Posts Tagged Charlotte Real Estate
Charlotte Real Estate Statistics for June 2009
Posted by Lisa in Charlotte Market Statistics on July 9th, 2009
The average list price of homes sold was down year over year by 1.48%.
Average Closing Price was down 6.4% year over year.
Average days on the market was up by 2% from the previous month.
Number of new listings was down year over year by 22.5%.
Mortgage rates ended at 5.42% up for the 3rd time in the past 3 months.
Charlotte Real Estate Statistics April 2009
Posted by Lisa in Charlotte Market Statistics on May 31st, 2009
The number of new listings for April declined 3.3% from the previous month and 23% year over year.
Average list price of home sales was up 5.7% from the previous month but down year over year by 2.8%.
Average closing price of solds was up 5.2% in April from the previous month but year over year it was down 9.1%.
Average days on the market was up 2.6% in April as compared to March.
Mortgage rates for April were down to 4.78% from the previous month of 4.85%.
Charlotte’s Economic Indicators Look Anemic
Posted by Lisa in Charlotte Market Statistics on May 29th, 2009
Economic indicators are like test results after a check-up with your doctor. You may feel well but the results could tell you differently. The Charlotte Observer published today a list of leading economic indicators for Charlotte as of March and April of 2009.
Charlotte may say it feels well but the test results were not pretty. Here are some of the results:
- Foreclosure filings in April were up 100% year over year although foreclosures in general were down 49% in March year over year
- Unemployment Rate was up 110% in March year over year
- Building Permits were down 52% in April year over year
- Bankruptcy Filings were up 56% in March year over year
- Average home prices were down 14% in March year over year
I do agree with the various pundits and believe “the bottom” albeit for real estate, the stock market, or the economy is around the corner - maybe as soon as the end of the year. But…the 10 million dollar question still remains….how long will it take for Charlotte to show it really feels well again?
Let me know what you think…
Ciao Bella
Charlotte Commercial Real Estate Woes
Posted by Lisa in Charlotte Real Estate on April 21st, 2009
General Growth Properties, the company that owns Carolina Place Mall in Pineville filed for bankruptcy protection under Chapter 11 siting tough economic times, tightening of credit and high debt levels as its major contributors. The company, the second largest shopping mall owner in the country, was in the process of developing the new 1.3 million-square-foot mall in Mint Hill off of Lawyers road and I-485. The mall was slated to open in the spring of 2007 but for a variety of reasons, including a significant decline in consumer spending, work has been suspended on the project.
This news does not surprise me at all. All along we have been hearing about all the troubles the Charlotte residential real estate market has been having and it was only a matter of time before the commercial markets would follow. When you think about what precipitated all the residential woes, over building (too much supply), over extending (too much debt) and over confidence (too much belief in the consumers ability to continue to spend), it was foreseeable that the commercial markets would have the same problems. The bottom line is that we are going to see more and more of this as the year unfolds and we will need to flush all the residential and commercial problems out before we hit a sustainable bottom.
Ciao Bella
Charlotte’s own Bank of America Posts Earnings
Posted by Lisa in Charlotte Businesses on April 20th, 2009
Charlotte based Bank of America posted better than expected earnings for the first quarter of 2009 earning 44 cents per share as compared to 23 cents per share a year ago. This well exceeded the analysts forecast of 4 cents share.
That was the good news….the bad news was that the bank posted a loss of $1.8 billion on card services after posting a gain last year. CEO Ken Lewis indicated that “credit is bad and we believe credit is going to get worse before it will eventually stabilize and improve….whether that turn is later this year or in the first half of 2010, I’m not going to hazard a guess”.
Why do I write about this other than my love for the stock market? Ken Lewis’ comments about the deterioration of the credit markets gives us great insight as to how the economy may very well continue to struggle and even get worse in the near term.
Why is that important other than for the obvious reasons? Unfortunately the Charlotte real estate market is inexorably intertwined with the economy and as such we more than likely will see continued downward pressure on our markets. If people are not making their credit card payments I am fairly confident they are struggling with mortgage payments. Struggling with mortgage payments means a higher probability of defaults and foreclosures. More foreclosures mean more downward pressure on home prices in Charlotte.
I remain cautiously optimistic the economy can stabilize by years end and we can begin to see the bottoming of the Charlotte real estate market. Until then stay tuned….
Ciao Bella….
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Lisa Wilkins
Lisa brings unique credentials and extraordinary skills and talents to the residential real estate market. She is a licensed real estate broker in North Carolina and South Carolina, and is a member of the National Association of REALTORS®. more>>>