It is coming back fast, there is no mistaking it.
As of this writing, there are 63 condos in downtown Charlotte that are under contract, that is huge. There are only 118 condos currently on the market. Now if I were to use the logic that the local media has been using for the past 4 years, I would say that we have less than a 2 month supply of condos based on this activity.
Truth is that it does not really work that way. As the available properties begin to sell off, others who have been waiting for the market to return will put their properties up for sale. The market will find it's balance.
If you are thinking of buying, the time is now. Prices will begin to rise because of this activity, and interest rates will follow. The time is now.
If you are thinking of selling, be careful, and price your property appropriately. As the market comes back you may be pleasantly surprised.