14 May May Mortgage News Roundup for the Carolinas
How tight is the Charlotte-area housing market? If no more new homes were added, there would be none for sale in six weeks. Meanwhile, luxury home sales in the Wilmington area have soared. Also, changes in the direction of zoning are taking place in Mount Pleasant, and the impact will affect development in some of the business areas. Here’s more on the mortgage news stories that we are watching:
The Charlotte Home Market Keeps Getting Tighter
Recent data from the Carolinas Multiple Listing Services clearly shows that home prices are continuing to rise and there is less and less inventory on the market, yet buyer interest hasn’t dwindled. Compared to last year at the same time, the median home sales price has increased 7.4% to $240,000 for the Charlotte region. Meanwhile, the average sales price grew to $292,158 — an increase of 8.1% year-over-year. With inventory taking a nose dive, the average home is on the market five fewer days than it was in 2017.
New Hanover County High-End Home Sales Soar in April
In agreement with the N.C. Regional Multiple Listing Service, a recent report marked April as the top month for luxury home sales in New Hanover County in more than 12 years. Ten homes priced at $1 million or greater sold for a combined $15,159,000 in the month of April. Several factors were thought to influence these sales. Those factors include lack of supply in the region, the robust economy, and increasing consumer confidence. However, New Hanover County appears to be the exception rather than the rule when it comes to luxury home sales. A total of one high-end home sold over the same period in neighboring Pender and Brunswick counties.
A Major Change in Development for Mount Pleasant
The Mount Pleasant Town Council and mayor voted that single-family homes can no longer be built on some of the busiest thoroughfares on the south end of town. This is part of the change in direction that initially encouraged urban-style developments. One of the biggest issues was that developers were using the rules to their advantage and building more homes on small plots of land than any other area of town. The town’s administration and planning staff will continue to make decisions on what parts, if any, will remain in the urban corridor.
With so much activity in the Carolinas, isn’t it time that you partnered with the best? Our service and communication are top-notch. At Fairway Independent Mortgage of the Carolinas, we treat your real estate customers like you do — with fairness and with their best interests at heart. They are our priority, as is closing loans quickly with no surprises. Let us change how you think about mortgages.
Portillo, Ely. “Charlotte home prices keep rising. That means more challenges for buyers and sellers.” Web blog post. The Charlotte Observer. 9 May 2018. Web 9 May 2018.
Nunn, Cece. “Luxury Home Market Sparkles For New Hanover County In April.” Web blog post. WilmingtonBiz. 11 May 2018. Web 11 May 2018.
Slade, David. “Mount Pleasant plans to ban new single-family homes in part of the town.” Web blog post. The Post and Courier. 14 May 2018. Web 14 May 2018.