Unusually adverse winter conditions have helped slow housing sales in Charlotte, North Carolina, say local Realtors, despite record low interest rates making homebuying more attractive.
"Although it's still a buyer's market in Charlotte, with some weakness in January sales, much of the downturn can be attributed to unusually adverse winter weather," says Realtor Lucinda Maples. "There were 551 homes sold last month, compared with 626 homes sold for the same period last year, and the average sale price of $206,109 was down about 1 percent. At present there are 5040 active listings in the city of Charlotte, with an average list price of $239,885."
Say Realtors Virginia and Gary Cooper, "On average the Charlotte market is a buyer's market with an oversupply of homes available. While prices for some of the most upscale homes have dropped a little, the overall market shows very little change. Some areas have enjoyed modest appreciation this year. Charlotte continues to be a recipient of corporate moves which should keep the area relatively stable, although the area is not totally escaping job layoffs. The average sales price for the Greater Charlotte Area is about $190,000, which is approximately $7,000 more than this time last year. The average marketing time is about six months, which is a little longer than the same time last year."
Realtor Bill Selby says, "The real estate market in the greater Charlotte area continues to be strong. It is a buyer's market with all types of housing available. New home construction is very strong with some very good homebuyer's packages such as new sunrooms, money toward closing cost, and very good interest rates...lowest in years.
He advises, "There is some softness in the $250,000 and higher priced homes because of the perceived uncertainties of the economy and war concerns. This also means there are some very good buys in this market. There are also some very good buys for investors who are ready to put some monies into the real estate area. Remember some of the greatest wealth had been make by the accumulation of real estate."
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Published: March 7, 2003
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