by Jason | Feb 9, 2017 | Real Estate Market Conditions
January brings out a rejuvenated crop of buyers with a renewed enthusiasm in a new calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Continued declines in the number of homes available for sale may push out potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, especially if mortgage rates continue to increase.
New Listings were up in the Charlotte region 4.7 percent to 3,937. Pending Sales increased 20.6 percent to 3,643. Inventory shrank 25.0 percent to 8,639 units. Prices moved higher as Median Sales Price was up 14.5 percent to $205,000. Months Supply of Homes for Sale was down 30.3 percent to 2.3 months, indicating that demand increased relative to supply.
In case you missed it, we have a new U.S. president. In his first hour in office, the .25 percentage point rate cut for loans backed by the Federal Housing Administration (FHA) was removed, setting the table for what should be an interesting presidential term for real estate policy. FHA loans tend to be a favorable option for those with limited financial resources. On a brighter note, wages are on the uptick for many Americans, while unemployment rates have remained stable and relatively unchanged for several months. The system is ripe for more home purchasing if there are more homes available to sell.
Current as of January 5, 2017. Figures shown may be different than previously reported. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association
by Jason | Jan 11, 2017 | Real Estate Market Conditions
Market Update Videos For January 2017 – Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.
New Listings were up in the Charlotte region 4.8 percent to 2,544. Pending Sales increased 24.9 percent to 2,792. Inventory shrank 25.7 percent to 8,747 units. Prices moved higher as Median Sales Price was up 10.0 percent to $209,000. Months Supply of Homes for Sale was down 32.4 percent to 2.3 months, indicating that demand increased relative to supply.
The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for creative and diligent people prepared to put in the necessary amount of work.
Current as of January 5, 2017. Figures shown may be different than previously reported. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association
by Jason | Dec 11, 2016 | Real Estate Market Conditions
The story has remained consistent as concerns residential real estate. In year-over-year comparisons, the number of homes for sale has been fewer in most communities. Meanwhile, homes are selling in fewer days and for higher prices. This hasn’t always been the case, but it has occurred with enough regularity and for enough time to make it a trend for the entirety of 2016.
New Listings were up in the Charlotte region 9.8 percent to 3,367. Pending Sales increased 27.0 percent to 3,382. Inventory shrank 24.9 percent to 9,770 units.
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association
by Jason | Dec 8, 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 November continue to hold steady, rising 19.7 percent over November 2015 sales with 3,175 properties sold compared to 2,653 properties sold in November 2015. Sales were down 7.1 percent compared to October 2016.
The average sales price ($259,205) increased 8.1 percent compared to the average sales price in November 2015 ($239,680). The median sales price ($210,000) increased 7.7 percent compared to the median sales price in November 2015 ($195,000).
The average list price in November 2016 ($278,772) increased 5.3 percent compared to November 2015 ($264,841), bringing the percent of original list price received measure to 96.2 percent, an increase of 1.3 percent compared to the same period last year. Pending sales counts rose 27 percent and totaled 3,382 during the month of November 2016, compared to 2,662 pending sales last November.
2016 Association/CarolinaMLS President Maren Brisson-Kuester said, “The nearly 20 percent increase in CarolinaMLS sales in November can partially be attributed to the rise in mortgage rates as well as the last minute push we see from buyers at this time of year. Unfortunately prices across the region will continue to be pressured into 2017 as we continue to deal with tighter supply as we move into the slowest part of the selling season.”
New residential listings (3,367) increased 9.8 percent in November 2016 compared to the same period last year. Inventory continued to fall, with the number of homes for sale down 24.9 percent compared to November 2015, leaving the CarolinaMLS region with a 2.6-month supply of inventory, or 9,770 properties for sale at report time. Supply this time last year was higher, with 13,004 properties for sale, or 3.8-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 103 days, which is 13 days less time on market than November 2015. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 49 days, which is 13 days less time on market than last November.
Be sure to check out the latest Market Update Videos.
by Jason | Nov 15, 2016 | Real Estate Market Conditions
As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.
New Listings were up in the Charlotte region 2.7 percent to 4,150. Pending Sales increased 26.4 percent to 3,984. Inventory shrank 23.1 percent to 10,570 units.
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association
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
