Million Dollar Homes in South Charlotte – Tale of the Tape!

Just in case you were interested in how the $1MM to $1.5MM homes for sale were faring during the recession in south Charlotte…here are the stats from 2006 through 2011.  Home sales in Charlotte began to feel the effects of the recession in September 2008.

Homes sold in areas 4,5,6 (South Charlotte) in $1,000,000 to $1,500,000 Price Range

Year

Homes

Average

Average #

Average

Average Days

 Average

Sold

Sold

Square Feet

Bedrooms

# of Baths

On Market

 Sold Price

2006

141

4923

5

4

57

 $ 1,198,232.00

2007

142

4796

5

4

53

 $ 1,214,771.00

2008

91

4798

5

4

53

 $ 1,184,671.00

2009

58

5341

5

4

95

 $ 1,106,683.00

2010

97

5313

5

4

173

 $ 1,121,949.00

2011

77

5369

5

4

139

 $ 1,125,357.00

As you can see, the number of homes sold in the million to $1.5MM has decreased 54% in the past 4 years while the average price has decreased by approximately 6%.  BUT, the size of the homes has grown by 11% so, buyers are buying larger homes for less money.  The price per square foot dropped from $243.39 in 2007 to $209.60 in 2011 – 14% lower!

So, now that a large number of Realtors are reporting a huge surge in activity have we have finally hit the bottom of the market in Charlotte, NC?? The Buzz thinks so therefore those of you interested in purchasing luxury homes in Charlotte should probably consider moving forward!  If you have been waiting for the market to stop falling in price, we certainly appear to have finally gotten there.

Want to see what is available?  Send me your email address and I’ll send you a list of available homes for sale in South Charlotte in your preferred price range.  You can reach me (Lynn Johnson) at Lynn@LynnJohnsonRealtor.com.  C’mon, I know you are ready!

Read more: http://www.ballantynebuzz.com/2012/03/12/million-dollar-homes-in-south-charlotte-tale-of-the-tape/

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Savvy + Co. Real Estate | 1920 E 7th Street | Charlotte, NC 28204 | ph: 704.330.8326 | fax: 704.347.4530