U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-18-2008, 09:21 AM
 
Location: Union County
5,787 posts, read 8,434,459 times
Reputation: 4818

Advertisements

Anyone able to find published data for YoY Aug/Sept/Oct for Charlotte area?

I'm curious to see how things are comparing now to 2007.
Reply With Quote Quick reply to this message

 
Old 11-18-2008, 09:27 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,674,566 times
Reputation: 3695
The NC Association for realtors has all that information available, it was available to the public, however they now password protect it.

Must be embarrased about how lousy the #'s look.....

I'm sure some realtors here can give you info on specific areas (ie Area 5 or 10) that your looking for..

i know sales in most areas are down anywhere from 30-50% + YOY.

Inventory is still at astronomical levels...

price is coming down and will continue to as long as other (bubble) areas are depressed......
Reply With Quote Quick reply to this message
 
Old 11-18-2008, 09:29 AM
 
Location: State of Being
35,885 posts, read 67,172,097 times
Reputation: 22373
What would be dramatic is looking at 2008 as compared to 2005 and 2006.
Reply With Quote Quick reply to this message
 
Old 11-18-2008, 09:40 AM
 
Location: Mostly in my head
19,823 posts, read 56,018,889 times
Reputation: 19019
Our local newspaper did a story on just that, published figures fro 2005, 2006 and 2007. Why don't you call the reporter who usually does real estate or local business stories and see if you can generate some interest?
Reply With Quote Quick reply to this message
 
Old 11-18-2008, 09:44 AM
 
Location: State of Being
35,885 posts, read 67,172,097 times
Reputation: 22373
Here is a little info . . .

http://investing.businessweek.com/re...EDIA&symbol=WB

Excerpt from article:

Sales of new and existing homes in the eight-county area fell 38 percent during the three months ended Sept. 30, compared with last year, according to Market Opportunity Research Enterprises, a Rocky Mount firm that tallies sales data from public records. That marked six consecutive quarters of decline, with the past three registering drops above 35 percent.

New-home permits, a key indicator of future sales, fell 48 percent. Lincoln County led with a drop of 69 percent, followed by 63 percent in Iredell. The number of lots sold dropped by far more than 50 percent, the worst of this downturn, according to the MORE report. And the area's supply of available building lots reached a historic high, according to national industry tracker Metrostudy.
Reply With Quote Quick reply to this message
 
Old 11-18-2008, 11:05 AM
 
Location: Union County
5,787 posts, read 8,434,459 times
Reputation: 4818
Thanks ani... those are staggering figures. It's quite lame the raw numbers aren't readily available and I'd agree with CJack about the embarrassment - well maybe not embarrassment, but certainly info that they want to control. When your living depends on turning over houses, you need to put a slant on things.

At this point, you really need to throw the "bubble" out, don't you? It's already burst in the areas feeding the Charlotte housing market, yet things continue to drop all over. Long Island alone had median home sales YoY fall in the double digit % for Sept 08 and things are still bleak. Interestingly, inventory on Long Island FELL YoY Sept 08. These types of trends don't bode well for values in the Charlotte area and I would imagine declines in home prices to start taking a sharper turn down.
Reply With Quote Quick reply to this message
 
Old 11-18-2008, 11:30 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,674,566 times
Reputation: 3695
Quote:
Originally Posted by MikeyKid View Post
Thanks ani... those are staggering figures. It's quite lame the raw numbers aren't readily available and I'd agree with CJack about the embarrassment - well maybe not embarrassment, but certainly info that they want to control. When your living depends on turning over houses, you need to put a slant on things.

At this point, you really need to throw the "bubble" out, don't you? It's already burst in the areas feeding the Charlotte housing market, yet things continue to drop all over. Long Island alone had median home sales YoY fall in the double digit % for Sept 08 and things are still bleak. Interestingly, inventory on Long Island FELL YoY Sept 08. These types of trends don't bode well for values in the Charlotte area and I would imagine declines in home prices to start taking a sharper turn down.
The only "good" news out of all of this is that building permits are DOWN. Its not good obv to people in the industry, but in a big picture sense, it allows for sales to try to "catch up" w/existing inventory already out there. Less inventory will prevent prices from crashing down. The question is how long will it take to flush out all this inventory out there?

