The Truth about Charlotte’s New Home Market

A great site has emerged (Charlotte Between The Lines) that’s trying to give some factual data about Charlotte’s real estate market, given the national media’s attention of what they call a “slumping” housing era.

With all the attention the national real estate market is receiving, it’s easy to lose sight of Charlotte’s relative strength. But the truth is real estate is local and our piece of the world is one of the tops in the nation right now. Why is Charlotte strong and will it last? Why has Charlotte avoided the real estate bubble? What do the experts say about Charlotte’s future, both near-term and down the road?

Check out the facts. If you have any questions or comments, please leave them with me. I’d be happy to help you navigate this great market in finding your next home. Some nice deals are being offered by builders.

 

Housing Prices Still Rising? Only in Charlotte

Charlotte was the sole major U.S. city where housing prices have risen over the last year, according to results revealed today for a widely watched index. Housing prices dropped in February at the fastest rate ever, the Standard & Poor’s/Case-Shiller found. The results indicate that the housing slump is gaining momentum and showing no signs of letting up.

The Standard & Poor’s/Case-Shiller home price index of 20 cities fell by 12.7 percent in February versus last year, the largest decline since its inception in 2001. Seventeen of the 20 metro areas reported record annual declines.

The index dropped 10.7 percent in January and 9.1 percent in December.

“There is no sign of a bottom in the numbers,” David Blitzer, chairman of the index committee at S&P, noting that all 20 metro areas have declined for six straight months.

Half of the cities saw home values plunge by double digits led by Las Vegas at 22.8 percent and Miami at 21.7 percent. Those two areas experienced the sharpest appreciation in 2004 and 2005 with annual increases above 50 percent and 30 percent.

Only Charlotte posted a positive return of 1.5 percent year-over-year.

The narrower 10-city index declined 13.6 percent in February, a record drop in its two-decade history.

FROM: ASSOCIATED PRESS

Jobs still being added in Charlotte

Despite a slowing economy, Charlotte’s business community continued to grow in the first quarter, according to a report released Tuesday from the Charlotte Chamber.

There were 282 new businesses or expansions announced in the first quarter of this year, and those firms will create 3,010 new jobs, the report said.

That’s slightly fewer than in the first quarter of 2007, when 286 new businesses or expansions were announced, creating about 3,070 jobs.

This year’s numbers are up from 224 new or expanded businesses in the first quarter of 2006 and 251 in the first quarter of 2005.

Charlotte Chamber researchers attribute the trend to Charlotte’s growing commercial development and healthcare industries.

From: CHARLOTTE OBSERVER – KIRSTEN VALLE