Buyer demand continues to outpace supply of homes in the sizzling hot southwest Charlotte/Steele Creek area. Lack of new listings pushed median sale prices up by double digits in July 2018.
Southwest Charlotte/Steele Creek Real Estate Is Sizzling Hot!
No matter how you “slice it,” real estate in southwest Charlotte/Steele Creek is sizzling hot in July 2018. Home sales in southwest Charlotte, North Carolina (28273 and 28278 zip codes, often referred to simply as Steele Creek) saw home sale prices substantially increasing, pending sales increasing, closed sales decreasing due to tight inventory, and sellers getting 100% of asking price in the 28273 zip code.
The average sale price of SW Charlotte homes increased in the 28273 zip code by 8.2% to just over $215,000 and in the 28278 zip code by 10.9% to just under $343,000 compared with the same time frame one year ago. Median sale price in both the southwest Charlotte zip codes was up by double-digits.
Average days on market for property listings were 17 days in the 28273 zip code and 59 days in the 28278 zip code, down 29.2% in the 28273 zip code versus July 2017. Median days on market were 5 days (down 28.6% year-over-year) in 28273 zip code and 20 days in the 28278 zip code in July 2018.
Average price per square foot increased by 9.8% to $112/square foot in July 2018 versus the same period in 2017 in the 28273 zip code. In the 28278 zip code average price per square foot increased 5.1% to $124/square foot versus one year ago.
Pending sales were up 5.6% in 28273 zip code and 1.3% in 28278 zip code in July versus the same month last year. Year-over-year, closed sales were down 0.1% in 28273 zip code and 0.6% in 28278 zip code.
The median percent of original list price that sellers received for their homes was 100% in 28273 zip code and 98% in 28278 zip code, showing none to little negotiating room for homes in southwest Charlotte, North Carolina.
New listings increased by 9.5% in the 28273 zip code, but were down 7.5% in the 28278 zip code versus July 2017. Southwest Charlotte’s months supply of homes was flat in the 28273 zip code at 1.2 months and decreased 8.8% to 3.1 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, NC is provided by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts and southwest Charlotte 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 prove to you that:
PREVIOUS SOUTHWEST CHARLOTTE/STEELE CREEK HOUSING MARKET UPDATES: