Charlotte, NC Region Housing Market Update: August 2017

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

 

Charlotte, NC Region Housing Market Update:

August 2017

 

The Charlotte region's housing market ended the eighth month of 2017 with home prices up and pending and closed sales slightly down as compared with August 2016. Both average and median sale prices were up in August 2017. Inventory and the months supply of homes remain low and well below what they were one year ago, which are a primary cause of the slowdown in sales.

 

  • August 2017 Closed Sales:   down  3.8% versus August 2016. Year-to-date, closed sales were up 6.3%.
     
  • August 2017 Pending Sales:  up 15.5% versus August 2016 and up 7.1% year-to-date.
     
  • August 2017 Average List Price:  increased 6.6% to just under $301,000 versus August 2016. Year-to-date, average list prices are up 5.1% to just over $317,000.
     
  • August 2017 Average Sale Prices:  up 1.0% to just over $275,500 versus August 2016 and up 5.9% year-to-date to just over $273,000. Median Sale Price was also up 5.0% to $230,000 as compared with August  2016 and up 10.2% year-to-date.
     
  • August 2017 Percent of Original List Price Received:  up 0.4% compared with August 2016 to 97.0% and up 0.7% year-to-date to 97.0%.
     
  • August 2017 Inventory of Homes for Sale: down 18.6% versus August 2016.
     
  • August 2017 Months Supply of Homes for Sale:  down 23.5% 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 Update August 2017

 

 

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 August 2016 To August 2017

Months Supply of Homes For Sale In Charlotte Region August 2017


  • 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 August 2016 To August 2017

    Inventory of Homes For Sale In Charlotte August 2017


  • With the housing affordability index down by 1.9% in August 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 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 August 2017 were down 8.2% to 90 days as compared with August 2016. Days on market till sale were down 8.7% to 42 days as compared with August 2016.  Cumulative days on market were also down 5.6% to 51 days in August 2017 versus August 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

 

 

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
2,347,912
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Nina. The easiest way to navigate your market for a buyer or seller is to call you! Job done! Enjoy your day!

Sep 12, 2017 04:39 AM #3
Rainmaker
2,074,648
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Wayne Martin ~  good morning, Wayne. Guess what! I like to think that too, so thanks for spreading the word! 

Sep 12, 2017 04:44 AM #4
Ambassador
1,209,241
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Nina, don't you think at some point the numbers will not be as high? Affordability is going out the window at this pace.

Sep 12, 2017 04:48 AM #5
Rainmaker
2,646,586
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

With such a tight Charlotte housing market of inventory, some numbers have be to lower. However, these numbers seem solid and strong!

Sep 12, 2017 05:01 AM #6
Rainmaker
2,074,648
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 ~ hi Sheila and Larry... no doubt that such tight inventory is keeping some willing buyers out of the market due to affordability.

Sep 12, 2017 05:40 AM #7
Rainmaker
2,074,648
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Joe Pryor ~ hi Joe... your guess is as good as mine. People were saying that here a year ago and yet our year-to-date sales numbers and prices are up for a third year in a row. What it's doing is keeping entry level buyers out of the market.

Sep 12, 2017 05:42 AM #8
Rainmaker
1,359,464
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Still a sellers market in your area - we are not that strong - and outside the hot DC markets - which are only in patches - it is slowing down here

Sep 12, 2017 05:46 AM #9
Rainmaker
2,074,648
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Lise Howe ~ hi Lise... we have pockets that are "quieter" right now, but some of that has more to do with the season than anything else. Family-sized homes try to close before the school year starts in August and then it's quiet for a bit until fall rolls around.

Sep 12, 2017 05:48 AM #10
Rainmaker
475,730
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

It appears your market is doing well, Nina. Great update!

Sep 12, 2017 06:14 AM #11
Rainmaker
3,896,240
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Nina.  Thanks for keeping us updated with the Charlotte, NC real estate market.

Sep 12, 2017 06:50 AM #12
Rainmaker
3,194,449
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, we are seeing the same scenario here, but at least you are seeing 6.6% increase in home values.  

Sep 12, 2017 06:54 AM #13
Rainmaker
4,234,032
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Families moving to the area will love your real estate market reports.

Sep 12, 2017 07:53 AM #14
Rainmaker
2,074,648
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Nathan Gesner ~ hi Nathan... market is doing fine... underlying issue is increasing lack of affordable homes.

Sep 12, 2017 08:25 AM #15
Rainmaker
2,074,648
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Joan Cox ~ hi Joan... don't know if continuing price increases are all that good... they are pricing a lot of entry level buyers out of the market... and they are the ones who ultimately trade up in a few years.

Sep 12, 2017 08:26 AM #16
Rainmaker
2,074,648
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Gabe Sanders ~ hi Gabe... thanks for popping by. Trust you are doing okay in the aftermath of Irma?

Sep 12, 2017 08:26 AM #17
Rainmaker
2,074,648
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Roy Kelley ~ hi Roy... thanks. Would love to see people from some of the hurricane prone areas move here permanently.

Sep 12, 2017 08:27 AM #18
Rainmaker
1,881,161
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: Looks like the Dog Days of August didn't affect your market or slow things down much in Charlotte. Overall, I imagine we'll all end the year much higher than we started, and you're right about first-time homebuyers getting priced out with all of these rising markets.

Sep 12, 2017 09:13 AM #19
Ambassador
2,492,213
Paul S. Henderson, CRS, REALTOR®,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

Nina Hollander as always, you have made your market reports a thing of art and what a joy to read!

Sep 12, 2017 09:18 AM #20
Rainmaker
2,074,648
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... in the "old" days August was usually a slower month for us, but in the past few years I've always been very busy with closings in August. I have no doubt the year will end higher overall, but it is concerning when prices keep increasing not because of value added but because of supply and demand.

Sep 12, 2017 10:26 AM #21
Rainmaker
2,074,648
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Paul S. Henderson, CRS, REALTOR®, ~ hi Paul... even though I come from a very artistic family, I'm personally not talented... but many years in the world of corporate finance have taught me how to present information so its not overly dry and boring. I realize that not everyone can or should be a numbers geek like myself.

Sep 12, 2017 10:27 AM #22
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