What Happened In The Charlotte Region Housing Market 1st Quarter 2016

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

First quarter 2016 Charlotte, North Carolina region's home sales continued the positive trends we've seen since 2015. Home buyers are finding the housing market increasingly competitive with higher home prices and a lack of properties to buy. Buyers looking for a bargain are "hard pressed" these days to find one.  Meantime, home sellers are seeing their homes sell quickly and for top dollar.

 

In the first quarter of 2016, the Carolina Region saw a:

  • 4.0% increase in average sale prices
  • 27.8% decrease in inventory of homes for sale
  • 0.3% increase in closed sales
  • 35.7% decrease in the months supply of homes 
  • 11.5% decrease in days on market
  • 1.2% increase in the percent of original price received

 

First Quarter Carolina Region Housing Market Report

 

SEARCH ALL CHARLOTTE REGION HOMES FOR SALE

 

 

The "main" story in four of the most populated and in-demand counties (Mecklenburg and Union Counties in North Carolina; York and Lancaster Counties in South Carolina) in the Charlotte region is the lack of inventory of homes for sale, which has dropped in double digits. Mecklenburg County had less than 2 months of inventory at the end of the fourth quarter. Union and York County both had less than 3 months of inventory. Lancaster County had 3.2 months. It's clearly a seller's market in these four counties. And the lack of inventory is also causing a drop in closed sales, as buyers increasingly need more time to find a home.

 

Mecklenburg County, NC (where Charlotte City is located):

  • Average Sale Price: +3.3% versus one year ago.
  • Inventory of Homes for Sale: down 33.1% versus one year ago.
  • Closed Sales: -0.4% versus one year ago.
  • Months Supply of Homes for Sale: 1.8 months, down 40.2% versus one year ago.
  • Average Days on Market: 54 days, down 15.1% versus one year ago.

 

Union County, NC:

  • Average Sale Price:  +0.6% versus one year ago.
  • Inventory of Homes for Sale: down 25.6% versus one year ago.
  • Closed Sales: -5.7% versus one year ago.
  • Months Supply of Homes for Sale: 2.7 months, down 29.1% versus one year ago.
  • Average Days on Market: 69 days, down 7.0% versus one year ago.

 

York County, SC (where Fort Mill, Tega Cay, and Rock Hill are located):

  • Average Sale Price: +9.3% versus one year ago.
  • Inventory of Homes for Sale: down 22.8% versus one year ago.
  • Closed Sales:  +4.3% versus one year ago.
  • Months Supply of Homes for Sale: 2.7 months, down 29.7% versus one year ago.
  • Average Days on Market: 64 days, down 18.1% versus one year ago.

 

Lancaster County, SC

  • Average Sale Price: +6.3% versus one year ago.
  • Inventory of Homes For Sale: -13.8% versus one year ago.
  • Closed Sales: +7.0% versus one year ago.
  • Months Supply of Homes for Sale: 3.2 months, down 27.5% 
  • Average Days on Market:  73 days, +13.8% versus one year ago.

 

See the charts below for more detailed information on 4th quarter home sales statistics:

 

First Quarter 2016 Housing Market Report Mecklenburg County

 

SEARCH ALL MECKLENBURG COUNTY HOMES FOR SALE

 

 

 

First Quarter 2016 Housing Market Report Union County, NC

  

SEARCH ALL UNION COUNTY HOMES FOR SALE

 

 

First Quarter 2016 Housing Market Report York County, SC

  

SEARCH ALL YORK COUNTY HOMES FOR SALE HERE

 

 

First Quarter 2016 Housing Market Report Lancaster County, SC

 

 

SEARCH ALL LANCASTER COUNTY HOMES FOR SALE HERE

 

 

Want to stay on top of the market trends in your Charlotte metro neighborhood?

