Charlotte Real Estate Market Spring 2023: Deja Vu All Over Again!
Yogi Berra famously said "it's like deja vu all over again." When it comes to the Charlotte area real estate market in Spring 2023, it definitely feels like it's deja vu all over again. Deja vu is defined as "a feeling of having already experienced the present situation." The present is certainly feeling a lot like the Spring market in 2021.
Media is still talking about an impending market crash. I'd like to know where they are getting their information. Here in the Greater Charlotte area, we've been seeing a return to multiple offers, homes selling within a day or two of listing, and contracts at over asking price. I don't see any crash coming. Just since, April:
- Three of my buyer clients lost out in multiple offer situations (with all offering well over asking price) for homes that sold within two days of being listed.
- I wrote an offer last night for buyer clients on a home that has been on market just two days and already had multiple offers on day one. We made an offer that is well above asking price, offered a boat-load of due diligence money, and said we'd buy the home "as is." Despite this, I'm not sanguine that our offer will be accepted.
- A listing I put on market just a week ago had 24 showings the first day on market, followed by eight offers in the first day... all over asking price.
Meantime, each of my listings in 2023 has gone under contract in under three days. None sold under asking price.
And we continue to see fewer new listings than one year ago. Year-to-date, through March 2023 new listings are down 14.7%. As of March 2023, our months supply of inventory in the Charlotte Region stood at 1.3 months. We need four months of inventory just to be a balanced market and six months to be a buyer's market. And the median sale price continues to increase, albeit more slowly. Is it any wonder its feeling like deja vu all over again?
BUYER ACTIVITY IS UP DESPITE HIGHER INTEREST RATES
The Greater Charlotte area housing market will remain competitive through Spring 2023 and, I suspect, into Summer 2023. Home buyers need to be prepared to act quickly as well as be ready to compete for homes with solid and clean offers. Waiting for interest rates and home prices to drop is not a good strategy. Home sellers should know it's a great time to sell your home.
Don't pay attention to those media headlines!
Right now it's deja vu all over again in Greater Charlotte's real estate market!
If you're considering purchasing or selling a home in the Greater Charlotte area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:
"The Right Broker Makes All The Difference."
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