The unusually harsh winter weather has been a “distraction” to homebuyers and sellers throughout the Carolinas, but listings, sales and closings have remained steady in the first two months of 2014.
“We closed out a strong year in 2013, up 26 percent over 2012, with 20,083 closings,” said Allen Tate President and COO Pat Riley in the March-April edition of Carolinas Market Update, a bi-monthly real estate video series produced by the Allen Tate Companies. “As we move into the spring, we are seeing lots of activity.”
Allen Tate Company closed out the year with 41 listings per day, 63 sales per day and 55 closings per day, said Riley. Nationally, sales of existing homes were up 9.1 percent from 2012, with the mean price up 11.5 percent at $197,100. Both the Carolinas and national markets saw double-digit sales increases for the second consecutive year.
Prices in the Carolinas are expected to increase 3-5 percent in 2014, said Riley, at the “normal” pace since 1950. “Inventory is increasing, but so are interest rates, so it definitely makes sense to buy now rather than later,” said Riley.
Even if they are not currently looking to buy or sell, Riley recommends homeowners maintain a steady relationship with their Realtor® between transactions, for sound professional advice and guidance regarding refinancing, remodeling, insurance and tax assessments.
Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle and Upstate S.C. regions. It is produced every other month by the Allen Tate Companies and features information, statistics, trends and predictions about the real estate market in North and South Carolina.
To access the latest Carolinas Market Update, go to the Allen Tate YouTube channel (www.youtube.com/theallentatecompany) or contact any Allen Tate Realtor®.