The best performing price range for single family real estate in South Charlotte NC (mls area 5) continues to be under $200,000 where current real estate inventory is below 4 months of supply.
Over that $200,000-$300,000 price point, real estate market conditions in South Charlotte NC remain at elevated levels of supply with available South Charlotte NC homes for sale in excess of buyer demand for those South Charlotte NC homes.
Real estate inventory levels in the South Charlotte NC region have been declining in recent months during the late spring/early summer season which is typically the height of buyer activity (yes, even in a real estate market with excess inventory seasonal trends still apply).
The current real estate market in the South Charlotte NC region is showing a lower level of under contract homes for sale in South Charlotte NC compared to the amount of recent successful real estate sales. This is an indication that absorption of available South Charlotte NC real estate is slowing and it’s likely the coming months will show a decline in the amount/level of recently sold real estate activity in the South Charlotte NC area. That’s not uncommon for the August timeframe, since buyer activity typically declines as school goes back into session and summer winds down.
What this means for buyers is less competition in what is for the vast majority of price points an oversaturated South Charlotte NC real estate market and very favorable real estate market conditions for qualified home buyers searching in the South Charlotte NC area, particularly in price points over $300,000 where current real estate inventory levels are all over 10 months worth of supply.
For sellers – despite recent real estate activity, don’t forget that past activity is not an indication of what lies ahead. In the majority of price points real estate inventory has NOT been brought back into normal levels and real estate market conditions remain firmly weighted in favor of buyers.
The South Charlotte NC area includes neighborhoods such as Myers Park, parts of Dilworth, South Park, Beverly Woods, Beverly Woods East, Foxcroft, Cameron Wood, Mountainbrook, Carmel Station, Barclay Downs, Sturnbridge, Candlewyck, Olde Providence, Raintree, Stone Creek Ranch, Landen Meadows, Piper Glen, Thornhill, Blakeney and many others.
Related Articles: Real Estate Market Reports for Neighborhoods in Charlotte NC
Copyright©2009 by Diane McDermott, All Rights Reserved, “Real Estate Market in South Charlotte NC August 2009″
*Data and statistics based on Area 5 single family information from Carolina Multiple Listing Service Inc. Information deemed reliable but not guaranteed.