Page 4
On the Move - Helen Adams Realty
Volume 4, Issue 4
Loan Demand Up as Rates Stay Stable Borrowers Rush to Beat FHA Premium Increase Demand for home purchase loans picked up at the end of March to the highest level of the year, while mortgage rates remained mostly unchanged, according to surveys by the Mortgage Bankers Association (MBA) and Freddie Mac. The MBA's Weekly Mortgage Applications Survey showed demand for purchase loans grew a seasonally adjusted 6.7 percent during the week ending April 1 when compared to the week before. MBA said last week's increase in purchase loan demand was due to a sharp increase in applications in government loans, likely due to a scheduled increase in FHA insurance premiums. Demand for government-backed loans (by the Federal Housing Administration, U.S. Department of Veterans Affairs and U.S. Department of Agriculture) surged a seasonally adjusted 10.3 percent, to the highest level since May 7, 2010.
With the pool of borrowers who have the ability to qualify for a refinance continuing to shrink, requests for refinancings have dropped to the lowest share since May, 2010. In a March 15 forecast, MBA economists predicted that rates on 30-year fixed-rate loans
Article excerpts from Inman News, April 7, 2011
will continue a gradual rise next year, climbing to an average of 6.2 percent in the final three months of 2012. MBA also predicted a 3.6% increase in existing home sales for 2011 compared to 2010, and a 6.7 % increase in sales for 2012 vs. 2011.
Residential Closings - Entire MLS
March 2010 - March 2011 ASP = Average Sold Price
Interest Rate Forecast
Data Courtesy Carolina MLS.
Home Sales Forecast
Data Source: MBA Mortgage Finance Forecast, March , 2011
The average closing price for the Charlotte area in March 2011 was $194,465, down approximately 1.6% compared to 2010. Average days on market was 159 for the month of March 2011.
There were 1903 total closings in March 2011, up 0.2% compared to 2010. The bulk of home sales continues to be in the lower price ranges, with 76% of sales in the $250,000 and under category.
Current Active Listings by Price Range
March 2011 Closed Sales by Price Range .08%
2% 8%
Under $120,000
9%
28%
$120 - $150,000 $150 - $250,000
13%
4%
$250 - $350,000
11% 36%
26%
$500K - $1 Million
27%
Over $1 Million
$120 - $150,000 $150 - $250,000 $250 - $350,000
$350 - $500,000
13%
Under $120,000
8%
14%
$350 - $500,000 $500K - $1 Million Over $1 Million
Total Active Listings = 22,401
Total Sold March 2011 = 1903
Data Courtesy Carolina MLS.
Data Courtesy Carolina MLS.
www.helenadamsrealty.com
Page 2
On the Move - Helen Adams Realty
Volume 4, Issue 4
On the Move - Helen Adams Realty
Total Closed Units
Volume 4, Issue 4
Page 3
Pending Contracts
Average Residential Closing Price
New Listings
30 Year Fixed Mortgage Rates
March 2011 - All MLS Areas
Residential Single Family, Townhomes & Condos MLS Area
Units
Total
Average
Closed
Closed Volume
Closing Price
01 - Mecklenburg County (N)
140
$ 23,905,314
$ 170,752
02 - Mecklenburg County (E)
94
$ 9,184,036
$ 97,703
03 - Mecklenburg County (SE)
79
$ 9,298,665
$ 117,705
04 - Mecklenburg County (SSE)
79
$ 25,343,402
$ 320,803
05 - Mecklenburg County (S)
157
$ 52,975,533
$ 337,424
06 - Mecklenburg County (SSW)
62
$ 11,870,600
$ 191,461
07 - Mecklenburg County (SW)
75
$ 10,294,909
$ 137,265
08 - Mecklenburg County (W)
54
$ 4,391,710
$ 81,328
09 - Mecklenburg County (NW)
73
$ 10,216,923
$ 139,958
10 - Union County
181
$ 41,709,897
$ 230,441
11 - Cabarrus County
145
$ 24,272,923
$ 167,399
12 - Iredell County
77
$ 8,462,738
$ 109,906
13 - Lake Norman
92
$ 40,076,624
$ 435,615
14 - Lincoln County
50
$ 6,642,086
$ 132,842
15 - Lake Wylie
30
$ 9,236,118
$ 307,871
16 - Gaston County
127
$ 15,191,735
$ 119,620
17 - York County
138
$ 26,063,823
$ 188,868
20 - Alexander County
8
$ 1,210,900
$ 151,362
21 - Rowan County
62
$ 6,919,952
$ 111,612
22 - Cleveland County
27
$ 2,558,200
$ 94,748
Days on Market The following statistics apply to Feb. 1 to Feb. 28, 2011, and reflect days on market from the original listing date to the recorded closing date. 54.2 percent of homes closed in 121+ days. 13.1 percent of homes closed in 91-120 days. 16 percent of homes closed in 61-90 days. 14 percent of homes closed in 31-60 days. 3 percent of homes closed in 0-30 days.
