I have completed several Market Conditions Addendums for appraisals during the past year in Charlotte, relative to neighborhoods throughout the city. This report tracks values for residential properties within a defined neighborhood for the past year. It takes into account sales, listings and houses under contract. The good news is that during this past year, this report has consistently shown that many neighborhoods have stabilized in value in the Charlotte, NC area. That, along with positive reports from the Board of Realtors relative to recent increases in home values, seems to indicate that we may be pulling out of the recession in Charlotte, after several rough years.
A quick search on the Carolinas Multiple Listing Service comparing all sales in the Charlotte region during October of 2011 to sales during October 2012 indicates an overall increase of 8.5% in average sales prices between the two years. This is comparing average sales prices for the entire area. Some individual neighborhoods may have increased more, or less, but the overall news appears to be good!
This may explain why we are starting to see builder activity again, both with new construction, and with additions and remodels to existing homes. We just completed a renovation of our own kitchen in our mid-century house, and a large new custom home has just been finished and occupied across the street from us, in Mammoth Oaks, which is near Fairview and Providence Roads. A small existing house near us on Preston Lane has recently been remodeled and enlarged, and went under contract very quickly.
My general contractor friends seem to be getting busy again, and a quick drive around a few Charlotte neighborhoods will show you that renovation and construction projects are happening all over the city