Charlotte, NC Region Housing Market Update: December 2016

By
Real Estate Agent with RE/MAX Executive | Charlotte, NC

 

Charlotte, NC Region Housing Market Update:
December 2016

 

The Charlotte region's housing market continued its strong performance of the first 11 months of the year into December 2016 and ended the year on a high note. As we finished out year in the Charlotte area, closed sales, pending sales, average sale prices were all up. Days on market until sale were down 14.3% in December versus December 2015 and down 16.9% year to-date. The story for 2016 remained that supply  struggled to meet demand, especially in affordable homes.  

 

  • December 2016 Closed Sales:   up  4.5% versus December 2015 and up 8.4% year-to-date.

  • December 2016 Pending Sales:  up 24.9% versus December 2015 and up 10.9% year-to-date.

  • December 2016 Average List Price:  increased 14.2% to just over $285,000 versus December 2015 and up 7.9% year-to-date to just over $299,000.

  • December 2016 Average Sale Prices:  up 8.2% to just over $258,000 versus December 2015. Median Sale Price was also up 10.0% to $209,000 as compared with December 2015. Year-to-date, average and median sale prices are up 6.5% and 7.5% respectively.

  • December 2016 Percent of Original List Price Received:  up 0.7% to 95.8% compared with December 2015 and up 1.3% year-to-date.

  • December 2016 Inventory of Homes for Sale: down 25.7% versus December 2015, with new listings increasing by 4.8% in December 2016. New listings on a year-to-date basis are up a somewhat anemic 3.4%

  • December 2016 Months Supply of Homes for Sale:  down 32.4% to 2.3 months. Charlotte region's housing market continues to be very much a seller's market, as it has been throughout the year, with parts of the Charlotte metro area having barely or less than 2 months of inventory.

 

December 2016 Charlotte, NC Region Housing Market Update

 

The message for Charlotte region home buyers remains what it's been throughout 2016 and 2015 and isn't likely to change much in the forseeable future:

 

  • The supply of homes available to buy remains very tight and those that are on the market are selling more quickly with minimal negotiating room. In prime neighborhoods, we see many homes going into contract within days of listing. Home buyers continue to have fewer options to choose from and need to make decisions and offers more quickly than ever. With many homes receiving multiple offers, buyers also need to make "clean" offers with a minimum of contingencies. 


  • Home prices are continuing a steady increase and housing affordability continues to decrease.  Buyers must 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 that drive the final sale price above asking price.


  • For buyers looking for homes priced under $250,000, and especially under $200,000, the selection is very slim these days.... and no wonder as the average price of homes sold continued to increase month after month throughout 2016. 

 

  • With the housing affordability index down by 5.8% in December 2016, alone, and by 3.4% year-to-date, a strong argument can be made that home buyers should be making purchase decisions sooner rather than later, as affordability will most likely continue to decrease (and even more so if interest rates rise continue to rise in 2017).

 

The message for Charlotte region home sellers also remains what it's been since 2015 and doesn't appear poised to change much in the forseeable future:

 

  • When a home is priced right, staged right, and marketed right,  it will sell and, on average, should sell in less than two months. The days from list to closing in December 2016 were down 8.4% to 109 days as compared with December 2015 and are down 8.5% year-to-date to 107 days. Days on market till sale were down 14.3% to 54 days as compared with December 2015 and down 16.9% to 54 days on a year-to-date basis. Cumulative days on market were also down at year end, down 13.5% to 64 days in December 2016 versus December 2015 and down 17.9% to 64 days on a year-to-date basis.


  • Sellers who have been overly aggressive in pricing their homes are not seeing their homes sell quickly, if at all. Pricing is still key even in a strong seller's market.


  • With homes selling faster, sellers need to be prepared to move quickly and to have back-up plans for a new residence at the ready.

 

 

LOOKING FOR A HOME IN THE CHARLOTTE AREA? CAROLINAS REALTY PARTNERS CAN HELP!

WONDERING WHAT YOUR CHARLOTTE AREA HOME IS WORTH IN TODAY'S MARKET? 

 

BECOME A CHARLOTTE ARE MARKET ISIDER FOR FREE!

 

SEARCH ALL CHARLOTTE AREA HOMES FOR SALE HERE

 

Want to stay on top of the market trends in your Charlotte metro neighborhood?

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Free Market Snapshot For Charlotte Area Neighborhoods

This monthly Charlotte, NC region housing market update is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive Realty, your Charlotte metro area real estate consultants. 

 

If you are considering selling or purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:

 "The Right Broker Makes All The Difference."

