Charlotte, NC Region Housing Market Update: July 2017

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

 

Charlotte, NC Region Housing Market Update:

July 2017

 

The Charlotte region's housing market started ended the first month of the third quarter of 2017 with home prices up and pending and closed sales up as compared with July 2016. Both average and median sale prices were up in July 2017. Inventory and the months supply of homes remain low and well below what they were one year ago.  

 

  • July 2017 Closed Sales:   down  3.1% versus July 2016. Year-to-date, closed sales were up 7.4%.
     
  • July 2017 Pending Sales:  up 16.1% versus July 2016 and up 7.3% year-to-date.
     
  • July 2017 Average List Price:  increased 5.4% to just under $312,000 versus July 2016. Year-to-date, average list prices are up 5.2% to just over $320,000.
     
  • July 2017 Average Sale Prices:  up 5.0% to just over $280,000 versus July 2016 and up 6.9% year-to-date to just over $273,000. Median Sale Price was also up 9.8% to $236,000 as compared with July  2016 and up 10.2% year-to-date.
     
  • July 2017 Percent of Original List Price Received:  up 0.6% compared with July 2016 to 97.3% and up 0.8% year-to-date to 97.0%.
     
  • July 2017 Inventory of Homes for Sale: down 19.8% versus July 2016, with new listings  increasing 5.9% in July 2017.
     
  • July 2017 Months Supply of Homes for Sale:  down 25.7% to 2.6 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 one month of inventory.

 

Charlotte, NC Region Housing Market Overview

 

 

The message for Charlotte region home buyers remains what it's been since 2015 and isn't likely to change very much in the foreseeable 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 homes receiving multiple offers, buyers also need to make "clean" offers with a minimum of contingencies. As the chart below shows, in the $100,000-200,000 price points, the months supply of homes is hovering at barely one month. Supply of condos and townhomes is even tighter.


      Change In Months Supply of Homes For Sale From July 2016 To July 2017

    Change In Months Supply of Homes In Charlotte NC Region

  • 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.... impacting the average prices of homes sold which continue to increase month after month throughout 2016 and now into 2017. The graph below shows just how much less inventory there is in home priced under $250,000. 


         Change In Inventory Of Homes For Sale From July 2016 To July 2017

    Change in Inventory of Homes For Sale In Charlotte NC Refion


  • With the housing affordability index down by 6.4% in July 2017, 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). First time home buyers are feeling the squeeze these days given the lack of affordable homes under $300,000 available for sale.

 

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 foreseeable 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 July 2017 were down 10.9% to 90 days as compared with July 2016. Days on market till sale were down 16.7% to 40 days as compared with July 2016.  Cumulative days on market were also down 19.0% to 47 days in July 2017 versus July 2016.

     
  • 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? 

 

 

SEARCH ALL CHARLOTTE AREA HOMES FOR SALE HERE

 

 

Originally posted on:  https://www.greathomesincharlotte.com/housing-market-update-for-charlotte-nc-region-july-2017 

 

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. 

 

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
2,373,396
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Nina. Even with your market suffering from "thinventory" you are not letting the economy dictate your success! Congrats! Enjoy your day!

Aug 10, 2017 04:23 AM #1
Rainmaker
2,101,686
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Wayne Martin ~ good morning, Wayne... it's a tough market for sure with all the thinventory, but at the end of the day we need to play the hand of cards we are dealt. Have a great day, yourself.

Aug 10, 2017 04:24 AM #2
Rainmaker
3,200,553
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Nina Hollander ,

Every market is challenging but with your in-depth knowledge of your market place you know how to anticipate changes and deal with those fluctuations. Your market is continuing to rise due to supply and demand..lots of demand  and no supply! You do have to play the hand of cards dealt and adapt!

Aug 10, 2017 05:34 AM #3
Rainmaker
2,563,705
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce - Short Sale

If only we could bottle a cure for Thinventory !

Aug 10, 2017 05:50 AM #4
Rainmaker
2,101,686
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Dorie Dillard ~ hi Dorie... so often I feel like a "doom sayer" when I review market conditions with buyer clients!

Aug 10, 2017 05:51 AM #5
Rainmaker
2,101,686
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Sally K. & David L. Hanson ~ good morning, Sally and David... not just a cure, but one that makes thinventory disappear in the absolute right propostions as we need it! 

Aug 10, 2017 05:52 AM #6
Rainmaker
1,726,690
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I am always interested in knowing that all is well with you and it appears the real estate market in your area is doing well.

Aug 10, 2017 07:05 AM #7
Rainmaker
2,101,686
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Brian England ~ good morning, Brian... outside of thinventory problems, all is well in our area. Allstate is moving 2700 jobs here now and that will probably put more pressure on the housing market.

Aug 10, 2017 07:12 AM #8
Rainmaker
1,890,515
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

Hello Nina: We've had more than twice the percentage jump in listings than you have but we are also down by about the same amount year-over-year in Sacramento.  You would think with such low inventory that mortgage activity has dropped enough that service would improve and turn arounds would be faster, but no.

Hey, we should start planning a trip to Lanai with Hella this winter.

Aug 10, 2017 07:46 AM #9
Rainmaker
1,365,912
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Nina - the inventory is really declining and sellers considering should contact you.

Aug 10, 2017 08:49 AM #10
Rainmaker
1,678,331
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Interesting to read what is happening in Charlotte real estate, Nina...inventory is down everywhere.

Aug 10, 2017 11:03 AM #11
Rainmaker
2,101,686
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Ginny Gorman ~ hi Ginny... inventory shortages in some parts of Charlotte's market are now at critically low levels. This is the third year for us of ever decreasing inventory.

Aug 10, 2017 11:10 AM #12
Rainmaker
2,101,686
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Grant Schneider ~ hi Grant, sellers are worrying that if they sell they won't find a replacment home. I just sold one where my clients wanted to buy before we put their house on the market... fortunately, they could qualify for two mortgages.

Aug 10, 2017 11:11 AM #13
Rainmaker
2,101,686
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents ~ hi Elizabeth... what little inventory we have blows right out the door as it comes on. It's like being on a treadmill. As for Hawaii... gosh, it must be 25 years since I was there last (around 1992 I think when we first returned to the US from overseas and our daughter and son-in-law were living there; 3 of our grands were born in Hawaii).

Aug 10, 2017 11:13 AM #14
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Rainmaker
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