Charlotte Region Housing Market Update:
January 2015
What's not to like about the positive performance of the Charlotte region's housing market in January 2015? Charlotte region's housing market turned in a strong performance in the first month of the new year with none of the key metrics disappointing:
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January 2015 Closed Sales: up 8.8% versus January 2014.
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January 2015 Pending Sales: up 31.8% versus January 2014.
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January 2015 Average List Prices: increased 4.7% to just under $271,000 versus January 2014.
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January 2015 Average Sale Prices: up 3% to just over $223,000 compared with January 2014.
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January 2015 Percent of Original List Price Received: up by .5% compared with January 2014 to 93.6%.
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January 2015 Inventory of Homes for Sale: down 16.5% versus January 2014 with new listings decreasing 5.3% in January 2015.
- January 2015 Supply of Homes for Sale: down 23.7% to 4.0 months. So Charlotte region's housing market is not only increasingly a seller's market, it's also important to point out that parts of the Charlotte metro area have only 2-3 months of housing inventory and some even less than 2 months.
The message for Charlotte region home buyers hasn't changed in months:
- The supply of homes available to buy remains very tight and those that are on the market are selling more quickly. Buyers will continue to have fewer options to choose from and will need to make decisions and offers more quickly than ever.
- While home prices are not "running away with themselves," they are continuing a steady increase. Buyers need to be prepared to pay more for a home and to expect to negotiate less off the asking price. Depending where in the Charlotte metro area buyers are looking, they may not be able to negotiate at all and should expect to see bidding wars.
The message for Charlotte region home sellers also hasn't changed in months:
- If a home is priced right, staged right, and marketed right, it will sell and, on average, should sell in less than three to four months.
- Sellers who have been overly aggressive in pricing their homes are not getting their homes sold. Pricing is still key.
- Sellers need to be prepared to move quickly and to have back-up plans for a new residence at the ready.
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