In stark contrast to the past 4 years, downtown sales are running ahead of last year to the tune of 11% while sale prices this year are lagging 2011 by -1.1%.
Additionally, there are fewer properties available, 113, than there have been for over 10 years. I am a big believer in the law of Supply and Demand, and the trend clearly shows that housing prices are set to begin to increase.
In the past week alone, I wrote 4 contracts that all met with multiple offer scenarios for the properties, and all the contracts went to other buyers! It is not something I am happy about, but it is reflective of an increase in buyer activity in this market.
The map shows a graphical representation of where people are buying in downtown Charlotte this year. The majority of activity is clearly in the Fourth Ward.
With interest rates still at historic lows, and prices still near bottom, the time to buy, or even invest, has never been better.