The April 2011 Market Report for Charlotte NC real estate is in. It's important to keep in mind that April 2010 experienced a higher-than-normal boom in Charlotte home sales thanks to the tax incentive program in effect at that time ($8000 First Time Home Buyer Tax Credit and $6500 Existing Home Buyer Tax Credit). April 30, 2010 was the last time a home buyer could take advantage of either one of these tax credits, so there was a rush to purchase homes in Charlotte NC and across the country. Even so, the housing numbers for the Charlotte NC real estate market were pretty good.
Inventory levels have gone down an average of 16.5% throughout the Charlotte NC region, indicating that the area may be experiencing a slight rebound. Lower inventory means that supply and demand levels are starting to climb back into a better balance. As of April 2011, Union County's inventory was 19.4% lower than the previous year, with the median sales price at $171,000 (a 10% decrease from April 2010). The south-southeast area of Mecklenburg County saw their inventory decrease by 20.8% while the median sales price for a home in the area increased to $283,328 (a 15.2% increase from the same time last year). The southern area of Mecklenburg County experienced a 22.3% decrease in inventory while the median sales price decreased 8.8% to $255,000.
Another bit of good news for the Charlotte NC real estate market is that the number of foreclosures and short sales on the market have decreased as well. In fact, foreclosure sales were down 28.3% in Union County, 29.5% in the SSE Mecklenburg County and a whopping 43.6% in the southern section of Mecklenburg County. Newer foreclosure and short sale listings continue to come on the market. However, they are beginning to show up at a slower pace than in the past, which is another indicator of a market that is possibly beginning to come around.
It is still a great time to buy or sell your Charlotte NC home. While inventory is lower than last year, there are still plenty of Charlotte homes to choose from that will fit your needs. And springtime continues to be one of the best times of the year to sell your home. Please contact me if you need help buying or selling a Charlotte NC property.
Robin Husney, Your Charlotte NC Real Estate Specialist