Things are looking up despite all of the mixed news regarding real estate covered in the media. Are we out of the woods yet? No, however there are some very encouraging signs right now in the marketplace and I am going to highlight some details in one of Charlotte’s most successful golf course communities, NorthStone.
Over the past 12 months, the number of homes closed in NorthStone is up a remarkable 50% from 36 closings to 54 closings! That’s great news! The “Months Supply of Available Homes” is down 55% from a 17.7 month supply to a 8 month supply currently. That is also great news!
The “Average Sales Price” is down 2.7% to $294,429. The previous year saw the average sales price drop 10.3%, so we are trending in a much more positive direction here as well.
The “Percentage of Original List Price Received” is at 91.3%, which is down 0.5% from last years number of 91.7%. 2010 numbers were down 1.9% from 2009, so again, this statistic is also getting better.
What does this mean to you? If you are in the market to buy a home, there has never been a better time than now. The current average rate on a 30-year mortgage as of this writing is a ridiculously low 4.53% and only 3.70% for a 15-year mortgage.
When you combine the very attractive pricing of the homes along with historically low interest rates, this means you can now purchase more home than ever before.
At the end of the day, you deserve to love coming home to your home everyday. If you don’t love your home, contact a Realtor to help find your dream home. Now is the time.
“Good things come to those who wait, but only the things left behind by those who hustle”.
Cheers!
Ben Bowen
The Charlotte luxury home market, homes priced above $500,000, continues to work thru its’ supply of available homes, and Ballantyne Country Club is no different.
In Ballantyne Country Club, there have been 12 home closings in 2011 thru April 30; that compares with 16 closings during the same time period in 2010. However, there are some bright spots. The average Days On Market is down 28% from 163 DOM in 2010 to 117 DOM in 2011. Homes are also selling for an average of 94.7% of list price in 2011 compared to 92.2% thru the same period last year.
There are currently 41 homes for sale in Ballantyne ranging in price from $539,900 – $4,950,000 with an average list price of $1,130,143. “Average” prices can sometimes get distorted because of a few homes priced “out of the norm” and that is the case here. The ‘Median” list price in Ballantyne is $839,500 which is a better representation of where the current home market here is.
The bottom line is homes in Ballantyne are priced more accurately today than they were one year ago and they are selling quicker and for a greater percentage of list price than they were one year ago.
Cheers!
Ben Bowen
Spring is in the air and life is good.
I hope this finds you doing well. It is a very interesting time for the Charlotte housing market. The luxury home market appears to be extremely active right now. We are getting lots of listings, showings, and contracts. Spring is in the air and it’s a great time for people who have been thinking about buying or selling real estate to actually do so.
First quarter 2010 there were 279 closings above $500,000 in the Charlotte market per the MLS records. In 2011, that number has slipped to 234. The good news is it continues to be a buyer’s market which means it is a tremendous time to take advantage of these opportunities to move up into a higher priced home.
The average home price dropped from $802,821 to $740,077; again, this takes into account only home closings above $500,000 and does not reflect the entire pricing spectrum of the Charlotte market.
Interestingly, homes in 2011 are selling at 92.3% of list price which compares favorably to the 2010 number of 90.8%. Another big statistic is the Days On Market. The average number of days on market has dropped from 242 in 2010 to only 176 in 2011 for homes closed above $500,000. That is a 27% reduction in the amount of time it is taking to sell luxury homes in the Charlotte market.
What does this all mean? Homes that show well and that are priced well are selling in a significantly shorter time frame and they are selling for a higher percentage of list price than last year. Sellers are better understanding the true market value of their home and are pricing them accordingly.
If you need help buying or selling real estate, or in just understanding the market, call us, we know what the current trends are. We are your experts on luxury homes, new construction and golf course communities in the Charlotte market.
Cheers!
Ben Bowen
“Life isn’t about waiting for the storms to pass, it’s about learning to dance in the rain.”
It’s seems to have been raining a lot on the real estate market for the past couple of years. Sellers have been holding on to beliefs of inflated values of their homes and buyers have been waiting on the bottom. This is part of the reason the real estate market has been so lackluster. Buyers need to understand that the only way we will know we have hit bottom, is when it’s in our rear view mirror.
The sales volume for Charlotte’s Top Ten golf course communities in 2010 was up an astounding 33% vs. 2009 in closed dollar volume!!! Does that mean the bottom is in our rear view mirror? Only time will tell.
This is great news for our local real estate market! This means that sellers are coming to terms with the real market value of their homes, which in some cases is still pretty strong, and that buyers are taking advantage of tremendous financing opportunities along with some aggressive home prices.
If you would like a detailed market analysis on any property in the metro-Charlotte area, just let me know, that’s what I’m here for.
Cheers! Let’s make it a great 2011…
Ben Bowen
Sometimes you just know you are on to something special.
I am both pleased and proud to introduce you to Ben Bowen Properties. Someone once told me the three keys to success in life are Passion, Persistence and Perspiration. That is the driving spirit of Ben Bowen Properties.
Our Core Value Statements:
Ben Bowen Properties raises the bar on the level of service offered by a full-service real estate company. With an average of over 20 years of experience per agent, we are ready to rock and roll.
We have more firsthand knowledge than anyone of Charlotte’s most successful golf course communities, including: The Point, The Peninsula, Springfield and Ballantyne Country Club. And, after representing more than 50 of Charlotte’s premier luxury home builders, we are your expert source for new construction homes.
If you are considering buying or selling real estate in 2011, give us a call. We promise that you will work with someone who is professional, experienced and successful. Ben Bowen Properties is here to serve you, and we are driven by Passion, Persistence and Perspiration.
