Real Estate Market in South Charlotte NC June 2009

June 24, 2009 · Print This Article

The single family real estate market in South Charlotte NC remains in a strong buyer favored real estate market for most price points. The only exception is below the $200,000 mark where real estate inventory in South Charlotte NC has fallen below a 5 month supply of Charlotte NC homes for sale and is in balanced real estate market territory.

In most price ranges, single family real estate inventory for the South Charlotte NC region has been declining in recent months. However, above the $200,000 price point current supply of real estate in South Charlotte NC ranges from 9 to 98 months of supply which is by no means balanced real estate market conditions so even with some decline in supply, current real estate inventory is still outpacing demand.

The level of real estate inventory in any given price point or area is determined by the relationship between recently sold real estate listings compared to how many real estate listings are currently available. In addition to the recently sold real estate listings, new listings, withdrawn, expired, AND price changes all play a part and can shift Charlotte NC real estate inventory levels.

Despite recent reduction in real estate inventory levels for most price points in South Charlotte NC, real estate market conditions remain heavily weighted in favor or buyers, particularly over the $300,000 threshold where supply of South Charlotte NC real estate shifts from 9 months to nearly 14 months, and continues upward from there. Over $2million….98.5 months of real estate supply. Normal? Not even close!

The currently available, under contract and recently sold single family real estate in South Charlotte NC also highlight the focus of activity on the lower price points.

Below $300,000: 49.5% of under contract real estate listings

46% of recently sold real estate listings

Below $400,000: 63% of under contract real estate listings

65% of recently sold real estate listings

As price range increases, the buyer activity drops off leading to the noticeable oversupply and strong buyer-favored real estate market conditions. This is particularly true over $400,000 but in reality, the only price point in the South Charlotte NC real estate market that’s remotely close to balanced is below the $200,000 mark. In most cases, ready willing and able buyers have a multitude of options and choices in the current South Charlotte NC real estate market.

The South Charlotte NC area includes neighborhoods such as Myers Park, parts of Dilworth, South Park, Beverly Woods, Beverly Woods East, Foxcroft, Cameron Wood, Mountainbrook, Carmel Station, Barclay Downs, Sturnbridge, Candlewyck, Olde Providence, Raintree, Stone Creek Ranch, Landen Meadows, Piper Glen, Thornhill, Blakeney and many others.

*Data and statistics based on Area 5 single family information from Carolina Multiple Listing Service Inc. Information deemed reliable but not guaranteed.

Written by Diane McDermott