The Charlotte region's housing market started ended the second month of the second quarter of 2017 with home prices up and pending sales up as compared with May 2016. Both average and median sale prices were up in May 2017. Inventory and the months supply of homes remain low and well below what they were one year ago. This has impacted closed sales, which were down 0.3% in May as compared with the same time period one year ago.
May 2017 Closed Sales: down 0.3% versus May 2016. Year-to-date, closed sales were up 7.0%. May 2017 Pending … (8 comments)
The RE/MAX National Housing Report for September 2016: August 2016 showed a reversal of July's declines, with home sales increasing 5.1% (sales up in 41 of the 53 metro markets that RE/MAX follows) and with median sale prices also increasing 5.1%. Through August, seven of the eight months of 2016 showed a year-over-year increase in sales nationally.
To quote Dave Liniger, Chairman and CEO of RE/MAX: “August’s nearly 6% sales increase over last year is providing a strong finish for the summer home selling and buying season. While July saw a decline, August built upon the trends in the spring and … (5 comments)
charlotte area housing market trends: How Quickly Did Homes Sell In July? {Infographic}
- 09/16/16 12:16 AM
Homes continued to sell quickly during July 2016 with 50% of homes selling in 36 days or less. The infographic below shows how quickly homes sold in each state. And while homes in 11 states still took 60-90 days to sell, it's worth pointing out that even that pace is "nothing to sneeze at." What many people don't realize is that one reason most listing agreements are written for 180 days is because historically that is how long it took homes, on average, to sell.
How Did The Charlotte Metro Area Compare With National Averages In July 2016?
The infographic below perfectly illustrates how much difference there is from one part of the country to the other in terms of price appreciation. If you're moving west of the Rockies, prices are escalating quickly at over 8% compared with one year ago. The South Atlantic's prices are also increasing quickly at 6.57% compared with one year ago.
Welcome to the August 2016 edition of the Carolinas Realty Partners' Housing Trends eNewsletter. The current edition of the Housing Trends eNewsletter provides updates on real estate trends in 150 metropolitan housing markets, including the Charlotte region.
In this eNewsletter, you'll also find timely articles, tips, and advice for current and future homeowners. Whether you are looking to buy or sell, have recently moved, are staying put, or simply want to stay current with real estate trends in the Charlotte region and beyond, there's something for everyone in Carolinas Realty Partners' Housing Trends eNewsletter.
The August 2016 edition also features … (14 comments)
charlotte area housing market trends: What Makes Home Prices Go Up Or Down? {Infographic}
- 09/06/16 07:26 AM
What causes home prices to go up or down? The answer is really quite simple -- it's all about supply and demand (the most basic of economic principles). The more supply you have without demand, home prices trend downwards. The less supply you have with increasing demand, home prices trend upwards. And when you have demand for homes outstripping supply is when you can see an acceleration in home prices and often bidding wars for homes.
The infographic below perfectly illustrates how supply and demand have impacted home prices in the past several years. With 53 consecutive months of increasing home prices … (38 comments)
The RE/MAX National Housing Report for August 2016 shows a cooling off in home sales during July, across the nation, as sales fell in 49 of the 53 metro markets that RE/MAX follows for their monthly national housing report. Some of that cooling off can be attributed to lower inventory, which decreased 3% versus June 2016 and 16.6% versus one year ago. Median sale price is up versus one year ago and days on market are down versus one year ago.
To quote Dave Liniger, Chairman and CEO of RE/MAX: “After a June jump in home sales, it's quite … (2 comments)
May 2016 had strong start in home sales with home sales increasing 10.3% versus April 2016. May 2016 sales were also 5.1% higher than in May 2015. Average year-over-year sales increases were 4.5%.
The median price of homes increased 3.5% in May 2016 over the previous month and 4.2% over median home prices in May 2015. We've now experienced 52 consecutive months without a price drop from the previous year. Of the 52 metro markets the RE/MAX report tracks, only five reported a drop in home prices on a year-over-year basis, with seven reporting double-digit increases in terms of percentages.
The month's supply of homes for sale remained … (19 comments)
charlotte area housing market trends: RE/MAX National Housing Report ~ May 2016 (Infographic)
- 06/03/16 06:53 AM
The May 2016 National Housing Report headline from RE/MAX reads "Home Buyer Demand Rises In April." And the demand continues to rise despite the lack of inventory, which continues to be a big issue in many major metro markets, Charlotte, North Carolina among them, where the supply of homes is about 2.9 months and down 34.1% compared with April 2015. Increasingly we refer to inventory as "thinventory."
For home buyers this means fewer homes to choose from, less (if any) negotiating on price, fewer affordable housing options, and very often bidding wars.
For home sellers this means homes are selling faster than ever and … (14 comments)
The Charlotte region's housing market continued the strong start of the year we saw in the first quarter through April 2016, with closed and pending sales and home prices up and days on market and inventory levels down. In a market where the average sale price of a home is some $75,000 lower than average list price, it's easy to see how the extreme lack of inventory in the more affordable price ranges is impacting the affordability of Charlotte housing.
