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Old 10-25-2007, 12:55 PM
 
Location: Charlotte
12,646 posts, read 13,894,201 times
Reputation: 1679

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In a recent report Available Here, the Charlotte market continues to fare well amidst a Nation strongly affected by the woes in the housing and credit markets.

Here are the 20 cities covered by the Case-Shiller index, ranked from worst to best:
Detroit, down 9.7%: Tampa, Fla., down 8.8%; San Diego, down 7.8%; Phoenix, down 7.3%; Washington, down 7.2%; Miami, down 6.4%; Las Vegas, Nev., down 6.1%; Los Angeles, down 4.8%; San Francisco, down 4.1%; New York, down 3.8%; Cleveland, down 3.6%; Minneapolis, down 3.4%; Boston, down 3.4%; Denver, down 0.7%; Chicago, down 0.9%; Dallas, up 0.7%; Atlanta, up 1.2%; Portland, Ore., up 3.8%; Charlotte, N.C., up 6%; and Seattle, up 6.9%


Rex Nutting is Washington bureau chief of MarketWatch.

Last edited by walidm; 10-25-2007 at 01:10 PM.. Reason: Credit to bureau Chief
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Old 10-25-2007, 02:14 PM
 
Location: Union County, NC
33 posts, read 20,988 times
Reputation: 16
Nice, thats music to my ears. I am sure it will be a roller coaster in this area. I get a laugh out of the folks that think CLT is in some kind of real estate nightmare. This city is doing fine with values. I am sure they will go up and down.. No need to get all worked up about it!
Quote:
Originally Posted by walidm View Post
In a recent report Available Here, the Charlotte market continues to fare well amidst a Nation strongly affected by the woes in the housing and credit markets.

Here are the 20 cities covered by the Case-Shiller index, ranked from worst to best:
Detroit, down 9.7%: Tampa, Fla., down 8.8%; San Diego, down 7.8%; Phoenix, down 7.3%; Washington, down 7.2%; Miami, down 6.4%; Las Vegas, Nev., down 6.1%; Los Angeles, down 4.8%; San Francisco, down 4.1%; New York, down 3.8%; Cleveland, down 3.6%; Minneapolis, down 3.4%; Boston, down 3.4%; Denver, down 0.7%; Chicago, down 0.9%; Dallas, up 0.7%; Atlanta, up 1.2%; Portland, Ore., up 3.8%; Charlotte, N.C., up 6%; and Seattle, up 6.9%


Rex Nutting is Washington bureau chief of MarketWatch.
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Old 10-25-2007, 02:18 PM
 
Location: Waxhaw, NC
241 posts, read 813,627 times
Reputation: 49
Local home prices rise in September - Charlotte Business Journal:

The average closing price on homes in the Charlotte area rose last month, but the number of units sold decreased, according to Carolina Multiple Listing Services Inc.

The average residential closing price increased 9.3 percent to $236,061 in September compared with the same month last year.

The number of residential closings in September fell to 3,067 from 3,654 in the year-ago period.

The average number of days homes were on the market was 119.8 last month.

The housing data covers homes that have existed for at least a year and some newly constructed residences in Mecklenburg, Union, Iredell, Lincoln, Cabarrus, Gaston and Stanly counties.
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Old 10-25-2007, 02:34 PM
 
Location: Over yonder a piece
3,901 posts, read 4,617,866 times
Reputation: 6230
Did anyone see the Today Show this morning? They did a story about home prices plummeting and put the whole southeast as going DOWN 8.8%. I got really peeved because that's not a true representation of all areas in the SE. They did the same for the Northeast - claimed it was UP something like 4.2% - when I know for a fact that NoNJ is going down down down.
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Old 10-25-2007, 05:34 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,639,458 times
Reputation: 3689
We had this discussion on another thread. Anyone who understands the #'s should know that rising prices do not tell the true story. Many homes in Charlotte that have sold over the past year are the McMansion type that has drove up "% of average price". If you look at the hard #'s, inventory in Charlotte is up YOY and # of units sold are down. Those are the true indicators for how well a market is doing. It definitely is a buyer's market in Charlotte. There are pockets in the area that are holding up ok, but if you go to almost any builder in the area, there are tons of spec and vacant homes/land sitting w/no buyers.

However, the Charlotte area will not fare as bad obv as Fla, NY/NJ, CA because it didn't have the runup in prices those markets did. Also, real estate values are alot cheaper than those areas, so, many people will want to come here which will help RE. The problem obv is trying to get a loan or sell your house up north.
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Old 10-25-2007, 08:58 PM
 
Location: Trinity Florida
7,928 posts, read 17,755,673 times
Reputation: 1992
Quote:
Originally Posted by CouponJack View Post
We had this discussion on another thread. Anyone who understands the #'s should know that rising prices do not tell the true story. Many homes in Charlotte that have sold over the past year are the McMansion type that has drove up "% of average price". If you look at the hard #'s, inventory in Charlotte is up YOY and # of units sold are down. Those are the true indicators for how well a market is doing. It definitely is a buyer's market in Charlotte. There are pockets in the area that are holding up ok, but if you go to almost any builder in the area, there are tons of spec and vacant homes/land sitting w/no buyers.

However, the Charlotte area will not fare as bad obv as Fla, NY/NJ, CA because it didn't have the runup in prices those markets did. Also, real estate values are alot cheaper than those areas, so, many people will want to come here which will help RE. The problem obv is trying to get a loan or sell your house up north.
Exactly...very hard to compare this market to Up North especially in those areas where they are being hit really hard, Im glad we sold when we did..we would have been stuck otherwise
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Old 10-26-2007, 09:13 AM
 
332 posts, read 866,165 times
Reputation: 106
that why i leaving the d.c. area!
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Old 10-26-2007, 09:18 AM
 
Location: Union County, NC
33 posts, read 20,988 times
Reputation: 16
Yep, my sister in MA cant move because the most they would do is break even on there house. BTW, they put alot of money into the house, and there was a slight chance of coming out with a loss. The house would have been on the market for a while, so they decided to wait for an upswing before they relocate. Tough market up in that area..
Quote:
Originally Posted by berryjuice4life View Post
Exactly...very hard to compare this market to Up North especially in those areas where they are being hit really hard, Im glad we sold when we did..we would have been stuck otherwise
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Old 10-26-2007, 09:38 AM
 
Location: Trinity Florida
7,928 posts, read 17,755,673 times
Reputation: 1992
Quote:
Originally Posted by TKITNC View Post
Yep, my sister in MA cant move because the most they would do is break even on there house. BTW, they put alot of money into the house, and there was a slight chance of coming out with a loss. The house would have been on the market for a while, so they decided to wait for an upswing before they relocate. Tough market up in that area..
That happened to us, we barely broke even but it was better than the alternative for us..and It got us out, I feel for your sister as so many people are now stuck, and I hate to use that word...
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Old 10-26-2007, 01:17 PM
 
876 posts, read 3,481,517 times
Reputation: 234
we sold before the market went south and netted $180K, woohoo!
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