August Market Statistics

The monthly numbers are out from the Charlotte Regional Realtor Association. They gather the data from the Carolina Multiple Services and compare what is happening in the market now with last year at the same time. For four months, home sales have been down across the Charlotte region. It looks like this may be the new trend for the area.

The Charlotte Business Journal reports that “another straight month of annual sales declines during the peak home-selling season shows “the cooling effect limited inventory and waning affordability are having on the Charlotte market””. The quote is from Jason Gentry, the CRRA President.

If you look at home sales between last year (4,800) and this year (4,514), there is a decline of 6%. This is not what you typically expect at this time of the year. Home prices are edging higher as well with the average sale price up to $294,107. This is up 8.8% over last years $270,274.

Pending sales are up 7.4% over last year at this time from 4,443 to 4,771. New listings were up 1.5% from 5,576 to 5,660. This shows that there is still strong interest from buyers despite prices rising.

Inventory woes persist in the Charlotte market as once again the supply of homes is down year over year. There are currently 10,052 homes on the market, down 14.3% from last years 11,736. This represents just a 2.4 month supply of inventory, well down from the 4-6 months supply that typically represents a balanced market between buyers and sellers.

Homes continue to sell at a faster rate than last year spending just 38 days on the market. This is down from 43 days last year, a decline of 11.6%. This means that buyers have to be pre-approved for loans and ready to jump on a home quickly after it is listed.

If you are in the market to buy or sell a home in the Charlotte market, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

 

July Market Statistics

Home prices rose again in July, and inventory tightened yet again, continuing a trend that we have been stuck in for some time. This makes first time buyers more hesitant to enter the market and keeps sellers from listing as they are afraid of not being able to find a comparable home.

Jason Gentry, president of the Charlotte Regional Realtor Association says “Without a doubt, limited inventory continues to pressure prices across the region, while also effectively slowing sales during what’s typically our prime selling season. Demand and pending contract activity remain strong, which means buyers must move quickly to purchase the home they want.”

When you look at the numbers for the Charlotte region, average home prices were up 6.7% from this time last year. In 2017 the average sale price was $276,434, in 2018 it has risen to $290,486. When you look at the longer trend, in 2012 the average sale price was just $219,867.

In July of 2012 there were 18,228 homes for sale in the Charlotte region. This July, there are just 9,790 homes for sale. Those 9,790 homes represent a 2.4 month supply of inventory. This is well below the 4-6 months supply that would normally signal a balanced market between buyers and sellers.

All of these numbers come from the recently released report based on data from the Carolina Multiple Listing Services. The numbers show that closed sales were down this month over July of last year by 2.8%. This is concerning as it occurs during what is normally the busiest time in the yearly cycle for sales.

New listings were down 0.4% year over year which leads us to believe that the market is due for a further slow down. We will have to watch and see what happens in August to be sure if this is indeed the trend.

Pending sales on the other hand were up substantially from this time last year. In July of 2017, there were 4,398 pending sales. This July, there are 4,947, an increase of 12.5%. If all of these head to the closing table, we should see a rise in sales for next month.

It is taking less time for homes to sell once they are put up on the market as well. Homes are staying on the market for an average of 83 days from list to close. From the time of list until the sale is just 36 days. This means that buyers have to be completely ready to go when they find the home they want.

If you are looking to buy or sell in the Charlotte area, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

June Market Statistics

Buyers are starting to feel the pinch in the Charlotte market as inventory is super low and prices are rising sky-high. Jason Gentry, the president of the Charlotte Regional Realtor Association says “Even though the Charlotte region is wedged into a solid seller’s market, incredibly low supply coupled with higher prices and rising mortgage rates are presenting challenges to buyers.”

This should be a great market for sellers, but they are afraid of not being able to find a comparable home so they are reluctant to list their homes. This is coupled with builders not being able to keep up with demand either so inventory remains low.

