Charlotte NC Real Estate Roller Coaster Ride

By
Real Estate Agent with ProStead Realty Charlotte, NC CRS SRES mitch@prostead.com NC License #115457

The Charlotte NC real estate market has experienced quite a roller coaster ride over the past 5 years but seems to have turned around. After a robust Spring and Summer, it looks like things are tapering off slightly here though.

The foreclosure inventory has gone down dramatically this year and the short sale inventory has gone down as well albeit not as much as the foreclosures. Most foreclosures that come on the market are seeing multiple offers right away.

As far as the rest of the inventory of general resale's, homes that are priced competitively are moving quickly and overall we are approaching a more balanced market (in between a buyers or sellers market). Although there has been speculation of "shadow inventory" coming on the market for the past two years, it just hasn't happened here.

Statistically, sales in the Charlotte MLS region peaked from mid 2006 through May 2007 at almost 7000 homes per month sold. Then the market took a dive in June, finally leveling off around Spring of 2011 at around 2000 homes per month sold. We peaked this year at 2900 homes sold in August compared to almost 2300 the same time last year, a whopping 26% increase!

When you look at home values, it really depends on which way you look at them. In Charlotte and Mecklenburg county, our medium price range peaked in early 2008 at $178,000 while surprisingly it bounced at its low at the end of 2011, beginning of 2012 at $155,000 (certainly due to distressed sales). It has recently worked its way back up to a medium of $162,000 thru September of 2012.

So, overall? It's been a really good year here in the Charlotte NC Real Estate Market!

All these statistics are from SAM (Statistical Analysis Module) courtesy of my board, the Charlotte Regional Realtors Association.

 

 

 

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Mitch Muller - Charlotte NC Real Estate

Certified Residential Specialist
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