For years, Charlotte seemed almost immune to the national housing slump. That immunity appears to be wearing off. Fewer homes are selling and average prices are dropping.
CHARLOTTE -- There is bad news in the real estate market in the Charlotte region. For years, the area seemed almost immune to the national housing slump. That immunity appears to be wearing off as fewer homes are selling and the ones that are selling are doing so for less money.
"We've been on the market now for seven weeks, approaching two months," said Greg Gelting. He and his fiancée are trying to sell their townhome just outside of uptown Charlotte. With a wedding a half year away, they're anxious to sell the home.
"It does get frustrating after awhile. We've had consistent showings but not a lot of interests past that, but we're waiting," added Gelting.
The Geltings are not alone. A recent survey by the Charlotte Regional Realtor Association shows a sharp decline in home sales; they are down 23 percent from this time last year. The potentially worse news is that average housing prices actually dropped.
"They're disturbing but not totally unexpected," said Wachovia economist Mark Vitner. He says the national housing slowdown is finally hitting the Charlotte market. Vitner also blames some recent problems with the banks.
“If a slowdown is hitting the financial services, it's going to hit the real estate in this market, and that's what we're seeing,” he said.
However, there is a silver lining to this housing slide.
"For buyers right now, it's an excellent time to go out there and get some relatively good deals," said T.J. Larsen, owner of My Townhome and Maison Properties, who paints a brighter picture for the real estate market. "With some down months you tend to see an increase, so November's actually been a good month for us."
That's good news for Gelting who is looking forward to being the buyer instead of seller.
"As frustrating as that is, talking to our agent and looking at what's out there, it's going to be a good time to buy and that's what we're looking forward to."
The average time homes stay on the market also grew to 124 days in the Charlotte region.