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

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

Charlotte Region Housing Market Update:
March 2016

 

 

The Charlotte region's housing market continued its strong start of the year in March 2016,  with pending sales and home prices up and days on market, inventory levels, and new listings all down. Only closed sales were down (1.4%) -- and partially due to lack of affordable homes for sale, as also evidenced by the increased average list price of home to just over $368,000. In a market where the average sale price of a home is some $120,000 lower than average list price, it's easy to see why sales are down due to the extreme lack of inventory in the more affordable price ranges.

 

  • March 2016 Closed Sales:   down 1.4% versus March 2015 and up 0.3% year-to-date.

  • March 2016 Pending Sales:  up 20.0% versus March 2015 and up 13.9% year-to-date.

  • March 2016 Average List Price:  increased 28.6% to just over $368,000 versus March  2015 and up 7.1% year-to-date.

  • March 2016 Average Sale Prices:  up 2.6% to just under $247,000 versus March 2015. Median Sale Price was also up 3.7% to $198,000 as compared with March 2015. Year-to-date, average and median sale prices are up 4.0% and 4.2% respectively.

  • March 2016 Percent of Original List Price Received:  up 1.0% to 95.5% compared with March 2015 and up 1.2% year-to-date.

  • March 2016 Inventory of Homes for Sale: down 27.8% versus March 2015, with new listings decreasing by 0.2% in March 2016. 

  • March 2016 Months Supply of Homes for Sale:  down 36.4% 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 holding steady at barely 2 months of inventory.

 

Charlotte Region Housing Report March 2016

 

The message for Charlotte region home buyers remains what it was throughout 2015 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 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 need to make decisions and offers more quickly than ever. With many homes receiving multiple offers, buyers 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 must 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 that drive the final sale price above asking price.


  • For buyers looking for homes priced under $250,000, and especially under $200,000, the selection is exceedingly slim these days.... and no wonder when the average price of homes sold continues to increase month after month. 

 

  • With the housing affordability index down by 2.4% in March 2016 alone, and by 3.0% on a year-to-date basis, a strong argument can be made that home buyers should be making purchase decisions sooner rather than later as affordability will most likely continue to decrease.

 

The message for Charlotte region home sellers also remains what it was throughout 2015 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 March 2016 were down 5.4% to 122 days as compared with March 2015 and are down 5.4% on a year-to-date basis to 123 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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Rainmaker
4,041,176
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, great market update for Charlotte, and our pendings are way up too, must be the warm weather - finally! 

Apr 08, 2016 04:59 AM #1
Rainmaker
3,013,659
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox ~ we had summer like weather in March and now have freeze warnings in April! 

Apr 08, 2016 05:12 AM #2
Rainmaker
2,003,756
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

2.8 months supply is incredible! How low can it go? Great time to be a seller!

Apr 08, 2016 05:45 AM #3
Ambassador
782,730
Mimi Foster
FALCON PROPERTY SOLUTIONS - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Nicely presented market report. Our neighbors up the road in Denver had a feeding frenzy of sales last year with multiple offers and buyers waiving appraisal provisions. My bottom line is still - Pricing is still key.

Apr 08, 2016 05:57 AM #4
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Nina.  The prices are going up with inventory going down.  Good time to be a seller.

Apr 08, 2016 06:52 AM #5
Ambassador
3,760,840
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina it is very hard to keep sales up when the inventory is at the low levels yours are at.  I hope the Spring Market motivates more homeowners to put their homes on the market for sale.

Apr 08, 2016 08:58 AM #6
Rainmaker
1,210,292
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Nina Hollander Brisk market with low inventory seems to be trend in many parts of country. Hope it turns around in your area soon.

Apr 08, 2016 10:00 AM #7
Rainmaker
3,100,425
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Pending sales up 20%, wow Nina Hollander, your area is rocking.  Hope you have some of those sales.

 

Apr 08, 2016 10:20 AM #8
Rainmaker
3,013,659
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joe Jackson ~ hi Joe... your guess is as good as mine, but I don't overall see the months supply growing. It's been going down month by month for well over a year.

Apr 08, 2016 06:18 PM #9
Rainmaker
3,013,659
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Will Hamm ~ hi Will, here in Charlotte, March is spring selling season for us... of course, it seems like our spring selling season began this year on New Year's Day!

Apr 08, 2016 06:19 PM #10
Rainmaker
3,013,659
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Mary Yonkers ~ hi Mary... unfortunately, right now it doesn't appear that there is anything on the horizon that will increase our inventory levels.

Apr 08, 2016 06:20 PM #11
Rainmaker
3,013,659
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto ~ hi George, unfortunately with such low inventory sellers are afraid to list because they worry they won't find their next home. 

Apr 08, 2016 06:21 PM #12
Rainmaker
3,013,659
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Conrad Allen ~ a good time to be a seller for sure, Conrad. But that being said for sellers in the Charlotte area, it also poses a problem in terms of finding a new home in the same time it takes to sell their home.

Apr 08, 2016 06:22 PM #13
Rainmaker
3,013,659
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Mimi Foster ~ hi Mimi... while we are seeing multiple offers it's not the same "feeding frenzy" as in Denver, so I really haven't seen much waiving of appraisal contingencies as yet.

Apr 08, 2016 06:23 PM #14
Rainmaker
2,238,862
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Nina. All kinds of positive numbers, especially values. Hopefully some additional inventory is added.

Apr 08, 2016 07:31 PM #15
Rainmaker
3,013,659
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joe Petrowsky ~ we are begging for inventory to sell here, Joe. Lack of it is beginning to slow down sales.

Apr 09, 2016 05:01 AM #16
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Rainmaker
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