This week the Carolina Regional Realtor Association released their monthly report of housing data in the Charlotte area. These figures are based on Carolina Multiple Listing Services data which includes Charlotte and surrounding areas including two counties in South Carolina. This area also includes 10 counties in North Carolina ranging from Statesville to Fort Mill, and from Gastonia to Salisbury.
Numbers on the report were not surprising. They continued the trend of low inventory and strong sales which has been going on for the entire year. In December, the total MLS area was up 4.5% over last December for total closed sales. If you look at the entire year, 44,386 homes were sold, up 8.4% over 2015.
Sales activity wasn’t the only number on the rise. Both the median and average sales price rose for both the month and the year. This December, median sales price rose 10% to $209,000 and average sales price rose 8.2% to $258,108. For the entire year, median sales price was up 7.5% at $207,000 while the average sales price rose 6.5% to $257,701.
Inventory numbers continued to fall throughout the year. December’s inventory number was down 25.7% from last year at this time. This leaves the Charlotte region with just 2.3 months of inventory which is well below the six months of inventory needed to have a balanced market between buyers and sellers. This leaves sellers with the upper hand in transactions for now.
The rise in prices and lack of options could leave some buyers out of the market entirely. Mortgage rates are expected to rise as well which could be a problem for first time buyers in particular. However, the market is strong, and expected to remain steady for the coming year.
If you are looking to buy or sell in the Charlotte area, call us at (704) 525-4045. You can also see listings on our website here.