Since the Case-Shiller housing price report came out this week showing that home prices for August fell in 15 cities of a 20 city market sample, I thought I’d give you an update of the local market activity. My numbers are for September.
|Closed Units||Closed Volume||Average Closed Price|
|2009 / 2010||2009 / 2010||2009 / 2010|
|Iredell||108 / 117||$26,807,159 / $25,298,735||$248,214 / $216,229|
|Mecklenburg||895 / 699||$180,202,289 / $154,605,232||$201,343 / $221,181|
|Catawba||38 / 50||$8,266,420 / $8,926,681||$217,537 / $178,534|
|Cabarrus||127 / 142||$20,870,374 / $24,791,646||$164,333 / $174,589|
|Rowan||66 / 59||$8,523,240 / $5,359,978||$129,140 / $90,847|
Just like the Case-Shiller report, our area results vary from county to county, but overall, I think you can see that sales are not as good this year as last and prices are still coming down over all. In each of these county’s results, you can propose reasons why they are what they are. For example, in Mecklenburg the average closing price went up. That may be because more expensive houses are selling as short sales or foreclosures. Averages can be influenced like that.
The point here is that we can draw broad-based conclusions about the health of the housing market from such statistics, but one shouldn’t try to apply them specifically to a particular piece of property. That can only be done by comparing similar properties in terms of size, location, age, etc., looking at recent sales and what the prices of competitors are. Don’t get all caught up in these stats that are splattered around the news media. The key to their value is knowing how to use them.
If you’re thinking of selling, always remember that most buyers have to have mortgages and lenders use appraisers to determine the market value of the property. Pricing so that an appraiser will agree with the contract price is the only way to get to closing.