Development: Charlotte home sales surge 27 percent in February
Charlotte NC Real Estate Market Update – Charlotte Home Sales Surge 27% in February 2013
We thought our 2012 numbers were rising swiftly but, we were not prepared for such improvement in Q1 sales thus far in 2013. With the increase in sales, Charlotte area real estate agents and buyers are now faced with another dilemma–lack of supply! As we all know, supply and demand drive every business and real estate is certainly no different. Sellers thinking of listing in the next few months are hustling to prepare their homes for the market NOW since there are many qualified buyers out there, desperately seeking their dream home.
As demonstrated below 1,935 single family homes sold in February 2013 compared to 1,543 selling in February 2012, a 20% increase in same-month sales. Condos and townhomes experienced similar increases with 280 selling in 2013 and 209 in 2012; a 25% increase in number of units, same-month sales.
Also showing steady improvement is sales prices with a 10% increase in same-month sales prices in single family homes (from $191,223 in February 2012 to $211,270 in February 2013). As well, condos and townhomes showed an improvement from $140,649 in 2012 to $169,483 in 2013, (same-month) for an increase of 17% – huge in any market, especially a recovering one!
***Data provided by CMLS, deemed reliable but, not guaranteed.
As demonstrated below, 2,003 (nearly half) of the 4,263 homes that are currently on the market in Charlotte are under Contract, leaving a very limited supply of homes for sale in the city of Charlotte. Also, the homes for sale by price range show the large shift in inventory in the under $100K price range to only 10% of our market. This price range previously dominated the market in 2008 – 2011 and into 2012.
“Charlotte area home sales rose 26.6 percent in February compared to last year, the Charlotte Regional Realtor Association reported Friday. This follows a 40 percent annual surge in sales seen in January.
Slightly more than 2,000 Charlotte homes sold in February, compared with 1,614 homes sold in February 2012. Both the average and median sales prices posted increases. The average sales price in February was $194,900, up 5.5 percent compared to February 2012’s average price of $184,766. The median price, $150,923, was up 3.8 percent over a year earlier. Average listing prices are also on the rise – increasing 8.1 percent to $267,708.
Sellers also got more of what they asked for than sellers in February 2012. Buyers paid 92.6 percent of the list price, compared to 90.7 percent.”
© Debe Maxwell | Savvy + Company Real Estate | SavvyBroker@me.com | Charlotte NC Real Estate Market Update – Charlotte Home Sales Surge 27% in February 2013