Charlotte NC Housing Inventory on the Decline

If you’re hoping that rock-bottom real estate prices are going to last forever in Charlotte, NC, you might want to think again.

A recent report from the Charlotte Regional Realtor Association indicated that July 2011 saw approximately 20 percent less housing inventory in the Charlotte area than in July 2010, says best Charlotte agent Leigh Brown.

It would appear that the wave of foreclosures that crashed into the market a few years ago is beginning to subside. The massive influx of homes up for sale drove prices down, which has made it far easier for buyers to find a fabulous piece of Charlotte NC real estate. Buyers could (and for now, still can) enjoy stretching their real estate dollar significantly farther than they had previously been able to.

The fact that there are fewer homes on the market now indicates that either more people are buying, fewer people are losing their houses to the bank, or both. As housing inventory depletes, prices will go up because buyers will have more competition for fewer properties.

The good news for buyers is that prices are likely to remain as enticingly low as they are right now for at least a little while longer. According to the same report, the Charlotte area still has in excess of 20,000 homes for sale and another 4,000 or more are expected to hit the market.

The main reason we’re seeing this steady influx of inventory is that the economy is still recovering and the housing market is still in the process of finding its feet again after the mortgage crisis. Buyers qualified for loans they couldn’t really afford and once their subprime interest rates disappeared and mortgage payments skyrocketed, millions of people began the painful process of losing their homes.

Those homes, as well as thousands of short sales, make up an enormous portion of today’s current inventory of housing. Until a solid portion of that inventory disappears and the market balances out again, these low real estate prices are here to stay.

Got a question about Charlotte Real Estate, Charlotte short sales, or Charlotte short sales? Contact THE short sale expert in Charlotte and best listing agent in Charlotte, Leigh Brown.