2016 saw the highest pace of home sales in 10 years with 5.45 million existing homes sold in 2016 (even despite the tight inventory in many parts of the country)! This is the highest mark set since 2006.
Since real estate is local, if not hyperlocal, how did Charlotte, North Carolina's 2016 real estate market compare to national averages? Quite well, in fact:
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Closed sales in Charlotte metro area increased 8.4% year-over-year as compared with +0.7% nationally.
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Inventory in the Charlotte metro area was down to 2.3 months (down 32.4%) as compared with the national average of 3.6 months (down 10.8%).
- Sale prices in Charlotte metro area were up 6.5% to $257,701 as compared with an increase of 4.0% to $232,200 nationally. Charlotte metro area's median home prices also increased 7.5% in 2016 year-over-year.
Some additional tips for home buyers:
- Be prepared to make offers quickly with a minimum of contingencies.
- Be prepared to "slug it out" in a bidding war and be prepared emotionally to lose a house or two in bidding wars.
- Be prepared to pay more than you thought you would for a home.
Some additional tips for home sellers:
- Be prepared to move quickly and have a back-up plan of where to live, possibly temporarily, if your home sells quickly.
- If you have multiple offers, keep in mind it's not just about price... there are other aspects to the contract (closing date, inspection contingencies, appraisal contingencies, earnest money, loan approvals, etc.) that might be as, if not more important than ekeing out that last $1,000 in sale price.
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This monthly Charlotte, NC region housing market update is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants.
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