Foreclosure and short sales as a percentage of total home sales in the Charlotte, North Carolina region continue to fall. If you've been looking for a distressed property bargain in the Charlotte metro area and have had a hard time finding one, here's why:
- Foreclosure sales were down 14.5% in April 2015
- Short sales were down 36.7% in April 2015
Compare this with an increase of 17.1% of non-distressed property sales. Foreclosure and short sales accounted for less than 5.5% of total Charlotte region home sales in April 2015. So one reason it's hard to find that "bargain" is because there are simply fewer of these homes available for sale.
Another reason it's hard to find that distressed property bargain is because sale prices for foreclosure and short sale homes have been rising:
- The median sale price of foreclosure homes increased 24.7% in April 2015.
- The median sale price of short sale homes increased 12.8% in April 2015.
Compare these price increases with that of non-distressed property sales at 7% and you can see why these foreclosure and short sale bargains are hard to come by in the Charlotte region.
New distressed propery listings are down almost 41% on a rolling 12 month basis as of April 2015:
The total number of distressed property homes for sale is down 50.4% on a rolling 12 month basis in April 2015.
And with only 3 months of supply of these distressed properties on a rolling 12 month basis as of April 2015, there is little negotiating room as it's very much a seller's market. When it's about supply and demand sellers don't have a lot of incentive to deep discount sale prices.
What does this mean for Charlotte metro area foreclosure home buyers in the forseeable future?
- Over time you'll have fewer and fewer options to find bargain priced homes.
- You'll need to be super-vigilant about new listings and be prepared to move quickly to buy.
- When you do make offers, don't expect to see 20% discounts on the purchase price.
Want to stay on top of foreclosure and short sale home listings in the Charlotte metro area?
Contact Carolinas Realty Partners and we'll send you a list of homes as they come on the market.
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This update on distressed property sales in the Charlotte region is brought to you by Nina Hollander and Carolinas Realty Partners, Coldwell Banker, your Charlotte metro area residential real estate experts.
If you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that:
"The Right Broker Makes All The Difference."
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