The housing market in Charlotte has changed overnight! The dynamics between the buyer & seller are changing as well. Interest rates hovering around 3.5% or lower are not energizing the market. WHY?
Using this threshold in assessing the Charlotte market, I have analyzed the market using the MLS system for data.
There are remarkable changes in the market from the 1st quarter 2009 to October 2012!
Families have been mobile since the federal highway system was constructed.
Families move every 7 years.
Family formations are at an all time low.
This Presidential election has paralyzed the real estate market.
Now is a great time to sell and buy --- a more balanced market before becoming a sellers market.
Number of Homes on the Market
Home Price Range 1st Qt 2009 1st Qt 2012 3rd Qt 2012
$175,000 - $250,000 6,458 4,743 2,208
$100,000 - $175,000 8,008 6,727 2,824
$0 - $100,000 5,392 6,058 2,441
Average Price of Homes
Home Price Range 1st Qt 2009 1st Qt 2012 3rd Qt 2012
$175,000 - $250,000 $209,000 $209,000 $212,008
$100,000 - $175,000 $138,000 $139,618 $142,796
$0 - $100,000 $60,000 $55,000 $75,240
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