October Market Statistics

The trend we have been seeing for months continues once again. Prices are yet again up while supply is down year over year in the Charlotte area real estate market. For the sixth month in a row, home sales are down from the same time last year.

Jason Gentry, president of the Charlotte Regional Realtor Association and Carolina Multiple Listing Services Inc, said “It’s typical to see sales decline in areas that have experienced prolonged inventory shortages. Although the Charlotte region has experienced six months of decline in year-over-year sales; we are optimistic that sales in the market will continue at a steady pace based on positive pending sales and new listing activity.”

When you dig into the numbers from the monthly CRRA report based on the data from the MLS, you see that in the Charlotte area, sales dropped 9.8% from 4,012 to just 3,617, a decline of 395. When you look at the first 10 months of 2018, sales are down 2.1% from 41,622 to 40,767, a drop of 855.

Inventory was down yet again from 11,009 last October to 10,055 this October, a decline of 8.7%. This leaves the region with a 2.5 month supply of homes on the market. A balanced market between buyers and sellers is generally considered to be a 6 month supply of inventory. It is still above the low spot in March of this year when there were just 8,208 homes on the market which was just a 2 month supply.

New listings and pending sales were both up year over year. There were 4,796 new listings in October, up 6.9% over last year. Year-to-date new listings are still down slightly. When you look at the first 10 months, new listings were down 0.4% so not quite the recovery we need to see to balance the market. Pending sales were up 5% year-over-year to 4,091. Year-to-date pending sales were still down, but by 1.2%.

Prices for homes were up from last year at this time. The average home sold for $278,634, up 6% from last October. This is a little bit lower than the average from September when the average home sold for $281,533. It’s also down from August when the average home sold for $294,107. All of these prices were up over last year, but it may be the beginning of a trend of correction in the market.

The CRRA report covers 12 counties in North Carolina and 4 counties in South Carolina. There can be fluctuations within an area and some of the numbers can appear extreme due to small sample size.

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.

September Market Statistics

This year the prevailing trend has been low inventory, but this month a drop in home sales is bigger news. Sales have been dipping for the past five months, but this month there was a 15.3% drop from the same time last year.

These numbers are from the monthly report by the Charlotte Regional Realtor Association and are based on the data from the Carolina Multiple Listing Services, Inc. President of the CRRA Jason Gentry said “Without a doubt, sales in September were affected by Hurricane Florence, as local Realtors and community volunteers mobilized to assist homeowners who were reeling from flood and wind damage. The impact of the storm, just off the heels of weakened summer sales, helped to depress sales locally.”

The drop of 15.3% represented just 3,642 residential sales in September, which was down 19.3% from August. Year to date, sales are also down, though only by 1.8%.

Pending sales and new listings were down as well. Pending sales were down 6.6% year over year from 3,918 to 3,659. This is a decrease of 23.3% from August when there were 4,771 pending sales. New listings were down to 4,333 representing a decrease of 10.5%. This is a decrease of 1,327 from last month. Year-to-date new listings are down 1.2% compared to last year.

Supply of homes for sale in the Charlotte market also dipped from the same time last year. There is now a 2.5 month supply of homes down from 2.8 last year. There are just 10,210 homes for sale which is down 11.7% from last year but is up just slightly from last month’s 10,052.

Homes spend an average of five fewer days on the market in September than they did last year. This means that from list until contract was just 36 days. This is down 12.2% from the 41 days last year at this time.

In fact, the only thing going up in the entire report is sales prices. The average sales price went up to $281,533, up 5.2% from September of last year, though it was down 4.2% since last month. It remains to be seen if this is going to be the trend or if the market will recover after the worst of the storm damage is under control. That coupled with rising interest rates could keep the market slow until the spring.

Neighborhood Spotlight: Brookwood Hills

There is one more opportunity to own a beautiful home in Brookwood Hills. There were two new construction homes built here, but one has already been sold. The Howey Company is responsible for building these amazing homes, and you don’t want to miss out on the only one left.

Located near Myers Park on a quiet street, Brookwood Hills is close to everything you need. There are restaurants, shops, pubs, country clubs, and parks all close by. An uptown commute will take around 15 minutes. The airport is about 20 minutes away for a business trip or vacation. SouthPark Mall is only about 4 minutes away and is great for world-class dining, shopping, and pops in the park as well as community events.

Brookwood Hills is also zoned for great schools that are just minutes away. Current zoning is for Selwyn Elementary School, Alexander Graham Middle School, and Myers Park High School. All schools are top rated in the Charlotte area. Please verify school assignments with the school system in case of boundary changes. There are also many private, charter, and magnet school options nearby. For younger children, there are mother’s day out programs, daycare and preschools close by as well.

Homes here don’t come on the market often, in fact only three have been up for sale since 2016 which includes the two new construction homes. Homes are grand in scale with the smallest being almost 4,000 square feet and the largest just over 5,200 square feet. The new homes include Thermador chef’s kitchens, open living spaces, main level master suites, and three car garages. They have four upstairs bedrooms each with access to their own private baths. Homes have bonus rooms, home offices, luxury features and much more. All of the finishes are high end and they support the large price tags at around $1.5 million.

If you are interested in an amazing home in Brookwood Hills or any other neighborhood close by or in the Charlotte area, give us a call at (704) 525-4045. We will schedule a private tour of homes to meet your needs. You can view current listings and create custom searches on our website here.

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.

New Townhomes Coming To Myers Park

A new townhome project is coming to Myers Park and should be completed early in 2019. This exciting project has been named Myers Park Terraces and will include only 6 units. Sales are launching this week and they should go quickly.

Myers Park Terraces are located at the intersection of Park Road and Reece Road. This great location will have residents across the street from Park Road Shopping Center and walking distance to many restaurants and vibrant nightlife in Montford. The project is also about halfway between Uptown Charlotte and SouthPark making a quick commute to employers in either business hub.

Hopper Communities, a great local company, is the builder for the development. They have been behind many amazing communities in and around the Charlotte area including Cypress Landing, Fairington Oaks, Grandin Heights, and Southpoint at Southend.

From what we know so far, Myers Park Terrace will consist of six, three-story townhomes. Each home will have between 2,070 and 2,127 square feet of living space. In addition, each will have a two car garage and a roof terrace.

Each home in Myers Park Terrace will have three bedrooms in one of two different open floorplans. Features will include ten-foot ceilings on the main level, quartz counters, stainless steel appliances, hardwood floors, rain showers in the master, large kitchen islands and much more. The builder is also planning to include the entire Nest suite of home technology including Nest Thermostat, Nest Cam, Nest Hello, and Nest Secure. Prices are expected to start in the mid-$600’s.

In addition to all the great features and the great location, Myers Park Terrace is zoned for top rated schools. Current zoning is for Selwyn Elementary School, Alexander Graham Middle School, and Myers Park High School.

If you want to be one of the few people to get in on this exclusive community, give us a call at (704) 525-4045. Though Myers Park Terrace homes are not currently listed for sale, you can view nearby listings for boutique luxury townhomes and create custom searches on our website here.

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.

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.