Uptown Charlotte North Carolina Real Estate Market Report, May 2011 (Condos Only)
The history of Charlotte's Uptown began at the junction of Trade & Tryon Streets, being the center of the 'village' where the original Indian paths crossed, creating the city's main arteries. Then, 100 acres were deemed 'Downtown.' Now, 220 acres of blocks around the 'square' (the center of the city) were laid out in a nearly perfect grid of blocks, each being approximately 400 feet long and is referred to as Uptown.
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Below is the current market absorption trend for all of the Uptown condo market, including all of the four wards in the Uptown Charlotte area. Average, tighter list:sale ratio demonstrates that sellers are pricing their Uptown condos more in-line with what the market will support in the area. Days on the market continue to be nearly 4 months but, when priced correctly, the condos are moving in far less time. A 7.5-month supply continues to reflect the buyers market that we're experiencing in Uptown but, is not nearly as tough as the 13-month supply of just one year ago.
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Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310
Debe - It seems like the market is improving for Charlotte condos, and I hope that it's improving everywhere. I believe that the market will continue to improve as the economy does.
Thanks, Larry! Things are looking up a bit--to talk to some of the residents, they don't realize that things are a bit more stable than they were last year. So, it's nice to be able to share the true stats--giving homeowners some positivity for a change!