Yes, the wealthy are splurging once again on million-dollar homes in Charlotte NC. Here’s why according to the Washington Post.
First, let’s talk Charlotte! Our Charlotte luxury market has rebounded quite nicely and continues to move at a rate in which we are more accustomed.
All things considered, 2007 was our ‘top-of-the-market’ year. As our data is somewhat limited from ’07, here is what we will use to compare Charlotte sales in all $1,000,000+ sales in the area.
Historical Data – Charlotte Million Dollar Home Sales – 2007
As you can see, 237 homes sold for $1M+ in an average of 60 days and at a 97% list-to-sales price ratio.
In 2011, our market was incredibly slow, but showing some recovery in the lower-priced market. The high-end was stagnant and sales prices were at a 10-year low.
Historical Data – Charlotte Million Dollar Home Sales – 2011
As you can see, average list-to-sales price ratios were averaging under 90% and days on the market, month-by-month, exceeded 200 during most months in 2011. During 2011, only 85 homes sold for over $1,000,000!
Current Data – Charlotte Million Dollar Home Sales – 2014
During the last 12 months, Charlotte million dollar properties have shown incredibly positive recovery with 178 sales in the price range, selling at 95% list-to-sales price and in 120 days. The average ‘over-a-million’ sales price has risen to $1,469,487 for an average of 5,670 square feet.
*Note: Current month sales show a slight decline in list-to-sales price ratio with fewer DOM (Days on the Market). That could mean that when sellers receive an Offer, they are coming to terms far sooner in order to move forward during the holidays – we often see this during this time of the year. Bear in mind, for some sellers, time IS money and is the most important factor in getting their home sold. (Yes, to some, it’s more important than the dollar amount!)
*Data provided by CMLS, deemed reliable but, not guaranteed.
The Washington market has seen an increase in the number of homes selling for more than $1 million.
Source: www.washingtonpost.com
“Are you contemplating going with the maximum conventional loan ($417,000) and dropping the remaining balance in cash? Think again – jumbo rates are incredibly low right now, affording home buyers the opportunity to hold onto their cash.” – Debe Maxwell
Summary
Charlotte luxury home market sales are up significantly since 2011 and continue to show improvement in all areas –
- Fewer and fewer distressed high-end homes for sale in the Charlotte Metro area
- Higher sales prices – nearing the peak of the luxury market in 2007
- Fewer days on the market
- Higher list-to-sales price ratio in the Charlotte luxury home sales.
Charlotte Luxury Home Sellers
If you’re thinking of listing your Charlotte home for sale, let’s talk! Our days-on-the-market are fewer and sales-to-list price ratios are higher than any other brokerages in the area! We are excellent at marketing and more importantly, NEGOTIATING!
If you’re thinking of selling, these stats are highly relevant to YOU! Give us a call and let’s discuss a strategy to get your home sold!
Search Million Dollar homes for sale in Charlotte NC
[idx-listings city=”Charlotte” minprice=”1000000″ statuses=”1″ propertytypes=”712″ orderby=”SalePrice” orderdir=”DESC” count=”50″ showlargerphotos=”true”]
See on Scoop.it – Charlotte Real Estate
Rich people are splurging on million-dollar homes again. Here’s why. | Debe Maxwell, CRS | SavvyBroker@me.com | (704) 491-3310
Charlotte continues the recovery process with the lowest jobless rate since the recession began. The Charlotte Metro area posted unemployment rates at 6.2%, down from its lowest since September 2013 or 7.4%. Areas showing the strongest growth include:
Charlotte continues to reflect a healthy economic recovery with low unemployment and a robust real estate market. We are often seeing multiple Offer situations, especially in our inner-city neighborhoods, extending out into the Ballantyne area. The Lake Norman area is a bit slower recovering, yet data reflects positive movement in that market as well.
