One of the city’s most prestigious addresses is Myers Park!   The Myers Park neighborhood is full of historic architecture and envelopes you with it’s wide, tree-lined streets.  Formerly known as the ‘Old South,’ Myers Park, one of Charlotte’s original streetcar ’suburbs’ is now a prime Charlotte location as it is located just outside the Uptown region, close to everything Charlotte has to offer!

Renovations and rehabilitation of the gorgeous traditional homes in Myers Park continue to bring the home values up in the area.  One thing Charlotte home buyers can count on, is luxury living in Myers Park !

Myers Park real estate - Myers Park homes for sale - Myers Park Charlotte NC market report is below.  This abbreviated review on Charlotte homes for sale in Myers Park Charlotte NC shows the market absorption trend for this popular Charlotte neighborhood.  If you would like further analysis regarding this highly sought after neighborhood or a free market analysis for your neighborhood, email or phone us and we’ll be happy to provide you further information on this or any neighborhood in the Charlotte Metro region.

Myers Park Charlotte NC MLS Market Absorption Report:

For more information please contact Debe Maxwell at 704-491-3310 or visit her website.

Case Schiller release their home price report yesterday showing that home price declines have slowed in the majority of the markets studied.  Home prices fell in the fourth quarter of 2009 compared to the same period in 2008, but at a lower year-over-year rate than the first three quarters of 2009. The report shows home prices dropped 2.5 percent year-over-year in the fourth quarter, compared to year-over-year drops of 19 percent in the first quarter, 14.7 percent in the second, and 8.7 percent in the first, according to the report.

Where are prices at?

According to the report as of last quarter, home prices are at the same level they were in the summer of 2003. The S&P tracks the 10-city and 20-city home price indices monthly. The indices have a base value of 100 and anything above 100 represents the percentage of home value appreciation since January 2000.

The national index for the fourth quarter was 136.09, meaning home values have increased about 36 percent since January 2000. The figure represents a 0.3 percent seasonally adjusted quarterly increase, a 1.1 percent non-seasonally adjusted quarterly decline and a 2.5 percent year-over-year decline.  Charlotte’s index is 117.78.  The annual change in 2009 was drop of 3.8%.

The first quarter of 2009 saw a record year-over-year decline since the index’s launch in 2006: 19.1 percent.

The 10-city composite posted an index of 158.18 in December, a non-seasonally-adjusted month-to-month decline of 0.2 percent and a year-over-year decline of 2.4 percent. The 20-city composite posted a 145.9 index for the same month, also a non-seasonally-adjusted month-to-month decline of 0.2 percent, and a year-over-year decline of 3.1 percent.

To view the full report visit the S&P Case Schiller website.

I am hearing conflicting reports nationally-some areas are booming with a 2-3 month market absorption trend and others are 2-3 years.  The Charlotte NC Market update is different for nearly every neighborhood-we’re definitely VERY hyper-local in the Charlotte Metro area!
I’ve heard many reports that the interest rates are going up.  The school of thought regarding the opportune time to purchase is this:  Picture a U - the interest rate goes up and down on one side of the U with the home prices on the other.  The best time to purchase, obviously, is when both are at rock bottom:

The problem with the Charlotte NC housing market, just as in the stock market, is that we unfortunately do not have a crystal ball and won’t know if this is as low as we’re going to go.  I will say this-interest rates ARE creeping up and our home prices are as well.  We spent quite a few months at the bottom of that U and both sides are creeping up now.
More homes have come on the market and they’re not selling as quickly but, sellers have priced them to sell and they’re being a bit more firm on their prices than they were two years ago.  Here’s the most recent general Charlotte NC market absorption trend analysis report (single family homes only):

We obviously don’t know if there will be another ‘fall’ in home prices or not but, we are confident that the interest rates will go up-they too, have already begun that trend.
This is the entire Charlotte area report, just for an overview.  We can be more specific regarding neighborhoods-again, real estate in Charlotte is hyper-local (a neighborhood can be down 3% that is right next door to one that is up 5%).
Is it time for you to search for homes in Charlotte NC ?

For more information contact me at 704-491-3310 or visit my website.

First time buyers searching for affordable condos in Charlotte’s Historic Dilworth neighborhood are faced with a balancing act.  Although there are some wonderful home choices, not many that are for sale – even in today’s economy – are what one might label “within the range” of affordability.  Realtors often hear from clients that living in Dilworth is a top choice, and rightly so!  Urban living in Dilworth ranks right up there by everyone’s measure.  Folks moving to the Queen City from elsewhere quickly discover Dilworth’s charm. Much is written about it, and once a visitor cruises East Boulevard or Dilworth Road - or better yet - leaves the car behind and either walks or bikes the “first planned subdivision” in Charlotte, it is easy to want to be part of it all.
If someone were shopping today for a Dilworth condo, they would find the local MLS lists 137 units for sale, at an average list price of $306,000.  That amount can be out of reach for many first time buyers. However, there are some value-based condos available if one knows where to look!  The accompanying chart shows 17 current active listings in Dilworth priced below $175,000.  These particular condos are among those constructed since 1991, so fit most buyers’ image of a condo in a free-standing complex and not in an old home that has been partitioned into separate quarters.

For more information please contact me at 704-944-9230 or visit my website.