Sales Stats for Mecklenburg COunty
Sales Statistics
for MECKLENBURG County
Most recent data for this county as of 01/11/2010
Single Family Residence
Time Period Number of Sales Median Sale Price
Nov 2009 899 $162,000
Nov 2008 662 $166,250
Oct 2009 942 $163,000
Oct 2008 941 $164,000
2009 YTD 9,311 $165,000
2008 14,104 $171,000
Condominium
Time Period Number of Sales Median Sale Price
Nov 2009 110 $168,000
Nov 2008 74 $174,500
Oct 2009 127 $175,500
Oct 2008 138 $178,250
2009 YTD 1,212 $171,250
2008 2,158 $177,000
Home Buyer Tax Credit
From the National Association of REALTORS
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
•• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
•• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Latest news:
Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)
President’s Podcast: Tax Credit Extended (Nov. 5)
Who Qualifies for the Extended Credit?
•• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
•• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer’s Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
1.The price of the home.
2.The buyer’s income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Market trends for Charlotte area real estate
In September the average sales price for residential houses and condos was around $200,000 for the Charlotte Regional area. There has been a flurry of activity in the lower priced homes and we see the 1st time home buyer $8,000 tax credit helping that surge.
For the 1st time this year we are seeing more action in waterfront condos at Lake Norman. The 2nd home market has been quiet most of the year. Lower prices and buyer’s feeling that we are at the bottom of the market has helped with an increase of activity.
Most agents that we talk too are still amazed that home prices have continued to drop. Hopefully we are truely at the bottom of the real estate market. For over 21 years I have been selling real estate in the Charlotte area. I never seen a better time to buy.
Rick Knight
Broker in Charge
ERA Knight Realty
ERA Knight Realty posts all listings on HomesandLand.com
August 2009
HomesandLand.com puts over a million unique visitors in orbit around online listings each month. They also link to over 20 Internet partners whose combined traffic exceeds one hundred million visitors. More than 80 percent of buyers use the Internet to search for a home.
Some of the Internet partners include Zillow.com, Houselocator.com,Trulia, HomeGain and FrontDoor.
ERA Knight Realty is excited to bring in these partners for our sales associates to use for their clients in the marketing of their homes. http://www.homesandland.com/
This is another great reason for a home owner to use the marketing services of ERA Knight Realty, Inc. Now with the exisiting Internet marketing program, there are over 50 web sites that our listings can be seen on. Some of the other sites used are ERA.com, REALTOR.com, Homefinder.com, CharlotteOberserver.com, LakeNormanRealEstate.com, LuxuryRealEstate.com,
RealEstateJournal.com, LakeHomesUSA.com,Homes.com, Yahoo Real Estate, AOL Real Estate, ERA Distintive Properties and Espanol.era.com. Knight also allows other real estate firms throughout the Charlotte Regional REALTOR Association to display all of the company’s listings on their sites. So when you add it all up, there are hundreds of web sites that are displaying ERA Knight Realty’s listings.
For more information about marketing your home with ERA Knight Realty call toll free 1-888-892-7373
Pending Home Sales are in an upward trend
Uptrend Continues in Pending Home Sales
Washington, August 04, 2009
Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. “Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”
