South Charlotte Market Report- 28277 - July

Zip 28277, South Charlotte , is having a sturdy if not all together pretty 2007. Prices are up, the number of sales are way down, and expired listings went through the roof. 28277 is Charlotte's 2nd highest income zip code, and includes neighborhoods like Providence Country Club, Ballantyne Country Club, The Blakeney Area, Ardrey and more. One of Charlotte's most popular zip codes, here are the July numbers, and the 3 month trend ending 7/31/07.

	2006	2007	Inc/Dec
Solds July	155	102	-34.19
3 Months Ending Jul 31	461	366	-20.61
Average Days On Market	46	50	8.70
Expired Listings	562	841	49.64
Average Cost Per SF
July 1-July 31	134	138	2.99
3 months ending 7/31	132	138	4.55

What I found particular interesting was that Average Days on market- DOM, was up only 8% but expired listings were up 50%. July sales were sharply off sales a year ago, yet prices both for July and the 3 month held at an average of 138 per sf.

So what could explain increased pricing in the face of dramatically fewer homes sold, and at almost the same DOM? I think it reveals the popularity and strength of the area, for homes in good to excellent condition. I think we are on relatively safe ground saying that the 102 homes that sold in July, versus the 841 expired, must have been both in better condition and better priced.

So what conclusions could a buyer or seller draw? I think sellers need to have their homes in good to excellent condition, and be realistic in their pricing. It is not 2006.

Buyers? There is a good selection here. Hopefully you could find more than one excellent choice, and still get a great home in one of the best areas of Charlotte at around 138 per square foot. Not bad at all!

All the numbers are taken from the Charlotte MLS and are believed to be accurate but are of course not guaranteed. Builders do not list every home so MLS numbers are better indicators of the resale market. I believe transparent real estate is better real estate.
Enjoy the slide show of Ballantyne below: