There are currently 72 properties under contract in downtown Charlotte. Of those under contract, 58% were on the market for less than 90 days, actually the average time on market for those 41 properties isd 32 days!
The balance of the units undercontract, excluding new construction units which will show inflated dates that have no bearing on market time as much as build time have been on the market for an aveage of 284 days.
Several reasons could account for that disparity. First, units that have been on the market for some time may be priced incorrectly. Hoping that the market will raise to the price you want sometimes works, but most often, it leads to a property looking stale on the market.
Second, the units averaging 32 days have an average price of $218.5, the longer market time is averaging $372.5. This speaks well for entry level units and one bedroom properties. While higher price points are beginning to move, it is clearly a slower movement.
We are moving into exciting times for sure.