Charlotte’s luxury home market continued to rebound in the third quarter. In Charlotte NC, a luxury home is defined as one that is listed for sale for $500,000 or greater. New listings increased 41.1% and closed sales increased 37.1% to 292 for the quarter. Year-to-Date, single family luxury home sales increased 38.1% to 772 while townhouses and condos increased 29.8% to 74 units closed.
Compared to the third quarter of 2010, Q3 2013’s sales are nearly double that in 2010 and the so have the number of all cash sales (8% of all luxury sales were cash).
What isn’t reflected in these numbers are the buyers who are purchasing homes and in-fill building lots for the purpose of constructing their own custom home. Many smaller homes in Myers Park, Dilworth, and Plaza-Midwood are being purchased for $200k-$350k, torn down, and replaced with a custom luxury home or a luxury spec home that will be offered for sale upon completion.
As one of the most stable segments of Charlotte’s housing market over the last year, the luxury home market continues it’s steady climb back to pre-recession levels.
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