SOUTHWEST CHARLOTTE/STEELE CREEK
HOUSING MARKET UPDATE/VIDEO
September 2018 home sales in southwest Charlotte, North Carolina (28273 and 28278 zip codes, often referred to as Steele Creek) saw home sale prices continuing to increase, inventory and new listings remaining tight, putting a strain on pending sales during the month.
Steele Creek has been one of the fastest-growing parts of Charlotte, with major developments like Berewick and RiverGate. The Steele Creek area had 25,282 residents at the 2000 Census and more than 52,000 by 2010, according to the Steele Creek Residents Association. Today, Steele Creek is nearing a population of 70,000!
The average sale price of SW Charlotte homes increased in the 28273 zip code by 2.8% to just under $225,000 and in the 28278 zip code by 14.6% to just under $380,000 compared with the same time frame one year ago. Median sale price in both the southwest Charlotte zip codes was up and also up -- 3.8% in the 28273 zip code and 11.8% in the 28278 zip code.
Average days on market for property listings were 19 days in the 28273 zip code and 56 days in the 28278 zip code, down 17.4% in the 28273 zip code and up 14 days in the 28278 zip code versus September 2017. Median days on market were 12 days in the 28273 zip code and 26 days in the 28278 zip code in September 2018.
Average price per square foot increased by 11.8% to $114/square foot in September 2018 versus the same period in 2017 in the 28273 zip code. In the 28278 zip code average price per square foot increased 15.8% to $139/square foot versus one year ago. The significant increase in 28278 most likely stems from the new construction sales in that part of southwest Charlotte.
Pending sales were down 6.8% in 28273 zip code and 20.3% in 28278 zip code in September versus the same month last year. Year-over-year, closed sales were up 18.5% in 28273 zip code and down 38.3% 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 98.8% in 28273 zip code and 97.7% in 28278 zip code, showing little negotiating room for homes in southwest Charlotte, North Carolina.
New listings were flat in the 28273 zip code, but were down 29.4% in the 28278 zip code versus September 2017. Southwest Charlotte's months supply of homes in the 28273 zip code stood at 1.6 months and at 3.8 months in 28278 zip code. The 28273 and 28278 zip codes in southwest Charlotte remain a seller's market in terms of supply of inventory, although the 28278 zip code is leaning towards a more balanced market. Nonetheless, as we enter the fall selling season, when it comes to affordable homes, it remains a very competitive market for home buyers in Southwest Charlotte, North Carolina.
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This real estate monthly update for Southwest Charlotte, NC is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Charlotte metro area residential real estate experts and southwest Charlotte neighborhood specialists. We've been opening doors for home buyers and sellers in the 28273 and 28278 zip codes for 20 years.
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: