by Jason | Oct 12, 2016 | Real Estate Market Conditions
As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.
New Listings were up in the Charlotte region 2.6 percent to 4,494. Pending Sales increased 18.3 percent to 3,899. Inventory shrank 22.1 percent to 11,045 units.
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association
by Jason | Oct 7, 2016 | Real Estate Market Conditions
The Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CarolinaMLS) data.
CarolinaMLS home sales in September held steady, rising 3.2 percent over September 2015 sales with 3,839 properties sold compared to 3,721 properties sold in September 2015. Sales were down 8.8 percent compared to August 2016.
The average sales price ($256,377) increased 7.2 percent compared to the average sales price in September 2015 ($239,232). The median sales price ($207,000) increased 9.1 percent compared to the median sales price in September 2015 ($189,750).
The average list price in September 2016 ($302,178) increased 7.2 percent compared to September 2015 ($281,985), bringing the percent of original list price received measure to 96.2 percent, an increase of 1.1 percent compared to the same period last year. Pending sales counts rose 18.3 percent and totaled 3,899 during the month of September 2016 compared to 3,296 pending sales last September.
2016 Association/CarolinaMLS President Maren Brisson-Kuester said, “As we look ahead into fourth quarter, we expect sales to continue to hold steady, even though there could be the possibility of some cooling across the market as we head into the time of year when consumers become less focused on buying and selling.”
New residential listings (4,494) increased 2.6 percent in September 2016 compared to the same period last year. Inventory continued to fall, with the number of homes for sale down 22.1 percent compared to September 2015, leaving the CarolinaMLS region with a 3.0-month supply of inventory, or 11,045 properties for sale. Supply this time last year was higher, with 14,174 properties for sale, or 4.2-months of supply.
The average number of days a property was on the market from the time it was listed until it closed (list to close) was 99 days, which is 13 days less time on market than September 2015. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 47 days, which is 14 days less time on market than last September.
by Jason | Sep 27, 2016 | Real Estate Market Conditions
Closed sales began to cool for much of the country last month, and conventional wisdom indicates that year-over-year declines are going to be present for the remainder of the year, given the low inventory situation in most markets. Demand is certainly present and has created competitive situations that have kept prices up. Rental prices are also up, which may lure more toward homeownership.
New Listings were up in the Charlotte region 7.3 percent to 5,027. Pending Sales increased 23.2 percent to 4,525. Inventory shrank 22.7 percent to 11,150 units.
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association
by Jason | Aug 11, 2016 | Real Estate Market Conditions
Even as prices rise in many communities, homes are selling faster now than they have in the past several years. This creates a situation where buyers need to move fast in order to secure homes, and they may have to pay more for them. While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell.
New Listings were down in the Charlotte region 3.4 percent to 5,075. Pending Sales increased 20.4 percent to 4,543. Inventory shrank 23.0 percent to 11,290 units. Prices moved higher as Median Sales Price was up 8.5 percent to $217,000. Months Supply of Homes for Sale was down 29.5 percent to 3.1 months, indicating that demand increased relative to supply.
Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and an unemployment rate under 5.0 percent deep into 2016. The issue is not purchasing power. Many areas are falling behind last year’s closed sales totals simply because of lack of available inventory. As this continues, higher prices may put a deeper squeeze on the current buyer pool.
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association
by Jason | Jul 8, 2016 | Real Estate Market Conditions
Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months’ supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
New Listings were up in the Charlotte region 7.7 percent to 5,579. Pending Sales increased 19.3 percent to 4,763. Inventory shrank 23.3 percent to 11,145 units. Prices moved higher as Median Sales Price was up 8.1 percent to $225,000. Months Supply of Homes for Sale was down 31.8 percent to 3.0 months, indicating that demand increased relative to supply.
The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association
