Southwest Charlotte/Steele Creek October 2018 Housing Market Update

Southwest Charlotte/Steele Creek areas (28273 and 28278 zip codes) saw mixed results in October 2018. Home prices in the 28273 zip code continued to increase by double digits. In 28278 average home prices were down by 1.6%, but median home prices were still up 2.9%.

Southwest Charlotte/Steele Creek Housing Performance Mixed

The best way to describe the southwest Charlotte/Steele Creek housing market in October was “mixed” results. Home sales in southwest Charlotte, North Carolina saw home sale prices increasing by double digits in the 28273 zip code but falling back a bit in the 28278 zip code. Days on market in both zip codes increased in October, mirroring what we are seeing throughout much of the Charlotte region. Pending and closed sales decreased due to continued tight inventory of affordable homes in October in 28278. In the 28273 zip code closed sales were down, but pending sales were up.

The average sale price of SW Charlotte homes increased by double digits in the 28273 zip code by 14.6% to just under $232,000, but decreased in the 28278 zip code by 1.6% to just over $340,000 compared with the same time frame one year ago.
Median sale price in both the southwest Charlotte zip codes was up in the 28273 zip code by 17.1% to $231,000 and by 2.9% to $312,450 in the 28278 zip code.
Average days on market for property listings were 27 days in the 28273 zip code and 55 days in the 28278 zip code, up 11 days in the 28273 zip code and up 1 day in the 28278 zip code versus October 2017.
Median days on market were 14 days in the 28273 zip code and 24 days in the 28278 zip code in October 2018.
Average price per square foot increased by 10.3% to $118/square foot in October 2018 versus the same period in 2017 in the 28273 zip code. In the 28278 zip code average price per square foot decreased 7% to $119/square foot versus one year ago.
Pending sales were up 26.7% in 28273 zip code and down 11.5% in 28278 zip code in October versus the same month last year.
Year-over-year, closed sales were down 32.9% in 28273 zip code and 29.3% 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 98.4% in 28273 zip code and 96.7% in 28278 zip code, showing relatively little negotiating room for homes in southwest Charlotte, North Carolina.
New listings increased by 6.9% in the 28273 zip code and 16.7% in the 28278 zip code versus October 2017.
Southwest Charlotte’s months supply of homes in the 28273 zip code stood at 1.6 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.

It remains a seller’s market in the 28273 and 28278 zip codes and a competitive environment for home buyers in Southwest Charlotte, North Carolina.

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This real estate monthly update for Southwest Charlotte/Steele Creek, NC is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Residential Brokerage, your Charlotte metro area residential real estate experts and southwest Charlotte/Steele Creek neighborhood specialists.

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PREVIOUS SOUTHWEST CHARLOTTE/STEELE CREEK HOUSING MARKET UPDATES:

Southwest Charlotte/Steele Creek Housing Market Update: April 2018

Southwest Charlotte/Steele Creek Housing Market Update: March 2018

Southwest Charlotte/Steele Creek Housing Market Update: February 2018