With the Real Estate Market moving so quickly, I wanted to provide some context on what we are seeing especially under $300,000 in the Charlotte Area. This data below is from the CANOPY MLS system and includes all single-family home closings of resale properties in Charlotte, NC in the last 15 days under $300,000. During that time period, there were 128 homes that officially closed in the MLS.
Of the 128 homes that closed, 102 (80%) went under contract within the first seven days on market. Of those 102 homes that went under contract, 80 (78.4%) of the homes CLOSED over list price. The average home closed $11,100 (4.7%) over list. Additionally, five homes closed at list price, and 17 homes closed under list price.
Of the 128 homes on the market, 21 (16%) additional homes went under contract between eight and 30 days on market. Of those homes, seven (33%) closed above the list price, four closed at list, and 10 closed under list. The remaining five homes that sold between 31 and 62 days on market had one close at list, and the remaining four under list price.
What Does This Data Tell Us?
If a home goes under contract the first week on the market, there is an 80% chance it will go over list price. With the average sale closing 4.7% over listing, buyers need to be prepared to factor that into their offer in order to be competitive.
Even if a home does not go under contract during week one, there is still a 33% chance the home will sell over list price during the first month on the market.
Can I Still Buy a Home?
Absolutely. By knowing what is happening in the market, you are better prepared for what to expect. There are a number of things a homebuyer can do to strengthen their offer beyond just purchase price to help win in multiple offers. We would be happy to walk through those scenarios with you at your convenience.