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April 2016 Charlotte Real Estate Market

By
Real Estate Broker/Owner with Carolina Buyers Agent C 10204

The Charlotte real estate market is a little scary these days, swirling with opportunities and challenges. Spring brings change, including flowers, new life — and stormy weather.

Look at this month’s numbers, and you’ll see why I say it’s a mixed bag.

As of 4-30-2016, the average sales price increased by $14,062 to $251,284, an increase of 5.9% over April 2015. The inventory of existing Charlotte homes dropped once again, this month by 26.6% to a new level of 10,513 homes. When we factor in the 1.4% upward tick in the percent of original list price received to 96.3%, there’s little doubt it’s still a sellers’ market for Charlotte homes.

Of course, the current performance and expected future activity for Charlotte real estate is full of challenges for both buyers and sellers. A predictable market is a robust market, and this remains a robust market with expectations of solid growth in front of it. The firmest predictor of future closings, pending sales, increased by 21.1% to 5,160. With mortgage rates still low, an unemployment rate at or near 5%, and wages remaining strong and growing, more buyers will be able to buy homes, though they should do so with their eyes open. Add to this volative mix lackluster movement in new home construction, which will further restrict buyers’ choices, as well as put upward pressure on prices, thereby extending the present sellers’ market.

So if you want to snag the best deal in a lopsided sellers’ market, you need an experienced storm chaser to lead you through the rough spots to the home of your dreams. You need an exclusive buyer’s agent more than ever.

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