Category: Southpark

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.

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.

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.

 

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.

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.

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.