Union County Real Estate Talk

The 2011 Matthews NC Real Estate Market—Five Facts

It's time to look at the real estate market in Matthews NC and to assess how home buyers and home sellers fared in 2011.

Here are five facts about the Matthews marketplace in 2011.

1. The single family market in Matthews improved last year over each of the previous two years with 6.9% more homes sold than in 2010.
2. The median sales price was up slightly over 2010 and up 6% over 2009.
3. Matthews’ townhome market has declined every year since 2008.  The median sales price of townhomes has been at the $160,000 level for the past two years, substantial decline from median sales prices over $225,000 in 2008 and 2009.
4. There is still new construction to be found in Matthews at around 11% of the marketplace.
5. Distressed sales accounted for approximately 25% of the 2011 market.

What do these five facts mean for Matthews buyers and sellers?

• It is a much better marketplace for single family home sellers in Matthews than for townhome sellers.
• In spite of the improving single family market, Matthews is still a very affordable place for home buyers.
• Home buyers can find a few new home neighborhoods in which to purchase.

Want to learn more about the real estate market in Matthews and see all the numbers for each of the past four years? Want to know where the most active Matthews neighborhoods were in 2011? Click on the link below.

Matthews NC Real Estate Market Report—Year 2011

Copyright 2012. Carol Fox. Allen Tate Realtors. *The 2011 Matthews NC Real Estate Market—Five Facts*

Matthews NC Real Estate Market Report—July-September 2011

While the third quarter median sales price for single family homes in Matthews NC slipped 7.3% from the second quarter median price, it was 16.8% higher than the first quarter and higher than yearly median prices since 2008.  The number of homes closed increased 14% over the second quarter.  Median days on market increased to 104 days.

Only three townhomes or condos sold in the third quarter with a median sales price of $151,000.  Days on market declined to 87.

What do the third quarter 2011 numbers mean for Matthews NC buyers and sellers?

• While the single family median sales price was lower than the second quarter, the median Matthews home is selling for more than any year since 2007.  Townhome sellers in Matthews may not find much demand for their properties as few in this category sold during the third quarter.
• Buyers for properties in Matthews can find affordable, reasonably stable prices in neighborhoods with convenient access to amenities.

Single Family Homes

Matthews Single Family Homes	Year 2008	Year 2009	Year 2010	Quarter 1 Year 2011	Quarter 2 Year 2011	Quarter 3  Year 2011
Median Sales Price	$224,450	$198,000	$208,250	$192,500	$242,750	$225,000
Number of Homes Sold	228	178	172	30	50	57
Median Days on Market	32	46	89	116	93	104

Source: Carolina Multiple Listing Service

Townhomes and Condominiums

Matthews Townhomes and Condos	Year 2008	Year 2009	Year 2010	Quarter 1 Year 2011	Quarter 2 Year 2011	Quarter 3  Year 2011
Median Sales Price	$239,213	$226,750	$163,000	$100,000	$170,000	$151,000
Number of Homes Sold	58	22	23	5	7	3
Median Days on Market	54	36	118	76	125	87

Source: Carolina Multiple Listing Service

Most Active Neighborhoods in Matthews NC Third Quarter 2011

The following neighborhoods had the most sales activity during the second quarter.

Greylock   Brightmoor   Sardis Plantation   The Heathers

Copyright 2011. Carol Fox. Allen Tate Realtors. *Matthews NC Real Estate Market Report—July-September 2011*

Matthews NC NC Real Estate Market Report—April-June 2011

The real estate market in Matthews NC improved dramatically during the second quarter of 2011.  The single family median price was 26% higher than the first quarter of 2011 and 8.1% higher than 2008.  The number of sales jumped 66% higher to 50 homes sold.  Days on market dropped to 93 days.

The townhome market showed improvement as well with most of the seven townhome sales in Bella Sera Villas.  These sales drove the median price higher to $170,000.  Median days on market increased 64.4% to 125 days.

What do the second quarter 2011 numbers mean for Matthews NC buyers and sellers?

