Charlotte, NC Region Housing Market Update: September 2017

By
Real Estate Agent with RE/MAX Executive | Charlotte, NC
http://actvra.in/57yq

 

Charlotte, NC Region Housing Market Update:

September 2017

 

The Charlotte region's housing market ended the ninth month of 2017 with home prices up, closed sales down, but pending sales considerably up as compared with September 2016. Both average and median sale prices were up in September 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.

 

  • September 2017 Closed Sales:   down  3.9% September 2016. Year-to-date, closed sales were up 4.9%.
     
  • September 2017 Pending Sales:  up 16.4% versus September 2016 and up 6.8% year-to-date.
     
  • September 2017 Average List Price:  increased 6.3% to just under $272,000 versus September 2016. Year-to-date, average list prices are up 5.0% to just over $316,000.
     
  • September 2017 Average Sale Prices:  up 6.1% to just under $272,000 versus September 2016 and up 6.0% year-to-date to just over $273,000. Median Sale Price was also up 9.2% to $225,000 as compared with September 2016 and up 10.0% year-to-date.
     
  • September 2017 Percent of Original List Price Received:  up 0.5% compared with September 2016 to 96.7% and up 0.7% year-to-date to 97.0%.
     
  • September 2017 Inventory of Homes for Sale: down 17.5% versus September 2016.
     
  • September 2017 Months Supply of Homes for Sale:  down 24.2% to 2.5 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 September 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 continue to 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 just over one month. Supply of condos and townhomes is even tighter at less than one month of inventory.


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

Charlotte, NC Months Supply of Homes for Sale: September 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 multiple offers 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 September 2016 To September 2017

Charlotte, NC Inventory of Homes for Sale September 2017

  • With the housing affordability index down by 7.7% in September 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 $250,000 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 September 2017 were down 9.1% to 90 days as compared with September 2016. Days on market till sale were down 17.1% to 39 days as compared with September 2016.  Cumulative days on market were also down 9.3% to 49 days in September 2017 versus September 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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Tags:
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Rainmaker
2,447,242
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

It was similar here as sales slowed for summer closings slowed for September, but our ending sales were way up for September. Have a good day Nina Hollander , i am off to an early start

Oct 11, 2017 05:28 AM #1
Rainmaker
3,199,497
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Nina Hollander ,

What a great housing market report for Charlotte NC for September 2017. Sounds like our market..sellers have to go further to meet the expectations of the buyers. Listing at market price and presentation of sellers home is key from moving from Active to Sold in a reasonable length of time.

Oct 11, 2017 05:33 AM #2
Rainmaker
3,222,395
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, really enjoy reading your market reports, and nice to know what is happening in other parts of our Country.   

Oct 11, 2017 06:12 AM #3
Rainmaker
2,099,051
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Scott Godzyk ~ hi Scott... our sales did not slow this summer except for the lack of inventory. And this was also true last summer. The past four summers I've been busier than ever.

Oct 11, 2017 06:23 AM #4
Rainmaker
2,099,051
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Dorie Dillard ~ hi Dorie... something I'm always telling sellers... that a seller's market is not an excuse to go crazy with asking price. Besides a slow sell, there's also the appraisal to get through.

Oct 11, 2017 06:24 AM #5
Rainmaker
2,099,051
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Joan Cox ~ good morning, Joan. Thanks. I like to keep an eye on other parts of the country, as well... lots of similarities these days for cities like ours.

Oct 11, 2017 06:25 AM #6
Rainmaker
741,530
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina Hollander - some markets are cooling off but Charlotte NC is still a hot sellers' market.  Clients will appreciate your knowledge and ability to navigate this market for them. 

Oct 11, 2017 07:32 AM #7
Rainmaker
2,099,051
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Sheri Sperry - MCNE® ~ hi Sheri... I sense a bit of a "cooling off" here from the perspective that people are holding off on buying because they can't find anything in their budget but it's still overall a seller's market by the numbers.

Oct 11, 2017 08:04 AM #8
Rainmaker
1,269,655
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

Thank you for keeping us posted and up to date. Best of luck!

Oct 11, 2017 09:57 AM #9
Rainmaker
2,099,051
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Jeremy K. Frost ~ hi Jeremy and thank you for popping by and taking time to comment.

Oct 11, 2017 11:40 AM #10
Rainmaker
229,231
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Nina- it looks like you are following similar trends to us in Central Oregon. However, our inventory levels are rising - about the only difference.

Oct 11, 2017 12:16 PM #11
Rainmaker
2,099,051
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

Lynnea Miller ~ hi Lynnea... at the least, rising inventory levels should help relieve pricing pressure and increase sales.

Oct 11, 2017 12:34 PM #12
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Rainmaker
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