11 Apr Springtime Real Estate News Across the Carolinas
There are exciting things happening this week in the real estate market throughout the Carolinas. New townhomes are in the works for Charlotte’s NoDa area, and building permits in Cabarrus County increased significantly from 2015. Although the number of homes sold during March decreased in the Charlotte region, the home prices increased. Here are a few of the stories we have our eye on this week.
Townhomes in the works for Charlotte’s NoDa area
Charlotte-based homebuilder Saussy Burbank is considering rezoning for multifamily development in the NoDa area. The development would include thirty townhomes, about 2,000 square feet each, on a parcel of land that faces North Brevard and East 33rd streets. Additionally, these townhomes will be located one block from the Blue Line’s 36th Street Station and are expected to be priced around $400,000.
Home sales decreased in the Charlotte region, prices increase
The Charlotte Regional Realtor Association released a report stating that home sales were down slightly last month compared to the same time last year. They reported that 3,254 residential properties were sold last month, compared to 3,301 homes in March 2015. Maren Brisson-Kuester, CRRA president, commented:
“The CarolinaMLS region, much like the nation, continues with low inventory, which has resulted in a slow start to the spring selling season. However, from a quarterly perspective the region’s home sales are on par with last spring, up 0.3% compared to the first quarter of 2015.”
Although the number of homes sold decreased, the average sale price jumped 2.6% and the median sale price jumped 3.7%.
Building permits increased in Cabarrus County during the first quarter of 2016
The value of building permits in Cabarrus County during the first quarter of 2016 was reported to be $11.4 million more than the same period of 2015 and more than double the same period of 2014. During the first quarter of 2016, 752 building permits were issued in Cabarrus County totaling $134.5 million. Single-family construction held 351 of the total permits, creating a value of $51.4 million.
With so much activity in the Carolinas, isn’t it time you partnered with the best? Our service and communication is top notch. At Fairway Independent Mortgage of the Carolinas, we treat your real estate customers like you do with fairness and their best interest at heart. They are our priority as is closing loans quickly with no surprises. Let us change the way that you think about mortgage.
Fahey, A. “Saussy Burbank townhouses proposed for NoDa”. Web Blog Post. Charlotte Business Journal. 1 Apr 2016. Web. 11 Mar 2016.
Martin, J. “Charlotte-area home sales fall amid low inventory”. Web Blog Post. Charlotte Business Journal. 8 Apr 2016. Web. 11 Mar 2016.
Plemmons, M. “Construction values continue to rise in Cabarrus in the first quarter”. Web Blog Post. Charlotte Business Journal. 9 Apr 2016. Web. 11 Mar 2016.