The Carolina Regional Realtor Association just released their monthly statistical analysis today. We have looked at their numbers and there does not appear to be much change from the trend of the past months. There is still a lack of inventory pushing prices higher. The seller’s market continues as there is only 2.3 months of inventory, a balanced market is considered to be 6 months inventory or more.
Digging a little bit deeper into their numbers, there were 4,702 new listings in February, up 14.8% from the 4,097 from the same time in 2016. This stronger spring showing is encouraging as we are just starting the spring when listings usually pick up. We will have to wait and see if this trend continues so we can get inventory numbers up to previous years levels.
Median home price was up year over year from $180,525 to $199,000. Average home price was also up from $229,856 in 2016 to $243,383 in 2017. Sellers are also now getting an average of 96.3% of list price. This lack of discount means that the market is bearing out these higher prices.
Inventory continues to be low in the Charlotte area. In the February report, there are 8,807 homes currently on the market. This is down 21.4% from last year’s 11,210. This leaves us with 2.3 months of inventory down from 3.2 months in February of last year. We are holding steady from last month when there were also 2.3 months of inventory.
While these findings are great for sellers, they can be distressing for buyers. With less inventory on the market, there are fewer choices for each buyer. Buyers will also have to be able to afford the higher prices homes are commanding right now.
We are hopeful that sellers are gaining confidence in the market right now. There have been more new listings than in previous months and the hope is that this is the beginning of the pendulum swinging the other way.
If you are buying or selling a home in the Charlotte area, give us a call at (704) 525-4045. You can also view listings on our website here.