It’s true and it’s for real the Charlotte residential real estate market is (has been) turning around!
The monthly supply of homes for sale in Charlotte MLS Area 5 is at a four year low. Right now the desirable MLS area 5 home inventory is 7.5 months – that’s down 36% from a year ago 11.7 months and has not been this low since July 2008.
Foxcroft one of Charlotte’s most beautiful and desirable neighborhoods in the heart of Southpark Area 5 has a 10 month supply of homes for sale which up slightly but down dramatically fro it’s high 26 month supply In January 2010.
So what doe this tell us about the Foxcroft home market?
- The Southpark area market it’s healthy
- It’s a good time to sell – inventory is low
- It’s also a good time to buy because the overall market is solid and trending up and Foxcroft is timeless*
- *remember it wasn’t that long ago average price/square foot in Foxcroft was $314, it makes today’s $220/sf look like a bargain. (this has never been a distressed/foreclosure neighborhood to say the least)