April 2016 Closed Sales: up 3.1% versus April 2015 and up 3.7% year-to-date. April 2016 Pending Sales: up 21.1% versus April 2015 and up … (26 comments)
On the heels of two consecutive months of falling home sales, December 2015 strongly rebounded with a 6.1% increase in year-over-year sales. On a month-over-month basis, December sales were much higher than expected at a 22.5% increase. The median sale price of homes also increased 5.3% on a year-over-year basis and 2.0% on a month-over-month basis.
The month's supply of homes for sale dropped to below five months to 4.9 months as compared with 5.7 months in December 2014, while average days-on-market dropped to 67 days (down six days from the average 73 days-on-market in December 2014).
All in … (18 comments)
charlotte area housing market trends: Is Low Home Listing Inventory Causing Fewer Home Sales?
- 01/12/16 10:25 PM
Low listing inventory = fewer homes sales. Low affordable listing inventory = fewer home sales. I've been "hinting" at this for months in my housing market updates on the Charlotte metro area, as I've watched sales dropping in some of Charlotte metro's "hottest" and most-in-demand areas. And when I first noticed this, I'll admit to having scratched my head a bit trying to figure out what was up. With home prices increasing, days on market decreasing, buyer demand strong in the Charlotte metro area, it seems counter-intuitive that sales could be down in some areas. Clearly, if something is not available to buy, … (34 comments)
charlotte area housing market trends: Charlotte Metro Area's 2015 Housing Market At A Glance
- 01/10/16 09:01 PM
How did the Charlotte metro area's housing market perform in 2015? Here's our market "at a glance." All the critical indicators of a robust housing market show improvement year-by-year since 2011, with the exception of the inventory of homes available for sale, which has dropped now for two years. In my mind, this is the most critical aspect of our market right now -- availability of homes for buyers to purchase. And it's the supply of homes, or rather lack thereof, that is helping drive Charlotte are home prices up and the housing affordability index down as demand continues to increase.
On a national basis, it's clear that homes priced under $250,000 saw a decline in the number of homes sold in the past year. The big drop in sales of homes priced under $100,000 relates to the declining availability of distressed properties. Not as big a drop in homes priced from $100,000-$250,000, but this may well indicate that rising home prices have reduced the number of available, affordable homes in this price range.
What's not to like about the continuing positive performance of the Charlotte region's housing market in November 2015? I've posed this rhetorical question every month for many months running and the answer hasn't changed as the 2015 strong spring selling season sizzled hot right through the summer months and remained hot through our fall selling season.
Charlotte region's housing market turned in another strong performance in the month of November 2015, with none of the key metrics disappointing, with the exception of closed sales, which were down 3.3% ~ most likely caused to some degree by the … (14 comments)
November 2015 homes sales had another excellent performance in the Indian Land, South Carolina area of the Charlotte metro region.
The average sale price of Indian Land area (29707 zip code area) homes increased 2.0% to just under $280,00, while average days on market for property listings dropped by two weeks to 55 days, a 20.3% improvement over the same period last year.
Price per square foot also increased by 1.8% to $115/square foot during November versus the same period in 2014 (much of this having to do with the large amount of new construction in Indian Land). The days when … (13 comments)
What's not to like about the continuing positive performance of the Charlotte region's housing market in October 2015? I've posed this rhetorical question every month for many months running and the answer hasn't changed as the 2015 strong spring selling season sizzled hot right through the summer months and remained hot into our fall selling season.
Charlotte region's housing market turned in another strong performance in the month of October 2015, with none of the key metrics disappointing, with the exception of closed sales, which were down a bit-- more than likely caused to some degree by … (15 comments)
charlotte area housing market trends: If Your Charlotte Area Home Hasn't Sold, It May Be Your Asking Price
- 11/04/15 12:37 AM
If your Charlotte area home has been languishing on the market and hasn't sold, it may be that your asking price is too high. How close your asking price is to real market value (which factors in your home's condition and location) will determine interest by prospective buyers, which will drive traffic, which will result in offers. Pricing your home just 10% above market value can dramatically reduce the number of prospective buyers who will come and see your home. (See chart below) The fewer the buyers, the lower your chances of selling.
Most recent statistics for the Charlotte metro market for … (28 comments)
October 2015 homes sales had another stellar performance in the Indian Land, South Carolina area of the Charlotte metro region.
The average sale price of Indian Land area (29707 zip code area) homes increased 4.0% to just under $281,00, while average days on market for property listings dropped to 55 days, a 21.4% improvement over the same period last year.
Price per square foot also increased by 2.7% to $115/square foot during October versus the same period in 2014 (much of this having to do with the large amount of new construction in Indian Land). The days when buyers could look … (16 comments)
charlotte area housing market trends: What Happened In Charlotte Area's Waxhaw Housing Market
- 11/02/15 02:23 AM
October 2015 showed a very respectable performance for home sales in the Waxhaw area of the Charlotte metro area (the 28173 zip code--encompassing Waxhaw, Weddington, and Marvin). The average sale price of Waxhaw area homes increased by 9.4% to just over $416,000 versus October 2014.
Median days on market for property listings dropped by 13 days to 36 days, a 26.5% improvement over the same period last year.
Price per square foot also increased by 6.4% to $117/square foot during October 2015 versus October 2014.
Closed sales in Waxhaw/Weddington/Marvin areas decreased 10.8% in October 2015. Pending sales were also down versus October 2014 with … (2 comments)
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