Based on the Carolina Regional Realtors Association monthly market update report this week, Charlotte continues to enjoy a seller’s market. The supply of homes in the entire CarolinaMLS area, which includes some areas in South Carolina and as far north as Statesville, dropped from 4.4 months of inventory to 3.0 months of inventory. Supply of homes dropping has corresponded with more demand for those homes making a favorable market for sellers. The percent of list price received for a home sale has gone up from 95.5% up to 96.8%. New listings are up year over year from 5,392 to 5,637 showing that more sellers are trying to take advantage of the favorable conditions.
When you look just at Mecklenburg County, the trends hold true as well. Inventory has dropped from 3.2 months supply down to 2.1 months. Mecklenburg County sellers received an average of 97.8% of the list price of their homes compared with only 96.5% at the same time last year. New listings also rose, but not as dramatically, only up 2.5% over last year.
When you look at the City of Charlotte, the numbers are even more striking. Inventory is down 38.7% from 3.1 months to just 1.9 months. Homes are selling faster in Charlotte with just 86 days from list to closing, down from 97 days at the same time in 2015. The median sales price was up 3.0% from $198,500 up to $204,500.
Fort Mill, SC bears out the same trend but not quite to the same degree. Inventory is only down 10.3% year over year from 2.9 months to 2.6 months. Days from listing to closing also went down from 102 to 93. New listings are up much more dramatically from 171 last May all the way to 224 this May. This may be due in part to all of the new construction happening in Fort Mill as it gears up to become the next Ballantyne.
It remains to be seen how long the seller’s market will continue. As long as growth in the region continues and wages are up, it could remain for some time to come.