Charlotte Real Estate Market Report FEB 2017
How’s the Charlotte real estate market? Recent news of a lower unemployment in the Metro region and a slight increase in interest rates, it’s THE prime time to buy! Buying now before the competition begins in the early spring months and the interest rates creeping up as we move farther into 2017, is great motivation to begin that home search NOW.
As for Sellers it’s a great time to sell as well with our low inventory and pent-up buyer-demand. Check out the interactive inventory graph below - hover over December, 2009 - it's hard to fathom that we had a 23.5-month supply of homes on the market then, compared to where we are now!
Market absorption (how long it will take you to sell your home) is down considerably. There is a 3.9 month supply of homes valued at $279,000 and above. Homes under $500,000 continue to absorbed far quicker than those over $500K due to the number of buyers in the market for the lower price ranges.
Millennials continue to be the largest demographic entering the home-buying market in the Charlotte region. Local inventory remains painfully low and unable to keep pace with demand. Bidding wars prove to be challenging for many of the millennial buyers in this strong seller’s market. Buyers are in temporary housing, awaiting the perfect home to hit the market.
February in CHARLOTTE Metro
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New Listings have crept up 2.4% to 19,374 (from 18,286 JAN 2016)
- Pending Sales up 18.6%
- Inventory decreased 25% year-over-year
CHARLOTTE Proper Data
- Median Sales Price increased to $201,500 (from $200,000 the previous month)
- List-to-Close decreased 9.9% year-over-year to 64 days
- Percent of Original List Price Received increased 1.3% year-over-year, to 97.1%
- Months Supply of Homes for Sale for homes under $500,000 decreased 34.5% to 1.9
Charlotte (Proper) Market Data
Fast-facts for the UNDER $500,000 Price Ranges - Average sales price is $210,582 with an average days-on-the-market (DOM) of 36 in sold listings and those under Contract.
Homes over $500,000 are as follows:
Average Sales Price: $794,164.
Average DOM for homes sold and under Contract: 64
Thinking of selling your Charlotte home, give us a call – we’re happy to provide you more detailed data for your particular price range, size of home, acreage and neighborhood. As real estate is local, this is simply an overview of the Charlotte proper market.
© Debe Maxwell | DebeM@remax.net | Charlotte Real Estate Market Report FEB 2017
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