Foreclosure and short sales as a percentage of total home sales in the Charlotte, North Carolina region remained low (2.9%) in January 2017. If you've been looking for a distressed property bargain in the Charlotte metro area and are having a hard time finding one, here's why:
- Foreclosure sales were down 18.6% in January 2017 versus January 2016
- Short sales were down 14.8% in January 2017 versus January 2016
Foreclosure and short sales accounted for only 2.9% of total Charlotte region home sales in January 2017, down a full percent from 3.9% in January 2016. Clearly, one reason it's hard to find that "bargain" is because there are simply fewer of these homes available for sale.
It's also worth pointing out that the median sale prices of foreclosure and short sale homes were down 28.1% and 11.3% respectively ~ a second reason it's hard to find that distressed property "bargain" in the Charlotte area. In a market where the median sale price was up 14.5% to $205,000, it's to be expected that the availability of lower-priced properties is limited at best and typically not in prime neighborhoods.
JANUARY 2017 SHARE OF DISTRESSED PROPERTY SALES IN THE CHARLOTTE REGION
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This update on distressed property sales in the Charlotte region is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants.
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