Once again, the dominating factor shaping the Charlotte real estate market is the rapid and unprecedented decline in the inventory of homes.
Consider: Last month, inventory dropped by 18.7% from last year, and in Februrary, we saw a decrease of 28.9%. As of April 30, the number of home on the market in the Charlotte-Gastonia-Rock Hill NC/SC Metro Area was 14,053. That’s a decrease of 30.1% from this time last year.
No surprise, then, that the average sales price was $217,166 or 93.6% of the list price, which is $2,427 or a 1.1% increase from last April’s average sales price. When you put these two key indicators together, you get a seller’s market – a market that’s growing hotter day by day.
As demand rises, the amount of time homes remain on the market drops, and we’re certainly seeing that here. The average number of days on the market for residential listings is 142, or 4.9 months, which is a 8.9% drop from last year.
Add it all together, and you get today’s Charlotte real estate market – an exciting, yet challenging market that makes knowledge of the local market and expertise in negotiating more important than ever. Times like these mean buyers needs the advantage of an exclusive buyer’s agent who will solely represent their interests. Check out the testimonials from our buyers, and see what a difference exclusive buyer’s representation makes.