The monthly report numbers are out from the Charlotte Regional Realtor Association data compiled from the Carolina Multiple Listing Services. According to their report, there are just 9,554 homes on the market, down 17.2% from this time last year. This means that the Charlotte Region has only a 2.3 month supply of homes at this time. A balanced market between buyers and sellers is considered to be a 6 month supply. For comparison, in June of 2012 there were 18,700 homes on the market in the Charlotte Region, almost twice the number on the market in June of 2018.

The average sales price of homes rose 5.7% from last June to this June up to $302,177. If you look back at that same report from June of 2012, the average sales price was $227,907. That’s a jump of almost $75,000 in just 6 years, almost a 33% rise in property value.

The homes that are on the market are selling at a quicker pace than in years previous. In June of 2012, homes spent an average of 111 days on the market from listing to sale. This June, homes spent an average of only 36 days on the market. This means that buyers have to be able to act quickly to get a home right now.

If you are ready to act quickly, give us a call at (704) 525-4045. You can view current listings on our website and create custom searches here.

May Market Statistics

The competitive Charlotte housing market is continuing for yet another month. This is according to the May report from the Charlotte Regional Realtor Association. The report is based on numbers from the Carolina Multiple Listing Services.

Limited inventory is one of the factors making the market so competitive right now. There are just 9,106 homes on the market right now, down 2,275 from last year at this time. This is a reduction of 20%. This means that buyers are competing for a dwindling supply of homes and new construction starts and new listings are not keeping pace with current demand. This lack of supply is even more pronounced in the below $350,000 range where the number of homes available has dropped more dramatically, even as much as 50% in some price ranges.

Another factor making the market a tricky place for buyers is rising prices. The average home price in the Charlotte region was up 10.7% from May of last year, up to $299,690. The median home price has risen 9.5% up to $245,000.

These higher prices combined with lack of inventory are pricing some buyers completely out of the market. The buyers that can still afford a home can face additional challenges. They may have to wait longer for homes to come on the market that match their criteria, or they may face direct competition from other buyers in multiple-offer situations especially in the lower price points.

These factors together appear to be slowing the market somewhat. There were 4.2% fewer sales this May than last May. Pending sales were up 9.7% and new listings were up 3.3% so this could be a dip for May only.

It remains to be seen how long this tight market can go on before there is a correction. For now, homes are selling faster than ever with days from list to close coming in at 87, down 10 days from last year at this time. For now, it appears that buyers need to be able to act quickly.

April Market Statistics

The story is much the same for the Charlotte region this month. According to data from The Charlotte Regional Realtor Association, home prices are still on the rise and inventory is still on the decline. The report data is based on information from the Carolina Multiple Listing Services Inc.

When you compare year over year, inventory is the most striking with a decline of 22.6% from 11,008 homes for sale in April of last year to just 8,515 homes for sale this April. This means that buyers have fewer homes to choose from and prices are being driven higher by lack of supply.

Both median and average sales prices are up for the region as well. Homes sold for an average price of $292,158 last month, an increase of 8.1%. The median sales prices was $240,000, up 7.4% from the same time last year.

It appears that there are still buyers out there which means that we won’t soon see a reversal of this seller’s market. A seller’s market is generally considered to be a 4-6 month supply of homes, and in the Charlotte region we are sitting at just a 2.1 month supply of inventory. While this is great news for sellers, unless they are moving out of the region, it can be difficult to find a new home to move into.

Pending sales were up 10.7% from last year which gives hope that there are still buyers in the market. Sales of homes were also up by 1.6% from last year. Homes also sold quicker this year than last, spending just 44 days on the market on average, down 5 full days from last year.

New listings were up, though only slightly from last year, just 0.7% or 39 homes more than last year. This means that we won’t see the market begin to reverse just yet.

If you are in the market to buy or sell a home in the Charlotte area, give us a call at (704) 525-4045. We have the knowledge and expertise to help you through the entire process. You can also view current listings and create custom searches on our website here.

