In the Charlotte region last year, about 75% of the total sales were below $250,000. I would expect this trend to continue into the second quarter of 2011 as more foreclosures are released by banks.
The interesting statistic is the percent increase in the sales price range of $500,000-$750,000. Although the percentage of the total is small, a 17% increase in sales at this price point is significant. In my opinion, this is indicative of buyers understanding the benefit of moving up while the prices are low and a stabilization of job security in middle-upper management levels.
Again, as I have stated before, family formations is tied to the economy and jobs. As the economy improves, we will see significant changes in the sales numbers for 2011.
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