Housing Market Update For Charlotte, NC Region Through March 2014
The Charlotte housing market continues to show positive trends through the first quarter of March 2014. On a year-to-date basis, compared with the first three months of 2013, Charlotte's housing market improved across virtually all categories:
- Pending sales were up 1.9%
- Days on market (list to close) were down 5.3% to 143 days
- Average list price was up 6.7%
- Average sale price was up 5.9%
- Average median price was up 6.8%
- Percent of original list price received was up 0.4% to 93.1%
As of end of March 2014, the inventory of homes for sale was down 4.8% and the months supply of homes dropped 11.3% to 5.1 months (new listings for the quarter were down 0.3%).
The only category/metric that was not positive was the number of closed sales which were down 1.9%. Charlotte had a number of snow days in February that were not typical in terms of local weather, which contributed to lower sales in the first quarter. By end of March, closed sales were up again by 1.5% for the month.
These statistics and trends continue to show that Charlotte's housing market continues on a steady course of improvement into 2014. Charlotte home buyers need to be aware that they will have fewer choices when purchasing a home, they will pay more, and they will be able to negotiation less of the asking price and fewer concessions.
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