Listing Date to Closing Date 39 sold
121+ days
0-30 days
23 - Stanly County
11
$ 1,507,350
$ 137,032
24 - Lancaster County
63
$ 13,701,503
$ 217,484
25 - Anson County
5
$ 230,200
$ 46,040
721 sold
181 sold
121+ days
31-60 days
29 - Catawba County
17
$ 2,605,351
$ 153,256
35 - Chester County
2
$144,900
$72,450
42 - Mtn. Island Lake
13
$ 2,279,645
$175,357
99 - Uptown Charlotte
25
$ 7,042,200
$281,688
TOTAL (for All MLS)
1901
$422,892,488
175 sold 91-120 days
91-120 days 61-90 days 31-60 days 0-30 days
213 sold 61-90 days
$194,465 Total # Units Closed March = 1901 Average List to Close March = 159 days Source: Freddie Mac, NAR, March 2011
Data Courtesy Carolina MLS.
Data Courtesy Carolina MLS.
www.helenadamsrealty.com
www.helenadamsrealty.com
Page 2
On the Move - Helen Adams Realty
Volume 4, Issue 4
On the Move - Helen Adams Realty
Total Closed Units
Volume 4, Issue 4
Page 3
Pending Contracts
Average Residential Closing Price
New Listings
30 Year Fixed Mortgage Rates
March 2011 - All MLS Areas
Residential Single Family, Townhomes & Condos MLS Area
Units
Total
Average
Closed
Closed Volume
Closing Price
01 - Mecklenburg County (N)
140
$ 23,905,314
$ 170,752
02 - Mecklenburg County (E)
94
$ 9,184,036
$ 97,703
03 - Mecklenburg County (SE)
79
$ 9,298,665
$ 117,705
04 - Mecklenburg County (SSE)
79
$ 25,343,402
$ 320,803
05 - Mecklenburg County (S)
157
$ 52,975,533
$ 337,424
06 - Mecklenburg County (SSW)
62
$ 11,870,600
$ 191,461
07 - Mecklenburg County (SW)
75
$ 10,294,909
$ 137,265
08 - Mecklenburg County (W)
54
$ 4,391,710
$ 81,328
09 - Mecklenburg County (NW)
73
$ 10,216,923
$ 139,958
10 - Union County
181
$ 41,709,897
$ 230,441
11 - Cabarrus County
145
$ 24,272,923
$ 167,399
12 - Iredell County
77
$ 8,462,738
$ 109,906
13 - Lake Norman
92
$ 40,076,624
$ 435,615
14 - Lincoln County
50
$ 6,642,086
$ 132,842
15 - Lake Wylie
30
$ 9,236,118
$ 307,871
16 - Gaston County
127
$ 15,191,735
$ 119,620
17 - York County
138
$ 26,063,823
$ 188,868
20 - Alexander County
8
$ 1,210,900
$ 151,362
21 - Rowan County
62
$ 6,919,952
$ 111,612
22 - Cleveland County
27
$ 2,558,200
$ 94,748
Days on Market The following statistics apply to Feb. 1 to Feb. 28, 2011, and reflect days on market from the original listing date to the recorded closing date. 54.2 percent of homes closed in 121+ days. 13.1 percent of homes closed in 91-120 days. 16 percent of homes closed in 61-90 days. 14 percent of homes closed in 31-60 days. 3 percent of homes closed in 0-30 days.
Listing Date to Closing Date 39 sold
121+ days
0-30 days
23 - Stanly County
11
$ 1,507,350
$ 137,032
24 - Lancaster County
63
$ 13,701,503
$ 217,484
25 - Anson County
5
$ 230,200
$ 46,040
721 sold
181 sold
121+ days
31-60 days
29 - Catawba County
17
$ 2,605,351
$ 153,256
35 - Chester County
2
$144,900
$72,450
42 - Mtn. Island Lake
13
$ 2,279,645
$175,357
99 - Uptown Charlotte
25
$ 7,042,200
$281,688
TOTAL (for All MLS)
1901
$422,892,488
175 sold 91-120 days
91-120 days 61-90 days 31-60 days 0-30 days
213 sold 61-90 days
$194,465 Total # Units Closed March = 1901 Average List to Close March = 159 days Source: Freddie Mac, NAR, March 2011
Data Courtesy Carolina MLS.
Data Courtesy Carolina MLS.
www.helenadamsrealty.com
www.helenadamsrealty.com
Page 4
On the Move - Helen Adams Realty
Volume 4, Issue 4
Loan Demand Up as Rates Stay Stable Borrowers Rush to Beat FHA Premium Increase Demand for home purchase loans picked up at the end of March to the highest level of the year, while mortgage rates remained mostly unchanged, according to surveys by the Mortgage Bankers Association (MBA) and Freddie Mac. The MBA's Weekly Mortgage Applications Survey showed demand for purchase loans grew a seasonally adjusted 6.7 percent during the week ending April 1 when compared to the week before. MBA said last week's increase in purchase loan demand was due to a sharp increase in applications in government loans, likely due to a scheduled increase in FHA insurance premiums. Demand for government-backed loans (by the Federal Housing Administration, U.S. Department of Veterans Affairs and U.S. Department of Agriculture) surged a seasonally adjusted 10.3 percent, to the highest level since May 7, 2010.
With the pool of borrowers who have the ability to qualify for a refinance continuing to shrink, requests for refinancings have dropped to the lowest share since May, 2010. In a March 15 forecast, MBA economists predicted that rates on 30-year fixed-rate loans
Article excerpts from Inman News, April 7, 2011
will continue a gradual rise next year, climbing to an average of 6.2 percent in the final three months of 2012. MBA also predicted a 3.6% increase in existing home sales for 2011 compared to 2010, and a 6.7 % increase in sales for 2012 vs. 2011.
Residential Closings - Entire MLS
March 2010 - March 2011 ASP = Average Sold Price
Interest Rate Forecast
Data Courtesy Carolina MLS.
Home Sales Forecast
Data Source: MBA Mortgage Finance Forecast, March , 2011
The average closing price for the Charlotte area in March 2011 was $194,465, down approximately 1.6% compared to 2010. Average days on market was 159 for the month of March 2011.
There were 1903 total closings in March 2011, up 0.2% compared to 2010. The bulk of home sales continues to be in the lower price ranges, with 76% of sales in the $250,000 and under category.
Current Active Listings by Price Range
March 2011 Closed Sales by Price Range .08%
2% 8%
Under $120,000
9%
28%
$120 - $150,000 $150 - $250,000
13%
4%
$250 - $350,000
11% 36%
26%
$500K - $1 Million
27%
Over $1 Million
$120 - $150,000 $150 - $250,000 $250 - $350,000
$350 - $500,000
13%
Under $120,000
8%
14%
$350 - $500,000 $500K - $1 Million Over $1 Million
Total Active Listings = 22,401
Total Sold March 2011 = 1903
Data Courtesy Carolina MLS.
Data Courtesy Carolina MLS.
www.helenadamsrealty.com