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Charlotte Huntersville Matthews Area Home Sales for September, 2019
Fall is here, and the market for Charlotte homes is preparing for the usual seasonal changes. This is typically a time when the market and the air cool a bit. But real estate isn’t as predictable as it used to be. Problem is, the home market, like Fall weather, is caught between conflicting trends. Just as the Fall weather reflects the clash of hot and cold fronts, the home market is caught between positive economic trends and troublesome inventory trends. Like weather forecasters trying to predict the Fall weather, home buyers are struggling to make sense of a confusing situation.
First, let’s look at the September indicators. The most glaring trend is the continued inventory shortage. As of September 30, 2019, the number of months supply of homes for sale is 2.2, down 21.4% from last September. The total number of homes for sale is down by 2,174 units, a decrease of 19%. Little surprise that the median sales price rose by $24,479, or 10.4% from 2018. And what had been the only sign of relief from rising home prices, the percentage of original list price received, has increased, though by only .1%.
Builders simply cannot keep up with growing demand. As one of the ... more

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