The Charlotte, NC Real Estate Housing Report for February 2008 As Reported In The Carolina Multiple Listing Service: 

The trend continues as reported last month…Using the Carolina Multiple Listing Service statistics for February2008 found that overall home sales closings were down as days on market and homes listed for sale continue to rise when compared to the previous February 2007.

  • Contracts Pending
    • Down 27.8% from Feb 2007.
    • Numbers of Pending Contracts remained virtually the same compared to Jan 2008.  Normally we would expect this to be the start of the spring selling season.
  • Actual Closings
    • Fell 24.3% from Feb 2007.
    • As we can see from above that the number of Pending Contracts continues to fall, we can expect Actual Closings to decrease even further next month.  (Remember, not all pending contracts close.)
  •  Average Closing Price
    • The Average Closing Price fell $3,223 when compared to Feb 2007.
    • Additionally when compared to Jan 2008 (last month) it fell $2,318.
    • Sellers are beginning to lower their prices in response to the market conditions.
    • Average Closing Price was $216,292 for Feb 2008.
  •  The List Price VS Sales Price Differential
    • For Feb 2007 it was 3.1%.
    • For Feb 2008 was 5.5%.
    • Sellers are pricing their home too high for current market conditions.
    • Sellers are still having a tough time coming to grips with the realities of the current market.
  • Average Days On Market
    • Are up almost 8.8% over last year…132.7 days in Feb 2008 VS 122 days in Feb 2007.
    • This is an increase of 4 days from Jan 2008.
    • Normally this is when these numbers start to decrease as we enter the spring/summer selling season.
    • This is the highest number for a month in over two years.
  • New Listings
    • 5,719 in Feb 07 VS 6,207 in Feb 08. 
    • Home inventory continues to climb as buyers are waiting to see what will happen.
    • Of note, New Listings fell 509 when compared to Jan 2008.

Based on February 2008 review it is important:

  • Sellers (that must sell) need to list their home at a competitive price now and not chase the market price.
  • Supply continues to increase over the same time 12 months ago.
  • Buyers have more choices and slower to commit.
  • Buyers are offering less.
  • Buyers are expecting seller concessions.
  • Sellers need to adjust their expectations accordingly.

“Remember…the opinion of the market may not always be kind, but it is never wrong.”  Or as one Realtor said to me yesterday, “The Market is what it is…you have to learn to work within the market.”

Respectfully,

Rufus Hutchinson

Charlotte NC Real Estate Broker