Custom Luxury Awaits in Longbrooke

In the Northern part of Lancaster County is a true retreat of luxury homes. Longbrooke is a gated community with large lots and custom built European inspired country homes. This is the only gated luxury community in the area and it is the ideal setting for your next home. These amazing homes have it all with lower South Carolina taxes, serene setting, yet are close to everything.

Located south of Ballantyne conveniently off 521, Longbrooke is close to shopping, dining, entertainment, and outdoor recreation. A trip to Charlotte Douglas International Airport is 25 miles away and Uptown Charlotte is 24 miles away. Quaint shops are just up the road in Indian Land, and a trip to Lake Wylie is about 15 miles. This means that Longbrooke is easily accessible, yet has a remote country setting.

Custom crafted estates in Longbrooke have many handcrafted details, from the iron gates welcoming you into the neighborhood, to the gas lanterns and fountain garden tying the community together. Lots are wooded and private with gently rolling hills.

Homes in Longbrooke have four featured custom luxury home builders. Pasko Homes, Arthur Rutenberg Homes, Harland Homes, and New Old are the featured builders. You can also bring your own builder of choice to create your custom dream home.

Homes in Longbrooke harken back to old world style, but with all of the modern conveniences. Expect elegant styling, outdoor living spaces, sumptuous interiors, and all the bells and whistles. No expense has been spared in the details of these homes. Accordingly, prices start in the $600’s and can go well over $1 million. But you get what you pay for, most homes are near or over 4,000 square feet of living space and include many flex spaces, home offices, game rooms, libraries, gourmet kitchens, pools and much more.

Children in Longbrooke currently attend Harrisburg Elementary, Indian Land Middle, and Indian Land High Schools. Please verify school assignments as zoning boundaries can change from one school year to the next.

There are still new construction opportunities in Longbrooke. If you would like to schedule a private tour of homes, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

 

March Market Statistics

It looks like the Seller’s market is going to continue for a while in the Charlotte area. According to data from the Charlotte Regional Realtor Association, the Charlotte area is down to just a 2 month supply of homes. This data is based on information provided by the Carolina Multiple Listing Services monthly report. The report was released this week and looks similar to previous months, with a few exceptions.

One of the most striking changes from previous months is the drop in sales. There was a decline of 11.2% from March of last year. This is possibly a sign that the hot market could slow down at last.

New listings were also down 4.5% year over year. The lack of new listings typically indicates that there could be more competition for existing listings which makes a seller’s position in a transaction stronger. Currently the supply of homes is at just 2 months. A balanced market between buyers and sellers is typically 6 months.

One of the things that typically happens when there is a lack of supply in the market is that prices go up. This is what has been happening in the Charlotte area. In March, median sales price was up 7.1% to $235,000. Average sales price was up 4.6% to $279,726. These higher prices are paired with rising interest rates which can price some buyers out of the market entirely.

Another side effect of rising prices and interest rates is that homeowners are staying in their homes longer. This is truly an opportunity for sellers to list their homes as they can get higher prices, but many homeowners are cautious because they worry about not finding their next home. There is a ready and willing buyer base so hopefully we will see inventory rise soon.

If you are interested in buying or selling a home in the Charlotte area, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

February Market Statistics

The Charlotte Regional Realtor Association has released their monthly report of home sales statistics based on data from the Carolina Multiple Listing Services, Inc. According to the report, home prices in the region continue to be higher than previous months. The average sales price rose year over year to $265,761, an increase of 8.3%. The median price also rose 12.9% to $227,000.

Pending sales were up 8.3% from 2017 with 4,092 sales pending at the time the report was released last Friday. There were 2,792 sales that closed in February, representing a 3.4% increase over 2017.

Despite these gains, inventory was down yet again from a 2.6 month supply to a 2.0 month supply, a decrease of 23.1%. There were only 8,035 homes on the market at the time of the report. This leaves homebuyers with fewer choices, and makes competition more common when a home does come on the market. Buyers are at a disadvantage in negotiations as there are more buyers than sellers at this time.

Buyer demand may be steady, but new listings were down year over year from 4,695 down to 4,627 representing a decline of 1.4%. This means that we can’t expect a reversal of the market any time soon.

