SOUTHWEST CHARLOTTE/STEELE CREEK
HOUSING MARKET UPDATE/VIDEO
August 2018
August 2018 home sales in southwest Charlotte, North Carolina (28273 and 28278 zip codes, often referred to as Steele Creek) saw home sale prices increasing, pending and closed sales decreasing due to tight inventory, with sellers getting 100% of asking price in the 28273 zip code. No matter how you "slice it," it wasn't just the weather that was hot in August, real estate in southwest Charlotte was also sizzling hot!
The average sale price of SW Charlotte homes increased by double digits in the 28273 zip code by 11.6% to just under $230,000 and in the 28278 zip code by 1.0% to just over $317,000 compared with the same time frame one year ago. Median sale price in both the southwest Charlotte zip codes was up and also up by double-digits (18.9%) in the 28273 zip code.
Average days on market for property listings were 14 days in the 28273 zip code and 38 days in the 28278 zip code, down 6.7% in the 28273 zip code and down 22 days (36.7%) in the 28278 zip code versus August 2017. Median days on market were 5 days in the 28273 zip code and 15 days in the 28278 zip code in August 2018.
Average price per square foot increased by 9.3% to $117/square foot in August 2018 versus the same period in 2017 in the 28273 zip code. In the 28278 zip code average price per square foot increased 6.9% to $124/square foot versus one year ago.
Pending sales were down 5.4% in 28273 zip code and 46.8% in 28278 zip code in August versus the same month last year. Year-over-year, closed sales were down 26.9% in 28273 zip code and 25.4% in 28278 zip code. Lack of inventory greatly contributed to the lower pending and closed sales.
The median percent of original list price that sellers received for their homes was 100% in 28273 zip code and 98.3% in 28278 zip code, showing none to little negotiating room for homes in southwest Charlotte, North Carolina.
New listings increased by 12.3% in the 28273 zip code, but were down 33.3% in the 28278 zip code versus August 2017. Southwest Charlotte's months supply of homes in the 28273 zip code stood at 1.5 months and at 3.7 months in 28278 zip code. The 28273 and 28278 zip codes in southwest Charlotte very much remain a seller's market.
It continues to be a true seller's market in the 28273 and 28278 zip codes and a very competitive environment for home buyers in Southwest Charlotte, North Carolina.
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PREVIOUS SOUTHWEST CHARLOTTE/STEELE CREEK HOUSING MARKET UPDATES:
Southwest Charlotte/Steele Creek Housing Market Update: July 2018
Southwest Charlotte/Steele Creek Housing Market Update: June 2018
Southwest Charlotte/Steele Creek Housing Market Update: May 2018
Southwest Charlotte/Steele Creek Housing Market Update: April 2018
Southwest Charlotte/Steele Creek Housing Market Update: March 2018
Southwest Charlotte/Steele Creek Housing Market Update: February 2018
This real estate monthly update for Southwest Charlotte, NC is provided by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts and southwest Charlotte neighborhood specialists.
If you're considering selling or purchasing a home in Southwest Charlotte or anywhere in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to show you how:
"The Right Broker Makes All The Difference."
Originally published at: https://greathomesincharlotte.com/housing-market-reports-updates/southwest-charlotte-steele-creek-august-2018-housing-market-sizzled/
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