Charlotte, NC Home Prices Up Over 7% First Quarter 2007
While most of the country worries about falling prices in real estate, a few markets have been unaffected by the non stop Bubble talk. No amount of doom, gloom or rising interest rates have slowed the growth in Charlotte, NC.
Good news travels fast. Barron's noted our first quarter growth in Charlotte at just over 7%, third in the nation. Our numbers on residential single families are even better with 1st quarter 2007 sales at an average of $226,998 vs the $209,987 of a year ago, an 8.1% increase. Average cost per square foot (sf) increased by the same 8%, and Days on Market (DOM) rose just 10% to an average of 93 days. We had "velocity" too, a 5.7% increase over the same quarter in 2006. Average square foot prices were just over $110 for the 1st quarter of 2007, up from $102 just a year ago. Charlotte remains a very healthy real estate market through the first quarter of 2007.
It was no surprise to see the intown area of South Park, Myers Park and Dilworth exceed the average by almost 30%, more surprising was the strength of the northern suburb of Huntersville, and the lake area, appreciating at more than 50% above the entire region's average. Perhaps the most surprising were the results from Union County, the 8th fastest growing county in the nation with the very popular communities of Wesley Chapel, Weddington, Marvin and Waxhaw, what I call close-in Union, just adjacent to Mecklenburg County. These prices held steady, well below the region's average. Perhaps the huge number of new home communities in Union have held prices down?
I've said for years that Charlotte has grown the old fashioned way- adding jobs, and adding families voting with their feet for a better standard of living here-- that trend continues, and I look forward to talking about some of the challenges this very steady growth means for the area. I'll have more details in the future.
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