• Sellers in Matthews may have the best opportunity in several years to sell their homes. 
• Buyers for properties in Matthews can find affordable prices in neighborhoods that may be stabilizing in price.

Single Family Homes

Matthews Single Family Homes	Year 2008	Year 2009	Year 2010	Quarter 1 Year 2011	Quarter 2 Year 2011
Median Sales Price	$224,450	$198,000	$208,250	$192,500	$242,750
Number of Homes Sold	228	178	172	30	50
Median Days on Market	32	46	89	116	93

Source: Carolina Multiple Listing Service

Townhomes and Condominiums

Matthews Townhomes and Condos	Year 2008	Year 2009	Year 2010	Quarter 1 Year 2011	Quarter 2 Year 2011
Median Sales Price	$239,213	$226,750	$163,000	$100,000	$170,000
Number of Homes Sold	58	22	23	5	7
Median Days on Market	54	36	118	76	125

Source: Carolina Multiple Listing Service

 Most Active Neighborhoods in Matthews NC  Second Quarter 2011

The following neighborhoods had the most sales activity during the second quarter.

Greylock   Oakcroft   Bella Sera Villas

Copyright 2011.  Carol Fox.  Allen Tate Realtors.  *Matthews NC Real Estate Market Report—April-June 2011*

Matthews NC Real Estate Market Report—January-March 2011

The real estate market in Matthews NC showed a decline in median prices during the first quarter of 2011 compared with median prices in 2010.  Single family home prices declined 7.5% while the townhome and condominium market in Matthews dropped 38.6%.  Thirty single family homes and five townhomes sold during the quarter.  Median days on the market increased 30% for single family sellers.  Townhome sellers who were able to sell their properties saw a decrease in days on market by 35%.

What do the first quarter 2011 numbers mean for Matthews buyers and sellers?

• Matthews sellers face a continued downward pressure on home pricing.  Townhome sellers are particulary vulnerable.
• Buyers for properties in Matthews may be able to find the best pricing and values for many years.

Single Family Homes

Matthews Single Family Homes	Year 2008	Year 2009	Year 2010	Quarter 1  Year 2010
Median Sales Price	$224,450	$198,000	$208,250	$192,500
Number of Homes Sold	228	178	172	30
Median Days on Market	32	46	89	116

Source: Carolina Multiple Listing Service

Townhomes and Condominiums

Matthews Townhomes and Condos	Year 2008	Year 2009	Year 2010	Quarter 1  Year 2010
Median Sales Price	$239,213	$226,750	$163,000	$100,000
Number of Homes Sold	58	22	23	5
Median Days on Market	54	36	118	76

Source: Carolina Multiple Listing Service

Most Active Neighborhoods in Matthews NC  First Quarter 2011

The following neighborhoods had the most sales activity during the first quarter.  Click on the neighborhood for more information and a list of homes for sale.

Matthews Plantation	Williams Crossing	Windrow
Brightmoor	Greylock	Parkview at Matthews

 

Copyright 2011.  Carol Fox.  Allen Tate Realtors.  *Matthews NC Real Estate Market Report—January-March 2011*

Matthews NC Property Owners to Receive New Tax Valuations in February

February is the month each property owner in Mecklenburg County will receive a notice of the 2011 assessed value of his property.  The last tax revaluation took place in 2003.  Required at least every eight years, the latest tax revaluation process has been underway for a year.  Because home sales have shown declining values over the course of 2010, county tax assessors have continued to revise values until the end of December to reflect the most current numbers.

The Charlotte Observer has done a study of all 2010 homes sales in Mecklenburg County.  The Observer compared each property’s sales price with its tax value to calculate a percentage increase or decrease in value since 2003.  The Observer found that about half the properties studied increased in value.  Results of the study can be found in an interactive table where a search can be done by street or zip code.

Will Matthews NC homeowners love or hate their new tax valuations? 

I decided to use the Observer’s interactive search to take a look at how home sales in Matthews NC compared with 2003 assessed values.  I searched home sales in zip code 28105, which covers most of the Town of Matthews plus a few adjoining areas.

What did I find? 

There were 355 home sales in 28105.  Two hundred five of those closed sales prices were above the 2003 assessed values.  Four were equal with the assessed values.  One hundred forty six were below the 2003 assessed value.  The variations ranges from +169% for a property on Margaret Wallace Road to –99% for a property on Keziah Road.  Properties with the most negative variances from 2003 values tended to be distressed sales, such as foreclosures.

In general, a greater percentage of properties in Matthew increased in value than in the county as a whole.  Demand for Matthew homes remained strong.

Will Matthews NC property taxes go up this year?  It depends.

The new town and county tax rates won’t be set until June.  According to county tax assessors, the median property value in Mecklenburg County went up 6 to 8%.  If the local governments try to maintain the property tax base as it is currently, Matthews NC home owners whose new assessments are within that range will see their taxes stay the same.  If a property’s increase is substantially more than 6 to 8% above the median value, property taxes are likely to go up.  Properties that declined substantially will probably see lower taxes.

Want to take a look at your own neighborhood or area.  Click here for a link to the Charlotte Observer’s home sales search.

Learn more about real estate and living in Matthews NC.  Visit www.CarolinaSmallTownLiving.com.

Copyright 2011.  Carol Fox.  Allen Tate Realtors.  *Matthews NC Property Owners to Receive New Tax Valuations in February*

Matthews NC Real Estate Market Report—Year 2010

How did the Matthews NC real estate market fare during 2010 and how did 2010 market activity compare with 2009 and 2008?

The tables below compare the Matthews NC real estate market for years 2008 through 2010.  172 single family homes and 23 townhomes or condos closed in 2010.  The highest price that a single family home sold for in 2010 was $875,000.  The highest townhome sale was $311,229.  Average days on the market jumped for both single family homes and townhomes in Matthews.  The median list-to-sale ratio for both types of sales was 96%.

Single Family Homes in Matthews NC

In 2010, the median sales price increased 4.8% over 2009 but was off 7.2% from 2008.  The number of closed sales was virtually identical in 2009 and 2010 while down from 2008.  Median days on the market almost doubled from 2009 to 2010.

Matthews Single Family Homes	Year 2008	Year 2009	Year 2010
Median Sales Price	$224,450	$198,000	$208,250
Number of Homes Sold	228	178	172
Median Days on Market	32	46	89

Source:  Carolina Multiple Listing Service

Townhomes and Condominiums in Matthews NC

The median sales price for condominiums and townhomes dropped 28% in 2010 over 2009.  This drop most likely reflects the completion of several new construction complexes in 2008 and 2009.  Units sold in 2009 and 2010 were similar and off more than half from 2008.  Days on market increased 227% in 2010 over 2009.

Matthews Townhomes and Condos	Year 2008	Year 2009	Year 2010
Median Sales Price	$239,213	$226,750	$163,000
Number of Homes Sold	58	22	23
Median Days on Market	54	36	118

Source:  Carolina Multiple Listing Service

Most Active Neighborhoods in Matthews NC

The most active Matthews NC neighborhoods in 2010 are listed below.  Click on each neighborhood to get a detailed description of the neighborhood, a summary of 2009 and 2010 real estate activity and to search for current homes for sale.

Sardis Plantation	Matthews Plantation	St. Andrews
Melrose	Brightmoor	Greylock
Matthews Grove	Providence Manor	Sardis Forest
Sardis Plantation	Southwoods	Thornblade
Weddington Ridge	Wynchase

 

Copyright 2011.  Carol Fox.  Allen Tate Realtors.  *Matthews NC Real Estate Market Report—Year 2010*

Matthews NC Real Estate Sales Transactions—November 2010 Update

This is a summary of real estate sales transactions in Matthews NC since the beginning of November.  It includes statistics on closed listings, properties that have gone under contract, and current best buys.  Best buys are those properties that have had the greatest price reductions this month on a percentage basis.

