The economy continues to skyrocket in the Queen City as people from around the world flock to our city. Home sales increased 15% last month as compared to September of 2013 and the supply of available properties decreased. Now after several months of increasing home sales and decreasing supply, we’re starting to see a true sellers market solidify.
According to the Charlotte Regional Realtor Association, 3,253 closings in September, compared with last September, this was the largest year-over-year percentage rate increase for any month this year.
Inventory fell to a 5-month supply, down from a 5.2-month supply in August (meaning that the average home on the market now takes 5 months to close). A widely accepted definition of a balanced housing market is one with a six-month inventory, meaning by many analysts, we’re officially in a seller’s market.
The average sales price in the Greater Charlotte area last monght was $228,085, up 3 percent from last September.
If you’re thinking about buying or selling your home in Charlotte, Realty For Life is a great resource to help you find the top Realtor in your area.
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