Thank you, Chuck Graham.
Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte, NC
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