Properties under contract are the best indicators of the current Matthews real estate market as these are properties recently chosen for purchase.  Closed transactions represent the marketplace of 30 to 90 days ago.  The tables below show a substantial increase in the median sales price for “under contract” properties versus those that have closed in November.

Matthews NC Real Estate Sales—Best Buys

   906 Arborfield DR   Matthews, NC 28105  $549,900  5 Beds  0.43 Acres  MLS#: 968868
VIEW | SAVE

  Allen Tate Company

2633 Windsor Chase DR  Matthews, NC 28105  $200,000 4 Beds  0.26 Acres  MLS#: 967996
VIEW | SAVE

Keller Williams Ballantyne Area

Source:  Carolina Multiple Listing Service IDX

Matthews NC Real Estate Sales—Properties Under Contract

5 properties	List Price	Days on Market
High	$390,000	185
Low	$198,700	35
Average	$262,200	120
Median	$239,900	147

Source:  Carolina Multiple Listing Service

Matthews NC Real Estate Sales—Closed Transactions

5 properties	Sales Price	List to Sale Ratio	Days on Market
High	$477,500	103%	363
Low	$105,300	96%	61
Average	$199,500	99%	144
Median	$125,000	99%	105

Source:  Carolina Multiple Listing Service

Want to know more about real estate and living in Matthews NC?  Visit www.CarolinaSmallTownLiving.com.

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Matthews NC Real Estate Sales Transactions—November 2010 Update*

Matthews NC Real Estate Market Report—July-September 2010

How did the Matthews NC real estate market fare in the third quarter of 2010 and how does 2010 market activity compare with 2009?

The Matthews NC real estate market showed an increase in third quarter average sales prices over the average prices in 2009.  Single family home prices were up 9% over 2009 and townhome/condominium prices were up 11% over 2009.  When compared to the second quarter 2010, the single family average sales price fell 3 % while the average townhome sales price rose 39%.  The dramatic increase in the average townhome price was due to the fact that a majority of the sales came from a single complex.

The number of single family homes closed during the third quarter dropped by more than half, most likely reflecting the end of the federal tax credit stimulus.  The number of townhomes and condominiums sold remained steady during all three quarters of 2010.

Single Family Homes in Matthews NC

2009 Average Sales Price:  $224,025   First Quarter 2010 Average Sales Price:  $243,508  Second Quarter 2010 Average Sales Price:  $251,925  Third Quarter 2010 Average Sales Price:  $244,035

2009 Number of Homes Sold:  175    First Quarter 2010 Number of Homes Sold:  31  Second Quarter 2010 Number of Homes Sold:  87   Third Quarter 2010 Number of Homes Sold:  39 

2009 Average Days on Market:  98   First Quarter 2010 Average Days on Market:  100   Second Quarter 2010 Average Days on Market:  87  Third Quarter Average Days on Market:  109

Townhomes and Condominiums in Matthews NC

2009 Average Sales Price:  $199,640    First Quarter 2010 Average Sales Price:  $170,250   Second Quarter 2010 Average Sales Price:  $168,041  Third Quarter 2010 Average Sales Price:  $223,031  

2009 Number of Homes Sold:  34       First Quarter 2010 Number of Homes Sold:  6    Second Quarter 2010 Number of Homes Sold:  7     Third Quarter 2010 Number of Homes Sold:  5

2009 Average Days on Market: 179     First Quarter 2010 Average Days on Market:  152    Second Quarter 2010 Average Days on Market:  302  Third Quarter 2010 Average Days on Market:  533

Source:  Carolina Multiple Listing Service

Most Active Neighborhoods in Matthews NC

The most active Matthews NC neighborhoods are listed below.  Click on each neighborhood to get a detailed description of the neighborhood, a summary of 2009 real estate activity and search for current homes for sale.

