By Nancy Jenkins
The real estate market remains strong in Charlotte and the Greater Burlington area. Zillow estimates that homes sold more quickly in 2017 than ever before, and 2018 is on pace to beat 2017. In the period from January through May there have been 48 more homes pending and closed in Chittenden County than in the same period during 2017. One segment of our market that has great potential is the luxury market. The average price for a home in Chittenden County at the end of 2017 was $364,000. There is a shortage of homes in the range below $400,000. Over that level there is greater inventory and choice in homes.
The housing statistics for Charlotte show a split market. That means that one segment of the market is a seller’s market and the other a buyer’s market. In Charlotte from June 16, 2017 to June 15, 2018, 47 homes sold with an average sale price of $594,796. Eleven homes were sold for under $400,000, while 16 homes closed between $400,000 and $500,000. The upper range of the market saw 15 homes closed in the $400,000+ range, 13 homes closed from $500,000 to $1,000,000, and seven homes closed over $1,000,000.
Currently in Charlotte only four homes are available today under $400,000, while 33 homes are available over $400,000. At the upper end, eight homes are available ranging in price from $1.35 million to $4.5 million.
So, what does this mean for you?
The hot demand for starter and trade-up homes means you can sell your home for the best value and more quickly if your home is under $400,000. The greater inventory at the higher end means you have much better choices and options at the higher end. This is called a move-up market and is the perfect time to take advantage of the current split market. If trading up is in your future, now is a great time. The interest rates have risen but are still historically low, under 5 percent for a 30-year fixed rate mortgage.
If you have questions and would like to know more, please reach out to me.
Nancy Jenkins is the managing broker and co-founder of Nancy Jenkins Real Estate.