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.
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