Unfortunately our national media tends to report on isolated and negative issues allowing facts to be distorted as it relates to the housing market. Our media has reported the decline of housing as being a national problem, suggesting all homes are losing substantial value.  That is simply not true.

 

When you research the facts, the major decline in values has occurred in the metro areas of Florida, Las Vegas, Phoenix, and California where large appreciation values were recognized over a very short time period, between 2003-2006.  Fortunately for the Carolinas, the appreciation in value was slow to rise, averaging only 4-6% per year, compared to the "hot" markets of Florida, California, Nevada and Arizona saw double digit appreciation in the same time period. 

 

The housing market is just like any other market in our economic society, when demand out paces supply, it becomes a seller’s market and when demand retracts it becomes a buyer’s market.  In the end however, the market finds a way to balance it’ self out over time.

 

There has been a softening in both demand and prices in the Charlotte market, but not to the extent our national media would make you believe. Since both supply and demand have been fairly balanced in the Carolinas over the past four years, we have not witnessed the steep price decline in many national markets. According to the Carolina MLS report just published, the average days YTD  for homes on the market in the Charlotte Metro area is 109 with the homes averaging 94,57% of Sales Price to List Price. These numbers vary according to neighborhood and MLS area.  Please feel free to contact me at gina@mayesharrisrealty.com for a report for your neighborhood.

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I would like to share with you this recent article from National Association of Realtors and Zillow.com which identifies the top 10 markets in the country showing the most gain.  Ironically, 6 of the top 10 are located in the Carolinas while 9 of the 10 worse markets are located in California.

                                                                                                                             

The following article provided by National Association of Realtors  

 

Where Prices Have Increased the Most in 2008
U.S. Home values declined an average of 8.4 percent in the first three periods of 2008, down $2 trillion in total value, according to Zillow.com Real Estate Market Report, released this week.


Thirty of the 163 metropolitan statistical areas covered by Zillow, either showed gains in the median value of homes in the area or values stabilized.

Here are the 10 areas where values increased and declined the most.

Places Where Values Increased the Most

·     Ithaca, N.Y., 5.6%

·     State College, Pa., 4%

·     Jacksonville, N.C., 3.9%

·     Winston-Salem, N.C., 3.4%

·     Bay City, Mi., 3.2%

·     Rochester, N.Y. 3.1%

·     Greenville, S. C., 2.8%

·     Anderson, S.C. 2.7%

·     Burlington, N.C., 2.6%

·     Spartanburg, S.C., 2.0%


Places Where Values Decreased the Most

·     Las Vegas-Paradise, Nev., -24.6%

·     Bakersfield, Calif., -24.9%

·     Madera, Calif., -26.2%

·     Gainesville, Ga., -26.4%

·     Riverside-San Bernardino-Ontario, Calif., -30.4%

·     Modesto, Calif., -31%

·     Salinas, Calif., -32.4%

·     Merced, Calif., -32.5%

·     Vallejo-Fairfield, Calif., -33.2%

·     Stockton, Calif., -35.5%


Source: Zillow.com (12/15/08)