It will be interesting to see what will happen as the FED has recently raised rates, which usually tracks with a corresponding rise in mortgage rates. This could cause a slow-down of the market as people may not be able to afford large mortgages. We will keep tracking the trends.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

 

Limited Opportunities in Ballantyne’s Estates at Oakhaven

Estates at Oakhaven is another amazing neighborhood brought to you by CalAtlantic/Lennar Homes. Begun by CalAtlantic, Lennar is taking on the task of finishing the project after the merger. Located in Ballantyne, Estates at Oakhaven is in a fabulous location close to shopping, dining, golf, outdoor recreation and more. There is easy highway access connecting residents to Uptown Charlotte and Charlotte Douglas International Airport.

Located just south of Ballantyne Commons Parkway, Estates at Oakhaven straddles Providence Road West between Johnston Road and Community House Road north of Ardrey Kell Road. This location is close to the Golf Club at Ballantyne which gives residents year-round access to an amazing golf club.

Containing only 46 homes, Estates at Oakhaven is an exclusive opportunity. These all brick luxury homes start at $473,990 and go up to $535,990 or more with upgrades. There are six floor plans to choose from including Waverly, Oakwood, Ellington, Drake, Chatsworth and Wilmington. Square footages range between 3,014 to 3,745 and include 4 or 5 bedrooms and 3 to 4 bathrooms.

Homes in Estates at Oakhaven have two or three stories and two car garages. Options include two story foyers, spa like bathrooms, gourmet kitchens, guest suites, trey or coffered ceilings, upstairs laundry rooms, Jack and Jill bathrooms, walk-in dressing rooms/closets and much more. There are seemingly endless opportunities to make a home in Estates at Oakhaven perfect for your family.

Children in Estates at Oakhaven could go to either Hawk Ridge Elementary or Elon Park Elementary Schools. From there, they feed to Community House Middle School and Ardrey Kell High School. Please verify school assignments as boundaries are subject to change.

There are currently four homes for sale in Estates at Oakhaven with three already under contract. If you are interested in getting in on this exclusive opportunity, give us a call at (704) 525-4045. You can also view current listings and create custom searches on our website here.

Year End Market Wrap-Up

The end of year numbers are in from the Charlotte Regional Realtor Association. The report, which is based on numbers from the Carolina Multiple Listing Services data, shows that the Charlotte market is left with just a 2 month supply of homes for sale. This trend has been going all year with a steady decline as people are reluctant to put homes for sale when there is not enough choice for a next home. This leaves the market chronically low. At the end of 2015 we had 3.4 months supply, 2016 ended with 2.6 months supply.

A balanced market between buyers and sellers is considered to be when there is a 6 month supply of homes for sale. Charlotte’s 2 month supply is well below that and also below the 4.6 month supply across the nation.

Somehow, even with the lack of supply, sales were up year over year. In 2016 there were 44,734 sales and 2017 saw 47,353 sales. This is a rise of 5.9% year over year. There were fewer closings this December than the previous year, 8.4% fewer. There was a 17.3% rise in pending sales in December which leads us to believe that January will be strong.

Prices are on the rise as well, median sales price was up to $226,000, a rise of 9.2% over last year. Average price was up 5.8% to end the year at $272,900.

Homes are staying on the market for a shorter time as well. In 2017 they spent an average of 45 days on the market before a sale. This means that competition for homes is more fierce than ever with homes selling quickly and for higher prices and with lack of supply. This leaves buyers in a situation where they need to be able to act quickly and decisively if they want to get the home of their dreams before someone else buys it.

In fact, in a report from Zillow, 27% of homes in Charlotte have sold for more than their asking price. This is up from 9.4% in 2012. This means that sellers have walked away with an average of an extra $5,000. This is great for sellers, but will leave buyers in a position where they have to be more aggressive than ever to get what they want.

We can help you with that. Give us a call at (704) 525-4045 and we can help get you into the home of your dreams. You can also view homes and create custom searches on our website here.