Springtime in the Charlotte region is motivating more area homeowners to put their properties on the market, according to the Charlotte Regional Realtor Association.
In its monthly report, released Monday, the association said March home sales rose 11.5 percent compared to the previous year. Last month, 3,965 properties sold, up from 3,557 in March 2016.
March sales rose 54 percent compared to the month before, February 2017.
“The spring selling season is definitely off to a good start with...homes selling almost as quickly as they’re listed,” association president Roger Parham said in a statement.
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Home sales also closed faster in March compared to the previous year. Properties stayed on the market for 104 days, which is 18 days less than during March 2016.
$338,770Average list price in March, up 9.4 percent from March 2016
Conditions favor sellers in the Charlotte region, while buyers are still challenged by the limited number of homes on the market, Parham said. The competition for homes is leading to multiple offers on available properties, with buyers paying more as a result. The average list price in March rose 9.4 percent over the previous year, to $338,770.
The Charlotte Regional Realtor Association tracks home sales based on Carolina Multiple Listing Services data.