october 2011 distressed property report

Lender-Mediated Report A RESEARCH TOOL PROVIDED BY THE CHARLOTTE REGIONAL REALTOR® ASSOCIATION

2Sales Prices & List to Close 3Inventory & New Listings by Area 4Median Sales Price by Area 5Average Sales Price by Area 6

New Listings & Closed Sales

All data from Carolina Multiple Listing Services, Inc. Current as of September 6, 2011.Report provided by the Charlotte Regional REALTOR® Association. Powered by 10K Research and Marketing.

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Explanation of Methodology – A listed property is considered to be "lender-mediated" when any of the following is included within the CMLS listing: The "Special Conditions" field notes "In Foreclosure Process,", "REO/Lender Owned," "Short Sale/Subject to Lender Approval," "HUD" or "VA;" or, when any of the following or substantially similar terms are included in any of the remarks fields: bank owned, bank-owned, foreclos, forclos, reo, hud acquire, hud-acquire, corporate owned, corporate-owned, corp owned, corp. owned, corp-owned, or, corp owner. In addition, a listed property is considered to be a "foreclosure" specifically when the "Special Conditions" field contains "REO" OR "Lender Owned" OR "HUD" OR "VA;" and, a listed property is

considered to be a "short sale" specifically when the "Special Conditions" field contains "Short Sale" OR "Subject to Lender Approval." This list may be adjusted at anytime.

A listed property is considered to be "traditional" when the "Special Conditions" field is not marked or indicates "None;" or, if any of the following or substantially similar terms are included in any of the remarks fields: not a foreclosure, not a forclosure, no foreclosure, no forclosure, not foreclosure, not forclosure, not a short sale, not a shortsale, not a short-sale, not short sale, not shortsale, not short-sale, no short sale, no shortsale, no short-sale, not a bank, not bank, no bank, tired of short sale, tired of shortsale, tired of short-sale, tired of foreclosure, or, tired of forclosure. This list may be adjusted at anytime.

The "Special Conditions" field is not mandatory in CMLS, so some lender-mediated properties may not be counted. However, this report provides a representative look at lender-mediated sales activity in the CMLS market, and in comparison to traditional sales activity. The information above is based upon data reported by CMLS. This representation is based in whole or in part on data supplied by the participants in CMLS. Neither the participants, nor their respective boards of Realtors® or CMLS guarantees or are in any way responsible for its accuracy. Any market data maintained by CMLS does not include information on listings not published at the request of the seller, listings of brokers who are not members of CMLS, unlisted properties, etc. Data must be verified by the user.

September 2011Three. That's how many more foreclosures were for sale at the end of September 2011 than in January 2008 – 662 vs. 659, respectively. Short sales weren't quite as lucky, though they appear to be rounding off their peak reached during the second quarter of 2011.

Buyer and seller behavior shared a similar pattern. Foreclosure listing and closing activity has plunged over the past several months, while short sales have held mostly steady.

The fact that distressed properties comprised 15.9 percent of all new listings but 21.4 percent of closings suggests that consumers are absorbing them faster than lenders are listing them. That same popularity is exerting downward pressure on prices, but it won't last forever.

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Inventory of Lender-Mediated Homes for Sale in the Charlotte Region (Entire MLS Area) Foreclosure

Short Sale

A RESEARCH TOOL PROVIDED BY THE CHARLOTTE REGIONAL REALTOR® ASSOCIATION

New Listings and Closed Sales

9-2010 9-2011One-YearChange



9-2010 9-2011

New Listings 3,244 2,826 -12.9% 585 206 -64.8% 418 327 -21.8% 23.6% 15.9%

Closed Sales 1,005 1,553 +54.5% 472 275 -41.7% 91 147 +61.5% 35.9% 21.4%

Traditional Foreclosure Short Sale Share of Activitythat was Lender-Mediated

Since the “Special Conditions” field is not mandatory, some lender-mediated properties might not be counted. However, this report provides a valuable snapshot of lender-mediated sales activity. All data from Carolina Multiple Listing Services, Inc. Current as of September 6, 2011. Report provided by the Charlotte Regional REALTOR® Association. Powered by 10K Research and Marketing. | Click for Cover Page | 2

