Archive for October 1st, 2009

Some Charlotte Homes selling at or ABOVE 2008 Values!

October 1st, 2009 categories: Charlotte Real Estate Trends, Finances, Selling Your Home

Why isn’t this baby smiling? The S&P Case-Shiller Index told him Charlotte home values are down (on average) 9% from a year ago. Ah…I see.

No wonder the baby is sad – but wait isn’t the S&P Case Shiller Index based on some sort of average? (If I’m wrong here a big Emily Litella nevermind)

Doesn’t that mean that some (maybe half?) of Charlotte homes were down less than the 9% and some actually sold at or above their 2008 value? I’m not a math wiz and I’m sure the Case Shiller people have this all figured out weighted averages and all but common sense says that every home was not down 9%.

I’d like to know the percentage of Charlotte homes that sold at something better than down 9% — wouldn’t you, curious? If say 20% of Charlotte homes sold at or above 2008 levels – wouldn’t that be something to know? Wouldn’t those legit statistics put a different spin on the market – maybe stoke some optimism – couldn’t hurt – might help. The way these stats are reported the sound bite, quick-blush is everyone is down at least 9%.

Back to Case Shiller report consider this; out of the top 20 urban markets tracked by the (real-estate bible) S&P Case-Shiller Index Charlotte ranks 5th in maintaining home value pretty good compared to most:

• Atlanta                        14.9%
• Minneapolis              17.3%
• Tampa                        18.4%
• Miami                         21.2%
• Detroit                        24.6%
• Phoenix                      28.5%
• Las Vegas                   31.4%

If you’d like to read more here’s link to the Charlotte Observer article: Area home prices rise a bit in July and if you’d like to learn more about how to market your home and not settle for AVERAGE email the TalkCharlotte team.

Spoken by Mike Gibbons | Discussion: No Comments »