Despite previous predictions of a year of declining sales, new Carolina Multiple Listing Services data show that home sales were basically flat on an annual basis, subverting the 11-month downward trend.
Adding to reports of changing conditions in the region's tight market, home prices are appreciating at a slower pace, more homes are selling below their listing price. In fact, 72 percent of homes sold below list, the share up nine percent year-over-year. Sean Black, CEO of online real estate trade-in platform Knock.com tells National Mortgage News, "This is one of those moments where it feels like we're at a pivotal point of things starting to go in favor in the buyers."
Until 2014, homes priced at or under $150,000 made up at least 35 percent of the total homes sold, according to a recent study from UNC Charlotte's Childress Klein Center for Real Estate. Last year, that figure was less than 15 percent. The situation isn't likely to improve anytime soon, said Richard Buttimer, director of the UNCC Center for Real Estate. He thinks Charlotte is a long way from California and other states where prices are starting to moderate.
"I don't think this is a situation where we're looking at ... a bubble or something like that," he said. "I think there's a fundamental economic reason that we're seeing this happen."