Further declines in prices are inevitable. You will be hearing more grim news in the future. The hope is that this somewhat starts to stabilize within a year if we're lucky IMO.
Reply With Quote Quick reply to this message
 
Old 11-18-2008, 12:10 PM
 
Location: State of Being
35,885 posts, read 67,172,097 times
Reputation: 22373
MIKE: Yeah, that whole bubble thing . . . was CLT ever in a bubble? I never really saw a big bubble (maybe a small one?). I thought houses here were somewhat inflated (new houses, especially S. of CLT) in 2005 - 2007. The prices have dropped somewhat and are more where they should have been when those houses were purchased, IMHO. I felt the lot prices - and sq. ft prices - were inflated when the houses were built. The fact that people bought them is what kept the prices in that range, of course.

Which leads to what JACK said . . . about building permits being down. From a regional economics standpoint, I have very mixed feelings about that. I want new building to STOP and newcomers can either buy from existing inventory of new homes or get a re-sale. The madness has to END - we have inventory and still people are moving here and insisting on buying a new house. Yes, I know the reasons. Everyone came from areas where they had to buy old homes so they want a new home - and not just a new home - a CUSTOM new home. I don't understand this and guess I never will . . . to me, location is the thing . . . and dealing w/ contractors and delays is such a pain in the a$$ - I would rather buy and then retrofit, but that is just me . . . evidently.

The flip side of the coin w/ new housing permits being down is w/ people being out of work - trades - due to downturn in construction. That is a concern. So building slowing down is a double edged sword.

I think prices are gonna fall some more b/c of the glut of so many similar properties - within a defined geographic area. Too many houses on the market in the same areas . . .

And I stick to the prediction I made months ago . . . 2009 is gonna be a challenge on many levels. Look for things to normalize in 2010 and not a day before, LOL!!!!
Reply With Quote Quick reply to this message
 
Old 11-18-2008, 12:31 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,674,566 times
Reputation: 3695
Quote:
Originally Posted by anifani821 View Post
So building slowing down is a double edged sword.
Exactly. The only way to start to get out of this mess is to slow down.

We've seen indications somewhat that the increase has definitely stopped.(ie builder permits, & the news about school enrollment being LOWER in Charlotte and surrounding areas than what was originally projected)

It really, really, stinks though, because I'm sure like you and others here, you either know someone, or are in the building industry and their hurt right now aro the holidays....
Reply With Quote Quick reply to this message
 
Old 11-18-2008, 12:45 PM
 
Location: The place where the road & the sky collide
21,983 posts, read 27,275,155 times
Reputation: 9009
Quote:
Originally Posted by anifani821 View Post
MIKE: Yeah, that whole bubble thing . . . was CLT ever in a bubble? I never really saw a big bubble (maybe a small one?). I thought houses here were somewhat inflated (new houses, especially S. of CLT) in 2005 - 2007. The prices have dropped somewhat and are more where they should have been when those houses were purchased, IMHO. I felt the lot prices - and sq. ft prices - were inflated when the houses were built. The fact that people bought them is what kept the prices in that range, of course.

Which leads to what JACK said . . . about building permits being down. From a regional economics standpoint, I have very mixed feelings about that. I want new building to STOP and newcomers can either buy from existing inventory of new homes or get a re-sale. The madness has to END - we have inventory and still people are moving here and insisting on buying a new house. Yes, I know the reasons. Everyone came from areas where they had to buy old homes so they want a new home - and not just a new home - a CUSTOM new home. I don't understand this and guess I never will . . . to me, location is the thing . . . and dealing w/ contractors and delays is such a pain in the a$$ - I would rather buy and then retrofit, but that is just me . . . evidently.

The flip side of the coin w/ new housing permits being down is w/ people being out of work - trades - due to downturn in construction. That is a concern. So building slowing down is a double edged sword.

I think prices are gonna fall some more b/c of the glut of so many similar properties - within a defined geographic area. Too many houses on the market in the same areas . . .

And I stick to the prediction I made months ago . . . 2009 is gonna be a challenge on many levels. Look for things to normalize in 2010 and not a day before, LOL!!!!
Ani, I'm with you on the new vs old thing. I love old houses, the older the better! Want a custom house? Most very old houses are unique. Yup, they have their problems, but they were built to last.

The house that I'm after is a fraction of the cost of new construction, on a double lot, & there are some beautiful Victorians nearby, for a later time.

The house needs some work. Big deal. I can hire out of work construction people & still come out ahead, & they get some work. The worst house on the block will be fixed up, & that helps the neighbors' house values.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top