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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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Buyer Information - What Buyers Need to Know in Today's Market
Tags:
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charlotte region housing market update 1st quarter 2016

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Rainmaker
3,778,129
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Nina Hollander,

All good news in your Charlotte, NC real estate market! Thanks for the update..well presented!

Apr 08, 2016 10:33 PM #1
Rainmaker
4,039,891
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, very detailed market report for Charlotte and drilled down into the counties for buyers and sellers!    Your market is HOT!  

Apr 08, 2016 10:50 PM #2
Rainmaker
4,906,498
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Nina Hollander strong Charlotte market.... and you've provided all the research a potential buyer and/or seller needs to take that first step and pick up the phone and contact you for guidance.... you know the market and now they need to call you for the details of how the process works....

Apr 08, 2016 11:13 PM #3
Rainmaker
698,434
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

hi Nina Hollander How are you? It seems a long time since we communicated.

Bill Roberts

Apr 08, 2016 11:17 PM #4
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Funny you should say that Bill! I was looking at some of your comments on other posts the other day and thought the exact same thing. Have our daughter and granddaughter visiting, so didn't have as much of a chance to follow up with you. I'm doing fine and trust you are as well. Nina

Bill Roberts 

Apr 08, 2016 11:29 PM #5
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Barbara Todaro ~ hi Barbara... I think these reports are so important. I am always amazed at how much misinformation there is out there about our market. I still have people asking if Charlotte is in recovery yet. Whaaat? We're into our third year of little inventory and rising prices and a seller's market!

Apr 08, 2016 11:31 PM #6
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox ~ thanks, Joan. Our market is very strong with a few outlying pockets in the very rural areas that are slow--but then they are always slow.

Apr 08, 2016 11:32 PM #7
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Dorie Dillard ~ thanks, Dorie. There is still so much misinformation about our market's recovery (which began three years ago) that I'm on a real mission to keep getting the word out.

Apr 08, 2016 11:32 PM #8
Rainmaker
3,099,244
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Saturday Nina Hollander,  Love the way you know your market and the way you point it all out.  Have a great day.

Apr 09, 2016 12:29 AM #9
Ambassador
3,982,176
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Those are some huge declines in inventory, Nina. It makes it even more important for buyers to be represented by a buyer's agent so they are in the know.

Apr 09, 2016 12:52 AM #10
Rainmaker
5,306,343
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families moving from the DC Metro Area will love these home prices!

You should be attracting retirees from our area.

Apr 09, 2016 01:43 AM #11
Ambassador
1,485,781
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for taking the time to share this report.  This is great information for buyers and sellers alike.

Apr 09, 2016 04:05 AM #12
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Will Hamm ~ happy Saturday to you, as well, Will. Hope you are enjoying your weekend. And thanks for the nice compliment about my report.

Apr 09, 2016 04:52 AM #13
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Roy Kelley ~ hi Roy... we actually do get a lot of retirees moving down from the mid-Atlantic to our area and quite a few who are moving from Florida (we call those halfbacks).

Apr 09, 2016 04:53 AM #14
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jim Crawford ~ thanks, Jim. I would guess that the Atlanta market is not too different from ours these days.

Apr 09, 2016 04:54 AM #15
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debbie Reynolds ~ hi Debbie, and we are seeing these double digit declines in inventory month after month for the better part of a year now.

Apr 09, 2016 04:54 AM #16
Ambassador
1,485,781
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Well there isn't much good inventory to sell! 

Apr 10, 2016 02:11 AM #17
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jim Crawford ~ good Sunday afternoon, Jim. So you had to go and remind me of that, did you? 

Apr 10, 2016 02:17 AM #18
Ambassador
1,485,781
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

It is like the old joke....I feel like an athiest at a funeral...all dressed up and no place to go.  

Apr 10, 2016 02:25 AM #19
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jim Crawford ~ Jim, that's hysterical! Hadn't heard this one before, but will remember it now for the appropriate occasions!

Apr 10, 2016 02:50 AM #20
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