Sardis Plantation

Matthews Plantation

St. Andrews

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Matthews NC Real Estate Market Report—July-September 2010*

Matthews NC Real Estate Market Report—April-June 2010

How did the Matthews NC real estate market fare in the second quarter of 2010 and how did it compare with 2009?

The single family average sales price in Matthews NC rose again in the second quarter of 2010 increasing 3% over the first quarter average price and 12% over the average price in 2009.  The number of homes sales almost tripled over the first quarter.  Average days on market dropped.  This market activity is most likely reflective of the tax credit stimulus package.

The average sales price for townhomes and condominiums decreased slightly in the second quarter of 2010 and the number of units sold remained low at 7 unit.

Matthews NC Average Real Estate Prices, Homes Sold, and Average Days on Market

The chart below shows average sales prices in Matthews NC for single family homes and townhomes in 2008 and 2009 plus first and second quarter 2010.

 

Single Family Homes in Matthews NC

2009 Average Sales Price:  $224,025   First Quarter 2010 Average Sales Price:  $243,508  Second Quarter 2010 Average Sales Price:  $251,925

2009 Number of Homes Sold:  175    First Quarter 2010 Number of Homes Sold:  31  Second Quarter 2010 Number of Homes Sold:  87   

2009 Average Days on Market:  98   First Quarter 2010 Average Days on Market:  100   Second Quarter 2010 Average Days on Market:  87     

Townhomes and Condominiums in Matthews NC

2009 Average Sales Price:  $199,640    First Quarter 2010 Average Sales Price:  $170,250   Second Quarter 2010 Average Sales Price:  $168,041  

2009 Number of Homes Sold:  34       First Quarter 2010 Number of Homes Sold:  6    Second Quarter 2010 Number of Homes Sold:  7    

2009 Average Days on Market:  179     First Quarter 2010 Average Days on Market:  152    Second Quarter 2010 Average Days on Market:  302

Source:  Carolina Multiple Listing Service

Most Active Neighborhoods in Matthews NC

The most active Matthews NC neighborhoods are listed below.  Click on each neighborhood to get a detailed description of the neighborhood, a summary of 2009 real estate activity and search for current homes for sale.

Sardis Plantation

Matthews Plantation

St. Andrews

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Matthews NC Real Estate Market Report—April-June 2010*

Matthews NC Real Estate Market Report—January-March 2010

How did the Matthews NC real estate market fare in the first quarter of 2010 and how did it compare with 2009? 

The average sales price for single family homes in Matthews NC rose in the first quarter of 2010 compared to the average sales price for 2009.  Average days on the market were similar for 2009 and the first quarter of 2010 at approximately three months.  The average sales price for townhomes and condominiums slipped significantly during first quarter 2010.  Average days on market improved to slightly more than five months.

Matthews NC Average Real Estate Prices, Homes Sold, and Average Days on Market

The chart below shows average sales prices in Matthews NC for single family homes and townhomes in 2008 and 2009 plus first quarter 2010.

 

Single Family Homes in Matthews NC

2009 Average Sales Price:  $224,025   First Quarter 2010 Average Sales Price:  $243,508  

2009 Number of Homes Sold:  175    First Quarter 2010 Number of Homes Sold:  31    

2009 Average Days on Market:  98   First Quarter 2010 Average Days on Market:  100     

Townhomes and Condominiums in Matthews NC

2009 Average Sales Price:  $199,640    First Quarter 2010 Average Sales Price:  $170,250    

2009 Number of Homes Sold:  34       First Quarter 2010 Number of Homes Sold:  6      

2009 Average Days on Market:  179     First Quarter 2010 Average Days on Market:  152

 

Source:  Carolina Multiple Listing Service

Most Active Neighborhoods in Matthews NC

The most active Matthews NC neighborhoods are listed below.  Click on each neighborhood to get a detailed description of the neighborhood, a summary of 2009 real estate activity and search for current homes for sale.

St. Andrews

Windrow

Brightmoor

Copyright 2010.  Carol Fox.  Allen Tate Realtors.  *Matthews NC Real Estate Market Report—January-March 2010*