Let’s take a minute and examine Charlotte, the 7th largest real estate market in the country. Employment and wages are improving, creating wealth and with it opportunities in residential real estate. North Carolina’s jobless rate was down to 4.7% in April, slightly higher than the national average but improving. From the looks of things unless something unpredictable is generated out of Washington, that trend should continue:
Based on information provided by Carolinas Multiple Listing Service and Barclays Home Survey for April 2017, as we get well into the spring market, Charlotte continues to show the effects of escalating prices and shrinking inventory.
New Listings are up 5.1% for the year, but are down 20% year over year for April. Couple that with an 8% increase in closed sales year to date and you have the makings of an expensive Seller’s market. Median prices were up 11.9% in April and 12% for 2017. In Mecklenburg County in April, average list prices increased to $363,236 from $346,331 in 2016; average sales price increased 11% to $308,109, and days on market dropped to 31 days from 43 days.
Our read here is the move up buyer continues to be strong and a leading market force, but even with high rents, the first time buyer is still mostly missing in action. But it is all good news for sellers!
So for you homeowners thinking about selling and looking at a lifestyle change, call us (Scot 704/953-8256 and Ann 704/617-7678). It is a great time to sell!