Posted by

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

Nina Hollander, Broker, Realtor / REMAX / Carolinas Realty Partners / Ph: 704.779.0813 / F: 704.341.3346 / E: Nina@NinaHollander.com / W: www.GreatHomesInCharlotte.com

Nina Hollander
Broker, Realtor, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: http://activerain.com/blogs/ninahollander
Search for Charlotte Area Homes: www.HomesInCharlotteArea.com

2007 - 2016 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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Rainmaker
2,310,164
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Wayne Martin ~ good morning, Wayne... and from where I sit right now, I don't see the thinventory issue going away any time soon in my market.

Jan 08, 2017 06:20 AM #6
Rainmaker
3,918,065
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Home buyers and sellers in your area should call you to be their agent.

Jan 08, 2017 06:33 AM #7
Rainmaker
2,710,074
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce - Short Sale

Market conditions like yours warrant vigilant watches for Buyers so that affordable new home doesn't slip away !

Jan 08, 2017 06:50 AM #8
Rainmaker
1,675,421
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Good Morning, Nina Hollander - That's a very comprehensive snapshot of your market area. Agents are very busy in your area and buyers are on the hunt. I would recommend anyone in your area to contact you for the most up-to-date information any time of the year. With low inventory, it's critical that buyers hire the right Broker and that person is you!

Jan 08, 2017 07:09 AM #9
Rainmaker
2,310,164
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Patricia Feager ~ thanks, Patricia... tight inventory  is making for some interesting house hunting these days.

Jan 08, 2017 07:13 AM #10
Rainmaker
2,310,164
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sally K. & David L. Hanson ~ hi Sally and David... I'm beginning to think we need to redefine "affordable" housing in Charlotte if this keeps up.

Jan 08, 2017 07:14 AM #11
Rainmaker
2,310,164
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gita Bantwal ~ thanks, as always, Gita, for stopping by and taking time to comment. Hope you're not freezing at your end of the world, the way we are here.

Jan 08, 2017 07:14 AM #12
Rainmaker
2,523,300
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina Hollander,  Hope it is not to cold for you but better then the heat in Vegas in August.  Great report.

Jan 08, 2017 07:52 AM #13
Rainmaker
2,310,164
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Will Hamm ~ hi Will... I'll take Las Vegas heat any time over the frigid temperatures we're having right now!

Jan 08, 2017 08:01 AM #14
Rainmaker
4,154,436
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Nina.  Great job with keeping us updated with the Charlotte NC real estate market.

Jan 08, 2017 04:47 PM #15
Rainmaker
1,476,727
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Nina - you have given a very comprehensive report and one that buyers and sellers can use.

Jan 08, 2017 05:49 PM #16
Rainmaker
427,406
Alexander- Slocum
Premiere Property Group, LLC - Vancouver Washington - Vancouver, WA
Realty Team- Vancouver WA Real Estate

Hi Nina, thanks for providing the very comprehensive real estate met report for your area.  We have a similar situation where homes below $250,000 are becomig very scarce!  John and Kat

Jan 08, 2017 06:34 PM #17
Rainmaker
3,232,127
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Nina

The Charlotte North Carolina regional real estate was very active in 2016.

Good luck and success.

Lou Ludwig

Jan 08, 2017 08:17 PM #18
Rainmaker
2,310,164
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lou Ludwig ~ good morning, Lou, and thanks. Our market was very active in the past year and I don't see much changing in the coming months.

Jan 09, 2017 05:47 AM #19
Rainmaker
2,310,164
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Alexander- Slocum ~ good morning, John and Kat. One thing Charlotte area was always known for was affordability... we are still very affordable compared with similar sized metro areas, but the definition of what is "affordable" is changing, for sure.

Jan 09, 2017 05:49 AM #20
Rainmaker
2,310,164
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gabe Sanders ~ thanks, Gabe. Have a great day!

Grant Schneider ~ thanks, Grant. Hope your day has gotten off to a great start and it's not totally frigid by you the way it is here today.

Jan 09, 2017 05:49 AM #21
Rainmaker
4,508,058
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Families on the move will certainly appreciate your local real estate market reports.

Jan 09, 2017 10:57 AM #22
Rainmaker
1,963,164
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Everything about your real estate market in Charlotte screams sell now, it's hot hot hot. This is a good time to be a listing agent like you, Nina. I know I'm having a ball over on my side of the country because of the market conditions, and so are my sellers!

I have buyer's agents whining, but the comps, the comps don't support your list price, wahhhh. Snooze you lose around here.

Carry on, Nina!!

Jan 09, 2017 01:21 PM #23
Rainmaker
2,310,164
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents ~ hi Elizabeth, our market is quite active and very thin on inventory. But that being said, overpriced homes sit, expire, or ultimately reduce their prices.

Jan 09, 2017 01:53 PM #24
Ambassador
3,590,996
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

You get the message across strong and clear that it is a tight market and buyers and sellers need to have a strong agent like you on their side.

Jan 09, 2017 06:18 PM #25
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