STANLY COUNTY, NC — This year’s president of the Canopy Realtor Association uses words to describe Charlotte’s current housing market climate that are sure to resonate with those vying for homes — tough, frustrating, crazy.
“It’s frustrating on all sides,” Lee Allen said in a recent interview with the Charlotte’s Business Diary, noting that many local buyers find themselves competing against those with higher equity and greater liquidity. “I always say conditions do the trick. And these guys come in with completely different terms, and a salesperson says, “I would sell to these (other) guys, but I can’t turn down that number or cash in to close in three weeks.”
Charlotte-area sellers are currently receiving 100.6% of their asking price, on average. This represents an increase from 99.3% a year ago and 96.8% in February 2020. At the same time, housing stock in the area has fallen to essentially two-week supply, with less of 2,300 homes put up for sale in early March. Home prices continue to post double-digit increases, with the median sale price jumping 22% year-over-year to $360,000 in February and the average sale price rising 19.6 % to reach $407,812.
Allen, the 2022 president of the association and Canopy Multiple Listing Services Inc., and his wife Mary Burt are brokerage owners at Re/Max Executive and based in the company’s Albemarle office – about 42 miles north. east of Charlotte.
A Randolph County native, Allen graduated from UNC Charlotte in 1985 with an engineering degree, but transitioned into real estate and now has about 20 years of experience in the local housing market. He and his wife founded a Re/Max franchise in 2006 and partnered with Re/Max Executive in February 2020. Allen has been involved with the association since 2012, serving in various roles. He is also active in the Albemarle community, having served as Chairman of the Stanly County Chamber of Commerce Legislative Affairs Committee and Chairman of the Stanly Family YMCA Board of Directors, among other positions.
With roots in the Albemarle region, Allen focuses primarily as a broker on outlying areas of Mecklenburg County, such as Locust and Midland – parts of the region he has described as “really growing.” explode”.
“I see a lot of buyers commuting for affordability. They say, “Look, as much as I would love to live in NoDa, I can’t afford it anymore.” Or, ‘Plaza Midwood just took me out of the price, and so I’m going to do this 45-minute ride into town and I’m going to live here where there’s a little more affordability.’ It’s a bit (of) leeway,” he said. “That’s why you see such intense activity in the outlying areas; Cabarrus County, Union County, Waxhaw – these areas are exploding.
JCB sat down with Allen this week to discuss current trends in the local real estate market, what could be causing ripples and his expectations for the year ahead. Read the interview here.
(WATCH BELOW: ‘Complicated’: Affordable housing development near South End faces setbacks)
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