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.