Charlotte Region Housing Market Update:
September 2015
What's not to like about the ever-continuing positive performance of the Charlotte region's housing market in September 2015? I've now asked this rhetorical question every month for many months running and the answer hasn't changed as the strong spring selling season sizzled right through the summer months and continued sizzling as we began our fall selling season. Charlotte region's housing market turned in another strong performance in the month of September 2015, with none of the key metrics disappointing:
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September 2015 Closed Sales: up 6.1% versus September 2014 and +13.9% on a year-to-date basis versus the same period last year.
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September 2015 Pending Sales: up 23.2% versus September 2014 and +18.0% on a year-to-date basis versus the same period last year.
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September 2015 Average List Prices: increased 12.2% to just under $286,000 versus September 2014 and +4.4% on a year-to-date basis versus the same period last year.
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September 2015 Average Sale Prices: up 5.8% to just under $240,000 versus September 2014 and +4.5% on a year-to-date basis versus the same period last year.
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September 2015 Percent of Original List Price Received: up 1.1% compared with September 2014 to 95.2% and +0.8% on a year-to-date basis versus the same period last year.
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September 2015 Inventory of Homes for Sale: down 21.7% versus September 2014, with new listings increasing by 3.2% in September 2015. On a year-to-date basis new listings are up only 2.4% versus the same period last year, keeping inventory tight in the region.
- September 2015 Supply of Homes for Sale: down 32.8% to 3.7 months. Charlotte region's housing market continued to be very much a seller's market as we entered the fall selling season, with parts of the Charlotte metro area having less than three months of housing inventory and some even less than 2 months.
The message for Charlotte region home buyers hasn't changed in many months, in fact for more than a year now (and isn't likely to in the forseeable future):
- The supply of homes available to buy remains very tight and those that are on the market are selling more quickly and with less negotiating. In prime neighborhoods, we see many homes going into contract in under three days of listing. Buyers will continue to have fewer options to choose from and will need to make decisions and offers more quickly than ever. With so many homes receiving multiple offers, buyers will also need to make "clean" offers with a minimum of contingencies.
- While home prices are not "running away with themselves," they are continuing a steady increase. Buyers need to 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.
- For buyers looking for homes priced under $225,000, and especially under $200,000, the "pickings" are very slim these days.... and no wonder when the average price of homes sold continues to increase month after month.
The message for Charlotte region home sellers also hasn't changed in months:
- If a home is priced right, staged right, and marketed right, it will sell and, on average, should sell in less than three to four months. The days from list to closing in September were down 10.5% to 111 days in September 2015 and are down 6.4% on a year-to-date basis to 117 days.
- Sellers who have been overly aggressive in pricing their homes are not getting their homes sold. Pricing is still key.
- Sellers need to be prepared to move quickly and to have back-up plans for a new residence at the ready.
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