Spring is in the air and life is good.

I hope this finds you doing well. It is a very interesting time for the Charlotte housing market. The luxury home market appears to be extremely active right now. We are getting lots of listings, showings, and contracts. Spring is in the air and it’s a great time for people who have been thinking about buying or selling real estate to actually do so.

First quarter 2010 there were 279 closings above $500,000 in the Charlotte market per the MLS records. In 2011, that number has slipped to 234.  The good news is it continues to be a buyer’s market which means it is a tremendous time to take advantage of these opportunities to move up into a higher priced home.

The average home price dropped from $802,821 to $740,077; again, this takes into account only home closings above $500,000 and does not reflect the entire pricing spectrum of the Charlotte market.
Interestingly, homes in 2011 are selling at 92.3% of list price which compares favorably to the 2010 number of 90.8%. Another big statistic is the Days On Market. The average number of days on market has dropped from 242 in 2010 to only 176 in 2011 for homes closed above $500,000. That is a 27% reduction in the amount of time it is taking to sell luxury homes in the Charlotte market.

What does this all mean? Homes that show well and that are priced well are selling in a significantly shorter time frame and they are selling for a higher percentage of list price than last year. Sellers are better understanding the true market value of their home and are pricing them accordingly.
If you need help buying or selling real estate, or in just understanding the market, call us, we know what the current trends are.  We are your experts on luxury homes, new construction and golf course communities in the Charlotte market.

Cheers!

Ben Bowen