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
by Jason | Jun 8, 2016 | Real Estate Market Conditions
We are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price, depending on the factors of the home and submarket in question. It was widely predicted that we would see healthy sales activity during the second quarter of 2016 after a mildly sluggish first quarter, and the market has not disappointed.
New Listings were up in the Charlotte region 4.5 percent to 5,637. Pending Sales increased 21.0 percent to 4,989. Inventory shrank 25.4 percent to 10,880 units. Prices moved higher as Median Sales Price was up 5.0 percent to $209,900. Months Supply of Homes for Sale was down 31.8 percent to 3.0 months, indicating that demand increased relative to supply.
Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current state of new construction for non-rental households, the road ahead could be tricky if demand remains high.
by Jason | May 9, 2016 | Real Estate Market Conditions
The housing market is being predictable, and that’s a good thing. At the beginning of the year, it was anticipated that the prevailing trends of the past year would continue into and through 2016, and that has largely been the case. The number of homes for sale has generally remained lower compared to a year ago, and prices have been steadily rising in desirable communities where homes show well.
New Listings in the Charlotte region increased 2.6 percent to 5,721. Pending Sales were up 21.1 percent to 5,160. Inventory levels fell 26.6 percent to 10,513 units. Prices continued to gain traction. The Median Sales Price increased 6.3 percent to $202,000. List to Close was down 4.2 percent to 113 days. Sellers were encouraged as Months Supply of Homes for Sale was down 34.1 percent to 2.9 months.
There have been no striking changes to curtail what should be a decent run of home sales over the next several months. Mortgage rates have remained stubbornly and wonderfully low, the unemployment rate has remained at or near 5.0 percent for eight straight months and wages have increased for a great many people. New construction has been slow, and that may be a damper on sales, but the general outlook remains strong.
