How’s the real estate market in Charlotte NC? Charlotte Regional Market Report JAN 2015
Home sales in the Charlotte area are up 10.8 percent over last January. The Charlotte region recorded 2,546 homes Closed last month, compared to 2,297 sold in January, 2014. The average sales price last month was $225,359, rising 3.5% year-over-year; median sales price was $176,000, an increase of 4.5%. Pending sales for the month of January were 3,368, an increase of 25.6% year-over-year.
The absorption rate in Charlotte is increasing, month-to-month. Currently we are in a nearly neutral market with a 5.9 month supply in the entire MLS area (12-county area). However, many of the ‘hot’ areas are in the 0-2-month supply range, leaving buyers desperately seeking their dream home. Below, as you can see, our new listings (4,443) added to our inventory were painfully low for our buyers, compared to the over 5,900 properties exiting the active market.
Days on the market decreased from 79 in January 2014 to 54 last month, a 31.6% reduction. Additionally, there were only 105 distressed property sales (included in the total sales of 2,346) last month, a 55% reduction, year-over-year. Distressed property sales were less than 5% of the total sales in the entire Charlotte region, demonstrating absorption of distressed properties has returned to below-normal percentages – great news for the Charlotte region.
Multiple Offer sales (bidding wars) have become the ‘norm’ in many of our communities. If you’re thinking of buying a home, we’d love to share our expertise in winning these bidding wars for our buyer clients. If you need help winning your dream home, give us a call.
Whether buying or selling, negotiating is our specialty – give us a call; we’d love to work for you!
© Debe Maxwell | The Maxwell House Group Real Estate/The Maxwell House Group | (704) 491-3310 | SavvyBroker@me.com | Charlotte Regional Market Report JAN 2015