Overall, the Charlotte real estate market had another good month in April. The total inventory was reduced yet again as measured by months of inventory. Though the month-to-month reduction as a percentage was a smaller decrease compared with the reduction the prior month, there was still a decrease in inventory.
The total inventory decreased from 16.55 months in March to 15.95 months in April. This represented a 3.6% decline in inventory, which is good news for home sellers. This continues the three month trend of declining inventories from a high of nearly 21 months of total home inventory in January.
As you can see in the attached chart, the highest price range of homes, homes above $1 Million, had the biggest percentage decline from the prior month. Though this decrease is important, there is still a long way to go for this segment of homes, as 66 months of inventory is of no comfort to those trying to sell their million dollar homes today.
The most positive news I see in this chart is that the categories with increases had relatively small increases, while the three of the more expensive price ranges had significant inventory reductions. Hopefully this trend continues.
Another way to look a the data is through a 90-day rolling average graph by price range...
You'll see in this graph how sales of the $1 Million+ homes had really slumped to close to zero monthly sales, increasing the inventory to over 120 months. Though inventory is still high, the line is moving in the right direction. In fact, all price ranges are moving in the right direction despite the increase in inventory over the last year.
We're in a very dynamic market right now with first-time homebuyers taking advantage of the $8000 tax credit, and a lot of other buyers taking advantage of the incredibly low mortgage rates. If you're at all considering buying, now may be a great opportunity.
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