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.