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CHARLES G. GRAHAM, AIA,
LAI, MIRM
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Charlotte Real Estate
Market Report
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| CHARLOTTE
MARKET |
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| Key
Measures |
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| 1Q08
vs. 1Q07 |
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| Twelve
Months Ending 1Q08 vs.1Q07 |
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Year |
Year |
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Ending |
Ending |
2008
- 2007 |
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1Q08 |
1Q07 |
1Q08 |
1Q07 |
1Q |
Year |
| SINGLE
FAMILY LOTS |
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| Number
of Closings |
3628 |
7185 |
20341 |
27784 |
0.50 |
0.73 |
| Median
Lot Price |
$42,560 |
$40,000 |
$44,000 |
$37,850 |
1.06 |
1.16 |
| Median
Lot/Package Ratio |
18.75 |
17.43 |
18.72 |
17.09 |
1.08 |
1.10 |
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| PERMITS |
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| Condominium |
416 |
243 |
1613 |
1762 |
1.71 |
0.92 |
| Townhouse |
460 |
717 |
2545 |
3312 |
0.64 |
0.77 |
| Subtotal |
876 |
960 |
4158 |
5074 |
0.91 |
0.82 |
| Single
Family |
2462 |
5154 |
14475 |
21344 |
0.48 |
0.68 |
| TOTAL |
3338 |
6114 |
18633 |
26418 |
0.55 |
0.71 |
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| NEW
CLOSINGS |
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| Condominium |
393 |
343 |
1781 |
1887 |
1.15 |
0.94 |
| Townhouse |
342 |
667 |
2166 |
2908 |
0.51 |
0.74 |
| Subtotal |
735 |
1010 |
3947 |
4795 |
0.73 |
0.82 |
| Single
Family |
2693 |
4245 |
15924 |
19978 |
0.63 |
0.80 |
| TOTAL |
3428 |
5255 |
19871 |
24773 |
0.65 |
0.80 |
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| MEDIAN
NEW CLOSING PRICES |
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| Condominium |
$246,000 |
$198,000 |
$229,500 |
$197,500 |
1.24 |
1.16 |
| Townhouse |
$183,000 |
$156,000 |
$184,590 |
$149,000 |
1.17 |
1.24 |
| Single
Family |
$227,000 |
$229,500 |
$235,000 |
$221,500 |
0.99 |
1.06 |
| TOTAL |
$225,000 |
$216,500 |
$227,000 |
$209,000 |
1.04 |
1.09 |
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| RESALE
CLOSINGS |
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| Condominium |
403 |
662 |
2701 |
2929 |
0.61 |
0.92 |
| Townhouse |
224 |
450 |
1486 |
1850 |
0.50 |
0.80 |
| Subtotal |
627 |
1112 |
4187 |
4779 |
0.56 |
0.88 |
| Single
Famliy |
4676 |
7180 |
28416 |
34002 |
0.65 |
0.84 |
| TOTAL |
5303 |
8292 |
32603 |
38781 |
0.64 |
0.84 |
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| MEDIAN
RESALE CLOSING PRICES |
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| Condominium |
$142,500 |
$125,000 |
$138,000 |
$135,000 |
1.14 |
1.02 |
| Townhouse |
$130,000 |
$124,730 |
$130,000 |
$126,000 |
1.04 |
1.03 |
| Single
Family |
$156,000 |
$158,000 |
$167,000 |
$165,000 |
0.99 |
1.01 |
| TOTAL |
$154,500 |
$153,000 |
$162,000 |
$160,000 |
1.01 |
1.01 |
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| TOTAL
CLOSINGS |
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| Condominium |
796 |
1005 |
4482 |
4816 |
0.79 |
0.93 |
| Townhouse |
566 |
1117 |
3652 |
4758 |
0.51 |
0.77 |
| Subtotal |
1362 |
2122 |
8134 |
9574 |
0.64 |
0.85 |
| Single
Family |
7369 |
11425 |
44340 |
53980 |
0.64 |
0.82 |
| TOTAL |
8731 |
13547 |
52474 |
63554 |
0.64 |
0.83 |
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| MEDIAN
TOTAL PRICES |
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| Condominium |
$200,000 |
$154,000 |
$175,500 |
$161,000 |
1.30 |
1.09 |
| Townhouse |
$160,000 |
$138,360 |
$157,000 |
$139,000 |
1.16 |
1.13 |
| Single
Family |
$182,700 |
$185,000 |
$192,000 |
$188,000 |
0.99 |
1.02 |
| TOTAL |
$180,500 |
$178,000 |
$188,000 |
$180,500 |
1.01 |
1.04 |
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