Buyer demand continued to outpace supply of homes in the sizzling hot southwest Charlotte/Steele Creek area during August 2018. Lack of new listings pushed average and median sale prices up, days on market and closed sales down.
Southwest Charlotte/Steele Creek Real Estate Is Sizzling Hot!
No matter how you “slice it,” real estate in southwest Charlotte/Steele Creek was sizzling hot in August 2018. Home sales in southwest Charlotte, North Carolina (28273 and 28278 zip codes, often referred to simply as Steele Creek) saw home sale prices increasing, pending and closed sales decreasing due to tight inventory, with sellers getting 100% of asking price in the 28273 zip code.
The average sale price of SW Charlotte homes increased by double digits in the 28273 zip code by 11.6% to just under $230,000 and in the 28278 zip code by 1.0% to just over $317,000 compared with the same time frame one year ago.
Median sale price in both the southwest Charlotte zip codes was up in both zip codes and also up by double-digits (18.9%) in the 28273 zip code.
Average days on market for property listings were 14 days in the 28273 zip code and 38 days in the 28278 zip code, down 6.7% in the 28273 zip code and down 22 days (36.7%) in the 28278 zip code versus August 2017.
Median days on market were 5 days in the 28273 zip code and 15 days in the 28278 zip code in August 2018.
Average price per square foot increased by 9.3% to $117/square foot in August 2018 versus the same period in 2017 in the 28273 zip code. In the 28278 zip code average price per square foot increased 6.9% to $124/square foot versus one year ago.
Pending sales were down 5.4% in 28273 zip code and 46.8% in 28278 zip code in August versus the same month last year.
Year-over-year, closed sales were down 26.9% in 28273 zip code and 25.4% in 28278 zip code. Lack of inventory greatly contributed to the lower pending and closed sales.
The median percent of original list price that sellers received for their homes was 100% in 28273 zip code and 98.3% in 28278 zip code, showing none to little negotiating room for homes in southwest Charlotte, North Carolina.
New listings increased by 12.3% in the 28273 zip code, but were down 33.3% in the 28278 zip code versus August 2017.
Southwest Charlotte’s months supply of homes in the 28273 zip code stood at 1.5 months and at 3.7 months in 28278 zip code. The 28273 and 28278 zip codes in southwest Charlotte very much remain a seller’s market.
The sizzling hot housing market continues to be a true seller’s market in the 28273 and 28278 zip codes and a very competitive environment for home buyers in Southwest Charlotte, North Carolina.
This real estate monthly update for Southwest Charlotte/Steele Creek, NC is provided by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts and southwest Charlotte/Steele Creek neighborhood specialists.
If you’re considering selling or purchasing a home in Southwest Charlotte or anywhere in the Charlotte metro area, I’d love an opportunity to earn your business, exceed your expectations, and to show you how:
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