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Charlotte Real Estate Market Report|Weddington and Waxhaw, 3rd Quarter Results

October 24th, 2007 Listed Under: Everything Else

Weddington and Waxhaw, Union County, NC: Two South Charlotte Communities see Prices Rise 8%

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Weddington and Waxhaw, two of Charlotte€™s most popular neighborhoods continue to outperform Charlotte as a whole.

The high quality schools, great new communities, the more rural setting, and low taxes continue to make these neighborhoods and the lifestlye extremely popular among move up buyers and relocating families alike.

Comparing 3rd quarter results from 7/1/07 through 9/30/07, we compared the average Sold Cost Per Square Foot for the same periods in 2007 versus 2006 and found:

2007 Average Cost per SF SOLDS $148.00/ sf on 303 sales

2006 Average Cost per SF SOLDS $137.00/ sf on 330 sales

Average SF prices rose 8 % on a 8% decline in units sold, compared to a Charlotte average for the 3rd quarter of 5% increase in price and 12% decline in sales. So, there are fewer sales, but prices are doing just fine in fact much better than the Charlotte area as a whole.

To determine how many months inventory are on hand, I use a simple stat I call Active to Pending, (AP) this ratio indicates how many homes are on the market, versus how many went under contract for a given period. Three month figures are not useful, so it was calculated for September, 2007. It will tell us theoretically how long it would take to sell all of our inventory in this area, if we sold at the same pace as September sales, make sense?

The Waxhaw- Weddington AP, Active Home Listings to Pending Home Sales, was 6.36, or about a 6 month supply based on September sales levels.

See the our large Waxhaw and Weddington photo album

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This report uses data from the Carolina MLS, but is not provided by the MLS, as such does not include non-mls tranactions

Terry McDonald
I'm the owner/team leader of The McDonald Group at Wilkinson and Associates ERA Powered real estate brokers here in Charlotte NC. A transplanted Washinghtonian, my family and I came from the NYC area in 1993.
Terry McDonald
Terry McDonald

Written By

  1. Cyndee Haydon

    Terry – Thanks for the Charlotte Real Estate Market update for the Waxhaw and Weddinton areas. Love the map you included – helps those moving to Charlotte understand where it is.

  2. Charlotte Real Estate Market Report|Weddington and Waxhaw, 3rd Quarter Results at Real Estate Attorney South Carolina

    […] Original post by CharlotteCommunitiesOnline […]

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The McDonald Group
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Terry McDonald [email protected]   704-351-1519

Bobby McDonald [email protected] 704-351-1519