Third quarter 2017 Charlotte, North Carolina region's home sales continued the positive trends we've seen since 2015. Home buyers are finding the housing market very competitive with increasing home prices resulting from a lack of properties to buy. Buyers looking for a bargain are "hard pressed" to find one. Many first-time buyers are being "priced out of the market."
Meantime, home sellers are seeing their homes sell quickly and for top dollar, when priced right for condition and location.
The "story" of the third quarter 2017 might well be about the continuing double-digit decrease in the supply of homes available for sale across the region, as well as the minimal increase in closed sales due to the lack of inventory. So long as inventory is tight and demand increasing, home prices should continue to increase.
In the third quarter of 2017, the Charlotte region saw a:
- 3.4% increase in average sale prices compared with one year ago
- 19.3% decrease in inventory of homes for sale compared with one year ago
- 1.8% increase in closed sales compared with one year ago
- 25.4% decrease in the months supply of homes (2.3 months supply) compared with one year ago
- 15.7% decrease in days on market (37 days on average) compared with one year ago
- 0.6% increase in the percent of original price received compared with one year ago
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The "main" story in four of the most populated and in-demand counties (Mecklenburg and Union Counties in North Carolina; York and Lancaster Counties in South Carolina) in the Charlotte region is the lack of inventory of homes for sale, which has dropped in double digits in all but Lancaster County. Mecklenburg County had only 1.9 months of inventory at the end of the third quarter. Union and York Counties had 2.7 and 2.3 months respectively of inventory, while Lancaster County had 3.7 months of inventory. The only county showing a significant increase in closed sales in the third quarter was Lancaster County, which was also the only county with an increase in inventory. It's clearly a seller's market in these four Charlotte metro area counties and the lack of inventory to meet demand continues to be "the story of the day."
Mecklenburg County, NC (where Charlotte City is located):
- Average Sale Price: up 0.8% versus one year ago.
- Inventory of Homes for Sale: down 18.4% versus one year ago.
- Closed Sales: up 1.9% versus one year ago.
- Months Supply of Homes for Sale: 1.9 months, down 24.7% versus one year ago.
- Average Days on Market: 28 days, down 18.9% versus one year ago.
Union County, NC:
- Average Sale Price: up 8.2% versus one year ago.
- Inventory of Homes for Sale: down 13.9% versus one year ago.
- Closed Sales: down 3.5% versus one year ago.
- Months Supply of Homes for Sale: 2.7 months, down 21.8% versus one year ago.
- Average Days on Market: 38 days, down 17.7% versus one year ago.
York County, SC (where Fort Mill, Tega Cay, Clover, Lake Wylie, and Rock Hill are located):
- Average Sale Price: up 8.4% versus one year ago.
- Inventory of Homes for Sale: down 20.9% versus one year ago.
- Closed Sales: up 1.3% versus one year ago.
- Months Supply of Homes for Sale: 2.3 months, down 25.1% versus one year ago.
- Average Days on Market: 38 days, down 12.8% versus one year ago.
Lancaster County, SC
- Average Sale Price: up 1.3% versus one year ago.
- Inventory of Homes For Sale: up 25.4% versus one year ago.
- Closed Sales: up 20.9% versus one year ago.
- Months Supply of Homes for Sale: 3.7 months, down 10.9% versus one year ago.
- Average Days On Market: 55 days, down 8.8% versus one year ago.
SEARCH MECKLENBURG COUNTY, NC HOMES FOR SALE
SEARCH UNION COUNTY, NC HOMES FOR SALE
SEARCH YORK COUNTY HOMES FOR SALE HERE
SEARCH LANCASTER COUNTY HOMES FOR SALE HERE
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This quarterly Charlotte, NC region housing market update is brought to you by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants.
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