Lender-Mediated Report

23.6%

35.9%

15.9%21.4%

New Listings Closed Sales

Share of Activity that was Lender-Mediated 9-2010 9-2011

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Historical New Listing Activity Foreclosure Short Sale

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Historical Closed Sales Activity Foreclosure Short Sale


Median and Average Sales Price




Single-FamilyMedian Sales Price $197,524 $169,450 -14.2% $82,000 $70,815 -13.6% $165,000 $129,950 -21.2%

Average Sales Price $254,027 $223,046 -12.2% $127,871 $102,816 -19.6% $263,271 $189,496 -28.0%

Townhome-CondoMedian Sales Price $155,000 $147,000 -5.2% $72,000 $68,000 -5.6% $157,450 $103,000 -34.6%

Average Sales Price $192,324 $154,265 -19.8% $80,273 $103,600 +29.1% $226,783 $97,245 -57.1%

All PropertiesMedian Sales Price $190,000 $163,800 -13.8% $81,550 $70,000 -14.2% $165,000 $119,750 -27.4%

Average Sales Price $246,467 $214,988 -12.8% $123,313 $102,890 -16.6% $260,063 $174,332 -33.0%

List to Close




Single-Family 157 151 -4.1% 113 146 29.5% 190 236 24.6%

Townhome-Condo 154 162 5.1% 104 133 28.0% 181 227 25.3%

All Properties 157 152 -3.1% 112 145 29.4% 189 235 24.3%


Traditional Foreclosure Short Sale



$190,000

$81,550

$165,000$163,800

$70,000

$119,750


Change in Median Sales Price for All Properties 9-2010 9-2011

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189152 145

235


Change in List to Close for All Properties 9-2010 9-2011

-13.8% -14.2% -27.4%

-3.1% 29.4% 24.3%


September 2011 TraditionalOne-YearChange

ForeclosureOne-YearChange

Short SaleOne-YearChange

Share of Activity that was Lender-Mediated

Cabarrus County 1,215 -22.0% 43 -75.6% 219 -3.1% 21.6%Gaston County 1,295 -16.3% 46 -75.5% 165 41.0% 16.3%Iredell County 1,419 -19.4% 40 -78.8% 134 -10.7% 12.3%Lincoln County 643 -7.5% 21 -69.1% 41 -12.8% 9.6%Mecklenburg County 6,623 -26.4% 299 -71.1% 1,316 -5.7% 24.4%Union County 1,556 -21.3% 65 -71.1% 259 -13.1% 20.8%York County, S.C.* 1,315 -26.0% 37 -53.2% 157 0.6% 14.8%Uptown/Area 99 142 -30.7% 4 -76.5% 27 -22.9% 21.8%Lake Wylie/Area 15 394 -29.5% 18 -55.0% 38 -19.1% 14.2%Lake Norman/Area 13 1,185 -16.9% 32 -68.9% 112 -0.9% 12.2%Mecklenburg – (N) Area 01 1,070 -28.1% 56 -66.1% 237 -2.1% 27.4%Mecklenburg – (E) Area 02 696 -28.5% 52 -70.3% 219 -12.4% 38.9%Mecklenburg – (SE) Area 03 472 -22.7% 30 -76.4% 95 -5.9% 26.5%Mecklenburg – (SSE) Area 04 755 -25.2% 17 -76.1% 84 -6.7% 13.4%Mecklenburg – (S) Area 05 1,425 -23.2% 34 -63.0% 136 -14.5% 11.9%Mecklenburg – (SSW) Area 06 516 -28.6% 18 -60.0% 74 -2.6% 17.8%Mecklenburg – (SW) Area 07 340 -36.4% 22 -73.2% 112 -3.4% 39.4%Mecklenburg – (W) Area 08 265 -25.1% 22 -78.8% 118 14.6% 52.8%Mecklenburg – (NW) Area 09 399 -32.3% 29 -72.4% 154 -6.7% 45.9%10-county CMLS service area** 13,689 -21.0% 531 -72.4% 2,167 -3.9% 19.7%Charlotte-Gastonia-Rock Hill MSA*** 12,129 -24.1% 494 -71.1% 2,122 -3.4% 21.6%Entire MLS Area 17,251 -20.7% 662 -70.8% 2,472 -3.4% 18.2%




Share of Activity that was Lender-Mediated

Cabarrus County 200 -4.3% 18 -60.9% 29 -19.4% 23.5%Gaston County 185 -17.8% 20 -63.6% 14 -30.0% 18.4%Iredell County 202 -3.3% 4 -91.8% 20 0.0% 11.9%Lincoln County 106 8.2% 9 -25.0% 7 133.3% 15.1%Mecklenburg County 1,236 -14.2% 106 -63.1% 180 -24.1% 23.1%Union County 276 -8.9% 18 -60.0% 29 -45.3% 17.0%York County, S.C.* 212 -29.3% 3 -78.6% 23 -11.5% 12.3%Uptown/Area 99 23 -28.1% 3 -25.0% 4 -20.0% 30.4%Lake Wylie/Area 15 50 -35.9% 2 -66.7% 2 -80.0% 8.0%Lake Norman/Area 13 164 -16.8% 10 -54.5% 16 14.3% 15.9%Mecklenburg – (N) Area 01 198 -22.7% 18 -66.0% 41 -18.0% 29.8%Mecklenburg – (E) Area 02 130 -17.2% 21 -59.6% 34 -19.0% 42.3%Mecklenburg – (SE) Area 03 84 -21.5% 11 -72.5% 10 -37.5% 25.0%Mecklenburg – (SSE) Area 04 161 0.6% 5 -64.3% 13 -27.8% 11.2%Mecklenburg – (S) Area 05 275 -4.8% 8 -61.9% 18 -5.3% 9.5%Mecklenburg – (SSW) Area 06 95 -26.9% 5 -54.5% 7 -41.7% 12.6%Mecklenburg – (SW) Area 07 80 3.9% 15 -34.8% 15 -28.6% 37.5%Mecklenburg – (W) Area 08 47 -4.1% 10 -68.8% 16 -20.0% 55.3%Mecklenburg – (NW) Area 09 65 -28.6% 8 -74.2% 18 -21.7% 40.0%10-county CMLS service area** 2,302 -10.0% 178 -64.5% 283 -23.9% 20.0%Charlotte-Gastonia-Rock Hill MSA*** 2,126 -14.4% 165 -63.2% 275 -26.3% 20.7%Entire MLS Area 2,826 -12.9% 206 -64.8% 327 -21.8% 18.9%

* Data for York County, S.C. may be incomplete as this area is primarily part of the Piedmont Regional Association of REALTORS® and not of the CMLS service area.** The 10-county CMLS service area includes Alexander, Anson, Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Montgomery, Union and Stanly counties.*** The Charlotte-Gastonia-Rock Hill Metropolitan Statistical Area (MSA) includes the following counties: Anson, Cabarrus, Gaston, Mecklenburg, Union and York, S.C.


