What Happened In The Charlotte Region Housing Market In February 2016?

By
Real Estate Agent with Coldwell Banker Residential Brokerage
https://activerain.com/droplet/4Pyp

Charlotte Region Housing Market Update:
February 2016

 

 

The Charlotte region's housing market continued its strong start of the new year in February 2016, with none of the key metrics disappointing with closed sales, pending sales, home prices all up and days on market, inventory levels, and new listings all down.

 

  • February 2016 Closed Sales:   up 1.4% versus February 2015. 

  • February 2016 Pending Sales:  up 22.2% versus February 2015.

  • February 2016 Average List Price:  increased 10.8% to just under $314,000 versus February 2015.

  • February 2016 Average Sale Prices:  up 4.2% to just under $231,000 versus February 2015. Median Sale Price was also up 2.2% to $182,000 as compared with February 2015.

  • February 2016 Percent of Original List Price Received:  up 1.4% to 94.9% compared with February 2015.

  • February 2016 Inventory of Homes for Sale: down 26.4% versus February 2015, with new listings decreasing by 0.2% in February 2016. 

  • February 2016 Months Supply of Homes for Sale:  down 34.9% to 2.8 months. Charlotte region's housing market  continues to be very much a seller's market, as it was throughout 2015, with parts of the Charlotte metro area having even less than 2 months of inventory.

 

Charlotte, NC Region Housing Market Overview February 2016

 

The message for Charlotte region home buyers remains what it was throughout 2015 into January 2016, and isn't likely to change much 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 (3.8% more quickly in February 2016) and with minimal negotiating room. In prime neighborhoods, we see many homes going into contract within days of listing. Home buyers continue to have fewer options to choose from and will need to make decisions and offers more quickly than ever. With 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 and housing affordability continues to decrease.  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 $250,000, 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. Increasingly, it's hard to find homes priced under $250,000.

 

  • With the housing affordability index down by 1.5% in February 2016 alone, and by 3.8% on a year-to-date basis, a strong argument can be made that home buyers should be making purchase decisions sooner rather than later.

 

The message for Charlotte region home sellers also remains what it was throughout 2015 into January 2016, and doesn't appear poised to change much in the coming 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 February 2016 were down 3.8% to 126 days in February 2016 and are down 5.3% on a year-to-date basis to 124 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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 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

Nina Hollander

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Residential Brokerage
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From Charlotte/Ballantyne/Waxhaw/Fort Mill
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

2007 - 2018 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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Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina the housing market in the Charlotte area just keeps on getting better and I hope that trend does not stop :)

Mar 08, 2016 08:50 PM #1
Rainmaker
3,018,481
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto ~ really, George... for a short month that also had some not so great weather our market did really well. But we are now also in critical condition for lack of inventory.

Mar 08, 2016 09:13 PM #2
Rainmaker
4,041,757
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, sure looks like Charlotte's real estate market is HOT, and it isn't even spring yet.   You should be busy this year!  

Mar 08, 2016 09:43 PM #3
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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Good Wednesday morning Nina Hollander -

Sounds like you're in for a very busy spring real estate market in Charlotte.  Enjoy the ride! 

Mar 08, 2016 10:03 PM #4
Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Home buyers and sellers in the area will appreciate this information.

Mar 08, 2016 10:23 PM #5
Rainmaker
2,482,674
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

For all of your real estate needs in Charlotte, Nina Hollander is definitely the gal to call.

Mar 08, 2016 10:42 PM #6
Rainmaker
3,978,945
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Nine knows his area.  Buy now...the iventory level is only getting tighter

Mar 09, 2016 12:30 AM #7
Rainmaker
699,404
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Nina Hollander What I find interesting is the difference between average sales prices and averabe list prices.

Bill Roberts

Mar 09, 2016 12:37 AM #8
Rainmaker
1,873,033
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Nina - your Charlotte housing market is really booming as is business in your state.

Mar 09, 2016 12:44 AM #9
Rainmaker
3,018,481
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Grant Schneider ~ hi Grant... for now, anyway, 2016 appears to be a solid year for home sales and jobs in Charlotte.

Mar 09, 2016 02:38 AM #10
Rainmaker
3,018,481
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Bill Roberts ~ hi Bill... I think that has something to do with the fact that Charlotte home prices include sales in surrounding counties with lower prices.

Mar 09, 2016 02:39 AM #11
Rainmaker
3,018,481
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

William Feela ~ oh no kidding, Bill... that months supply number shrinks by the month and puts us into serious shortage.

Mar 09, 2016 02:40 AM #12
Rainmaker
3,018,481
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brian England ~ hi Brian... well thank you for that endorsements. (I just so happen to agree!)

Mar 09, 2016 02:42 AM #13
Rainmaker
3,018,481
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gita Bantwal ~ hi Gita... I'm hoping that buyers and sellers not only appreciate this information but also take action. 

Mar 09, 2016 02:43 AM #14
Rainmaker
3,018,481
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

John McCormack ~ hi John... it will be an interesting market for sure, John, this spring... way more buyers than homes to buy.

Mar 09, 2016 02:43 AM #15
Rainmaker
3,018,481
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox ~ hi Joan... well, hopefully, it won't just be a market of my "spinning wheels" trying to find homes for buyers.

Mar 09, 2016 02:44 AM #16
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Nina

Great job on updating buyers and sellers on the state of the Charlotte housing market for February. Seems like you are dealing with the same issues many are - plenty of buyer demand and very limited inventory

Jeff

Mar 09, 2016 03:58 AM #17
Rainmaker
3,018,481
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jeff Dowler CRS ~ hi Jeff... it's really hard here now with inventory, especially in the under $300,000 price range. And no relief in sight.

Mar 09, 2016 03:59 AM #18
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

You are having a very 'up' market except for the inventory. That's awesome for sellers and buyers had better buy soon to avoid more of the upward trend. 

Mar 09, 2016 11:37 AM #19
Rainmaker
3,018,481
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debbie Laity ~ the problem with this kind of market is that it does put undue pressure on home prices and at the same time over time can reduce sales when there aren't enough properties to buy.

Mar 09, 2016 08:21 PM #20
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