High End sales drop 70%
The number of homes that have sold above $750,000, or those considered High-end for Charlotte, have plummeted according to the National Associations of Realtors, and according to my own analysis.
From the first quarter of 2009 there were only 75 properties sold, in all 10 areas of Charlotte. Compare this to the first quarter of 2007 where 245 sold. This is a 69% drop. Even 2008 compared to 2009, was a 54% decline.
Bottom line is lets face it. The financial industry has shrunk, here in Charlotte, and that is going to effect all the Custom builders and high end resales. Places like Providence Downs South which is literally a stones throw from my home, is going to be suffering for sometime, with over 61 homes on the market, and many of them in pre-foreclosure or close to it.
The light at the end of the tunnel is that Charlotte still is not as bad off, as other parts of the country. We (the state) rank No. 22 nationwide. The share of homes in NC valued at more than 500k totals 5.8%. The homes priced above $1 million totaled 1.2% ranking the state No. 25 behind Georgia (1.9%) South Carolina (2%). This is all from the latest Census Bureau Estimates.
Keith is a Realtor with Wilkinson & Associates in the South Charlotte area. He is a member of the National, North Carolina, and Charlotte Association of Realtors. I used to belong to the Long Island board of realtors, making happy homes for people there. Now, I have finally convinced my wife to move down to Charlotte from Long Island, NY. So if you're ready to move into a fine area or you're ready to move on out, then give me a call at 704-607-4729. I want what's best for...
...our Neighbors, our Friends, our Families!