Steele Creek was the quickest growing area of Charlotte pre-recession. It had a few slow years right after but has been exploding over the last 2 or 3 years. Let's take a look at what's been going on in Steele Creek over the last 90 days.
(Note: For simplicity we've defined the Steele Creek area as the 28273 and 28278 zip codes outside of 485. Data derived from MLS from 9/1/15 - 11/30/15).
Steele Creek Market Activity (last 90 days)
Total # of Home Sales
Median Days on Market
The Steele Creek market is looking quite strong over the last 90 days with over 7% more volume than last year, the median sales price/sqft up more than 9% (more on that below) and the days on market dropping by over 50%! So what does that mean to you?
Well, we can infer several important real estate tidbits from the chart above. First of all, the Steele Creek market is continuing it's winning streak over the past 3 years. There also aren't enough homes for sale in Steele Creek with a median DOM of only 18 days (PS - We'd love to sell your Steele Creek home!).
Last but not least, and you wouldn't necessarily know this unless you were following the Charlotte real estate market closely, but part of Steele Creek's success is due to the fact that it's it's getting harder and harder to get into south Charlotte proper as a first time buyer. Take a look at this south Charlotte home search of homes for sale between $200 - $300k.
It's slim pickings, only 69 homes available at the time of this post and they're all on the outskirts (Matthews, South Blvd neighborhoods)! Inventory is low and with so many people moving to Charlotte over the past 10 years south Charlotte has gotten expensive. Matthews and the Steele Creek area have benefited as a result.
The median year over year appreciation for the last 90 days in Steele Creek is a brisk 9%. That's strong for Charlotte which has seen a bit over 7% appreciation during that same time period. Let's compare the appreciation in Steele Creek to other similar neighborhoods:
There were 259 homes that sold between 9/1/15 - 11/30/15 this year (does not include condos or townhouses). The average sales price/sqft of the homes sold during this period was about $99/sqft. Let's take a look at some of the other important data points:
Wow! The most expensive home in Steele Creek sold well over $650k (new construction, but still). This is interesting mainly because Steele Creek is thought of as a great place for 1st time home buyers. There are many good options from $200s - $350s. One of the reason Steele Creek has been doing well over the past few years is the lack of affordable housing in south Charlotte.
The McDonald Group at Wilkinson ERA is a group of professionals, dedicated to helping our Clients win in real estate. Expert and honest advice, local area knowledge, and seriousness of purpose but with folks who don't take themselves too seriously. The founder Terry McDonald, was a builder for 20 years, and has been a broker for the last 13 years. Buying a home or selling, first home buyer or relocating to Charlotte,the McDonald Group is here to serve. Our client list includes first home buyers to luxury homes, professional athletes, business owners and physicians. From in town to South Charlotte, Lake Norman too, we know Charlotte.
The Group's core values are all about integrity and market expertise. We look out for their clients interest above all others. We are a learning organization, and big believers in training and lifetime learning. Sellers know us for our technological savvy, our aggressive marketing, and the ability to consistently beat the averages in Days on Market. Buyers love us, we never pressure anyone, yet were able to save our Buyer clients 44% off the market average in 2013- and now that the market has changed we win more than our fair share of multiple offer situations.
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