Real estate inventory has been at historic lows for a while now, but for the first time in the Charlotte area, homes are on average selling over asking price. The new report from the Canopy Realtor Association shows that in March, the percent of original list price received was at 100.1%. We are seeing multiple offers on listings driving prices higher than list price.
The average list price in the Charlotte Region is now up to $370,706, up $55,719 from last March, or 17.7% higher. Despite the rise in prices, homes are spending only 24 days on average before a sale. This is down from 46 days last March.
When you look at the numbers for Lake Wylie, you see the same trend. Inventory is down 72.5% from 374 last March to just 103 this March. This represents 0.7 months supply of inventory which is far below the 4-6 month supply needed for a balanced market between buyers and sellers. New listings were up 21.8% from last year, but it is not enough to keep up with demand.
Prices are up in Lake Wylie as well with the average sales price up to $448,731, up 6.4% from last March. In Lake Wylie we are also seeing sellers receive 100.9% of list price on average. This means that we are also seeing multiple offers on listings with homes selling above list price.
With inventory so low, you have to be ready to go with all of your paperwork in order to purchase the home you want. If you are a seller, you need to have your home looking its best to get the best price for your home. We can help buyers and sellers. Just call us at 803-831-8588 to get started. You can view current listings and create custom searches on our website here.