The Carolina Multiple Listing Service has released their monthly report and the news looks pretty familiar. Supply is down with low inventory woes persisting while demand is up. Home sales rose year over year and pending sales show that demand is still strong in the area. These numbers all come from the Charlotte Regional Realtor Association’s monthly sales activity report.
Closed sales were up 2.6% last month from 3,572 last year to 3,664 this year. New listings were up year over year as well. In 2016 there were 4,205 and in 2017 were up to 4,336 representing a rise of 3.1%.
Pending sales, also called new contracts for sales are the big story this month. They rose 15.4% from 3,617 to 4,173. This strong demand is a great indicator that the market will continue to stay strong for some time to come.
Median sales price was up from $210,000 last year to $223,000 this year, a 6.2% increase. Average sales price was also up 4.2% from $256,812 up to $267,615.
Inventory continues to be low. This helps drive up prices as demand remains strong. There is only a 2.4 month supply of homes in the Charlotte region right now. A balanced market is generally considered to be a 6 month supply. That’s when buyers and sellers have the same power in a transaction. Right now it is considered a strong seller’s market. This 25% decline from last year means that the possibility of multiple offers on a property are more common as is bidding above list price to win a property. Last year at this time, there were 11,760 homes for sale and this year there are only 9,539.
Homes are staying on the market for fewer days as well. From listing to closing homes are on the market for an average of 89 days. Compared to 104 days last year, this represents a decline of 14.4%.
If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can view current listings on our website here.