Low inventory has been pushing prices steadily higher in the Charlotte Metro area, and this month the trend continues. The monthly report from the Carolina Regional Realtor Association pulls data from the Carolina Multiple Listing Services. This month’s report shows 10,570 homes for sale representing 2.8 months of inventory. This is down from last year when 13,742 homes were for sale representing 4 months of inventory.
Home sales across the region rose by 3.4% over last year, but were lower than last month by 421 homes. Home prices on the other hand, were up 7.6% from last year. Average home price last year was $238,518 and this year is $256,736. This rise is even up from last month’s average of $256,377.
The trend is showing short supply at a time when demand is on the rise resulting in higher prices. A balanced market between buyers and sellers is traditionally defined by 6 months of inventory. This means that sellers are still benefiting greatly from this market, while buyers have less power in a transaction.
Homes are selling in less time than last year as well. The average days on market in 2015 was 113 and in 2016 is 104. This is another indication that buyers are jumping on homes as soon as they hit the market.
In 2015, sellers received 94.7% of the list price on average for their home sales. This year, sellers should be very happy as they are getting on average 96.2%.
New listings are up from last year by 2.7% from 4,040 to 4,150. Pending sales are up 26.4% from 3,152 to 3,984.
It remains to be seen what effects if any we might see from the recent presidential election. We are also waiting to see if there are any lingering effects from HB2 and the recent rioting in the Charlotte area. So far, it appears that the real estate market remains largely unchanged by recent events. The strong sellers market appears to be going nowhere and should continue into 2017