Low interest rates combined with low inventory have fueled an increased demand throughout the University City real estate market, and local agents predict an upward trend for sellers could continue in 2015.
“Currently in the Charlotte market, we are experiencing very low inventories throughout all price points in both resales and new construction,” said real estate agent Cathy Staskel, a member of the Allen Tate Realtors’ Top Tier 1 Real Estate Team for 2014 in the Charlotte Region.
Staskel has worked in University City for two decades.
“The interest rates remain low, and there is a high demand, especially from first-time homebuyers and empty-nesters,” said Staskel.
Inventories of homes for sale went from a 13-month supply in January 2010 to a six-month supply in January 2015, according to data from the Carolina Multiple Listing Services.
There were 900 listings in January 2010. Listings dipped to about 600 listings in January 2012, 400 in January 2013 and about 600 in January 2015.
Bad weather in the first quarter of 2014 slowed sales, Staskel said, while this year’s sales started strong.
“The Charlotte real estate market is greatly ahead of the downturn we, and the rest of the country, experienced in 2010,” Staskel said.
Maren Brisson-Kuester, 2015 Association/CarolinaMLS president, said demand for homes throughout the region continues to be strong, but inventory remains challenged.
“With properties experiencing shorter days on market, today’s buyers are seeing signs of a solid seller’s market, which will probably persist through spring,” Brisson-Kuester said.
According to MLS data, the average list price for a home in University City is nearly $175,000, well above the average of $160,000 in January 2010 and $130,000 in January 2013, according to data. A house was on the market roughly 140 days in January 2010, peaking around 230 days in January 2011 and now stays on the market about 60 days.
As a region, new residential listings were down in January 2015, decreasing 5.3percent compared to January 2014. Inventory declined 16.5percent compared to January 2014, leaving the CarolinaMLS region with a four-month supply of inventory with 12,448 properties for sale.
To compare local and surrounding areas, check out these data compiled by the Charlotte Regional Realtor Association: http://media.charlotteobserver.com/smedia/2015/02/12/11/16/fRqCT.So.138.pdf.