Closed Sales by Area


Inventory of Homes for Sale by Area





Cabarrus County $156,000 -15.9% $120,000 41.2% $185,500 19.7%

Gaston County $118,450 -5.6% $73,000 19.7% $123,000 -27.5%

Iredell County $159,950 -4.8% $60,984 -53.7% $96,500 -58.5%

Lincoln County $170,000 -24.4% $35,000 -62.0% $255,000 -38.2%

Mecklenburg County $169,000 -23.2% $65,762 -22.5% $111,000 -27.7%

Union County $207,500 -15.9% $105,000 -32.2% $135,000 -56.6%

York County, S.C.* $198,515 1.0% $111,277 42.8% $160,000 23.2%

Uptown/Area 99 $272,250 -12.5% $135,000 -7.2% $193,500 0.0%

Lake Wylie/Area 15 $205,428 -19.4% $310,000 -11.4% $173,000 -40.2%

Lake Norman/Area 13 $346,000 22.9% $273,000 -10.5% $182,200 -43.9%

Mecklenburg – (N) Area 01 $157,000 -22.7% $93,800 -6.1% $100,000 -27.8%

Mecklenburg – (E) Area 02 $113,498 -22.8% $58,750 23.7% $74,500 -35.5%

Mecklenburg – (SE) Area 03 $117,750 -12.8% $57,750 -3.8% $65,500 -76.2%

Mecklenburg – (SSE) Area 04 $226,700 -27.5% $120,000 -29.4% $450,000 125.0%

Mecklenburg – (S) Area 05 $268,000 -12.4% $110,000 -36.0% $129,000 -70.3%

Mecklenburg – (SSW) Area 06 $151,750 -20.1% $115,000 53.5% $145,500 0.0%

Mecklenburg – (SW) Area 07 $145,000 -3.3% $68,750 -24.4% $129,900 18.1%

Mecklenburg – (W) Area 08 $98,838 -5.3% $44,700 31.5% $57,860 -4.8%

Mecklenburg – (NW) Area 09 $152,000 -25.4% $62,875 -3.5% $100,000 -4.8%

10-county CMLS service area** $160,250 -17.4% $70,065 -20.1% $119,250 -29.9%

Charlotte-Gastonia-Rock Hill MSA*** $168,500 -15.8% $75,000 -13.8% $119,250 -27.7%

Entire MLS Area $163,800 -13.8% $70,000 -14.2% $119,750 -27.4%

* Data for York County, S.C. may be incomplete as this area is primarily part of the Piedmont Regional Association of REALTORS® and not of the CMLS service area.

** The 10-county CMLS service area includes Alexander, Anson, Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Montgomery, Union and Stanly counties.

*** The Charlotte-Gastonia-Rock Hill Metropolitan Statistical Area (MSA) includes the following counties: Anson, Cabarrus, Gaston, Mecklenburg, Union and York, S.C.


Median Sales Price by Area






Cabarrus County $173,325 -20.4% $110,202 6.2% $247,827 57.3%

Gaston County $139,496 -5.4% $73,142 -19.4% $103,813 -42.7%

Iredell County $260,490 14.6% $146,881 -30.0% $101,800 -59.3%

Lincoln County $237,050 -8.1% $81,340 -56.7% $227,457 -44.9%

Mecklenburg County $230,760 -17.7% $100,895 -13.6% $155,013 -40.6%

Union County $257,812 -11.4% $133,061 -31.1% $233,713 -24.3%

York County, S.C.* $220,857 -4.3% $109,785 -19.0% $187,105 -11.4%

Uptown/Area 99 $275,650 0.9% $135,000 -7.2% $193,500 0.0%

Lake Wylie/Area 15 $284,753 -11.6% $332,633 14.2% $173,000 -40.2%

Lake Norman/Area 13 $478,932 31.5% $271,528 -20.0% $209,600 -48.5%

Mecklenburg – (N) Area 01 $195,745 -21.3% $118,118 -10.0% $108,900 -45.2%

Mecklenburg – (E) Area 02 $115,500 -31.2% $66,382 3.5% $82,425 -49.0%

Mecklenburg – (SE) Area 03 $121,700 -26.0% $69,356 -35.2% $136,513 -50.4%

Mecklenburg – (SSE) Area 04 $283,349 -14.2% $136,393 -14.6% $664,167 117.2%

Mecklenburg – (S) Area 05 $329,560 -18.0% $491,280 82.6% $186,688 -67.2%

Mecklenburg – (SSW) Area 06 $198,973 2.7% $106,475 50.7% $167,181 0.0%

Mecklenburg – (SW) Area 07 $144,672 -4.0% $78,792 -17.5% $123,267 7.8%

Mecklenburg – (W) Area 08 $89,480 -0.4% $46,307 7.2% $77,487 26.3%

Mecklenburg – (NW) Area 09 $168,718 -15.4% $87,047 -16.2% $129,238 23.1%

10-county CMLS service area** $220,899 -12.8% $105,524 -17.9% $169,178 -37.6%

Charlotte-Gastonia-Rock Hill MSA*** $218,884 -14.9% $103,227 -14.2% $171,293 -34.1%

Entire MLS Area $214,988 -12.8% $102,890 -16.6% $174,332 -33.0%

* Data for York County, S.C. may be incomplete as this area is primarily part of the Piedmont Regional Association of REALTORS® and not of the CMLS service area.

** The 10-county CMLS service area includes Alexander, Anson, Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Montgomery, Union and Stanly counties.

*** The Charlotte-Gastonia-Rock Hill Metropolitan Statistical Area (MSA) includes the following counties: Anson, Cabarrus, Gaston, Mecklenburg, Union and York, S.C.


Average Sales Price by Area


october 2011 distressed property report

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