Despite slow economy, larger homes still selling in Charlotte market

Despite slow economy, larger homes still selling in Charlotte market

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by ANN SHERIDAN / NBC Charlotte

Bio | Email | Follow: @SheridanWCNC

WCNC.com

Posted on October 11, 2012 at 7:11 AM

CHARLOTTE, N.C.--  Kelli Richardson is a woman with a mission.

"We like the space and the natural lighting, “ she said as she walked through her Providence Plantation home. 

She wants to sell her 6,000 square-foot home, priced at $940,000, and then downsize. Richardson picked the perfect time to do so, according to market trends. 

Homes like hers, over $800,000, are selling again.   While the average home in the greater Charlotte area sat on the market for an average of five months last year, today homes are selling in a three-and-a-half months on average.

"We're definitely seeing things move.  Things are selling, they're not sitting around forever,” said Joan Goode of Dickens Mitchener and Associates.

There's more good news. 

Remember that two year inventory of homes on the market?  The glut that sent so many homes into foreclosure?   It doesn't exist right now.  The new inventory is a six month supply, according to Goode.

Goode said homes in the $200,000 to $300,000 price range are still the hottest sellers.  According to the Charlotte Regional Realtors Association, sales in that price range are up 35 percent.

What does it mean to the buyer?

“It means we're transitioning from buyers to sellers market.  And a lot of inventory that had been sitting for a long time has now been sold," Goode said.
   

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