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

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

Charlotte Region Housing Market Update:
May 2016

 

 

The Charlotte region's housing market continued the strong start of the year through May 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 $65,000 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.

 

  • May 2016 Closed Sales:   up 5.0% versus May 2015 and up 5.7% year-to-date.

  • May 2016 Pending Sales:  up 21.0% versus May 2015 and up 12.7% year-to-date.

  • May 2016 Average List Price:  increased 10.7% to just over $321,000 versus May 2015 and up 9.4% year-to-date to just under $312,000.

  • May 2016 Average Sale Prices:  up 3.2% to just under  $258,000 versus May 2015. Median Sale Price was also up 5.0% to $209,900 as compared with May 2015. Year-to-date, average and median sale prices are up 4.2% and 4.3% respectively.

  • May 2016 Percent of Original List Price Received:  up 1.4% to 96.8% compared with May 2015 and up 1.3% year-to-date.

  • May 2016 Inventory of Homes for Sale: down 25.4% versus May 2015, with new listings increasing  by 4.5% in May 2016. New listings on a year-to-date basis are barely up at +1.2%

  • May 2016 Months Supply of Homes for Sale:  down 31.8% to 3 months. Charlotte region's housing market continues to be very much a seller's market, as it was throughout the first quarter of 2016 and the month of April, with parts of the Charlotte metro area holding steady at barely 2 months of inventory.

 

Charlotte, NC Region Housing Market Overview May 2016

 

 

The message for Charlotte region home buyers remains what it's been since 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 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 as the average price of homes sold continues to increase month after month. 

 

  • With the housing affordability index down by 5.1% in May 2016 alone, and by 4.8% year-to-date, 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's been since 2015 and doesn't appear poised to change much in the forseeable future:

 

  • When a home is priced right, staged right, and marketed right,  it will sell and, on average, should sell in less thanthree months. The days from list to closing in May 2016 were down 9.5% to 105 days (8 days fewer than just the most recent month) as compared with May 2015 and are down 6.5%  year-to-date to 116 days.


  • Sellers who have been overly aggressive in pricing their homes are not seeing their homes sell quickly, if at all. Pricing is still key even in a strong seller's market.


  • With homes selling faster, sellers need to be prepared to move quickly and to have back-up plans for a new residence at the ready.

 

 

LOOKING FOR A HOME IN THE CHARLOTTE AREA? CAROLINAS REALTY PARTNERS CAN HELP!

WONDERING WHAT YOUR CHARLOTTE AREA HOME IS WORTH IN TODAY'S MARKET? 

 

BECOME A CHARLOTTE ARE MARKET ISIDER FOR FREE!

 

SEARCH ALL CHARLOTTE AREA HOMES FOR SALE HERE

 

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

Sign up for your FREE Market Snapshot. You'll recieve the latest trends for your neighborhood for sold homes, properties for sale, inventory counts, and even "days-on-market". You can also view information regarding schools and community.

 

Free Market Snapshot For Charlotte Area Neighborhoods

Posted by

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 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

 

 Connect with me also on these sites:  

 

facebook google plustwitterlinkedinpinterest

  

                                                                                                                                          

Oh by the way, I'm never too busy for any of your referrals!

 

Find Your Charlotte Home

 

How Much Is My Home Worth       Free Charlotte Relocation Package

 

 

 

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.

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
North Carolina
Groups:
City and State
Charlotte NC Real Estate
Market Reports
Buyer Information - What Buyers Need to Know in Today's Market
Advice for Sellers
Tags:
charlotte region homes continue to sell faster
charlotte region housing market update
charlotte region housing
charlotte area housing market report
charlotte area home homes for sale
charlotte regions housing market update may 2016

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c) ~ hi Sheila and Larry... Charlotte is doing well, indeed. Now if we only just had a bit more inventory....

Jun 09, 2016 10:06 PM #3
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Christopher Pagli ~ thanks, Christopher. Charlotte area is into a third year of a great recovery. We could just use a few more listings.

Jun 09, 2016 10:07 PM #4
Rainmaker
3,203,969
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Nina. Your area is looking strong and heading in the right direction. Great report! Enjoy your day!

Jun 09, 2016 10:10 PM #5
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Wayne Martin ~ thanks, Wayne, and good morning! Charlotte keeps chugging along even with a dearth of inventory. Have a super day yourself.

Jun 09, 2016 10:11 PM #6
Ambassador
1,485,781
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Nina Hollander Thank you for taking the time to share this report. It's very informative for all!  Have a wonderful weekend!

Jun 09, 2016 11:19 PM #7
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jim Crawford ~ good morning, Jim. Thanks for stoppying by and taking time to read and comment. Have a terrific day!

Jun 09, 2016 11:21 PM #8
Rainmaker
2,481,414
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I always know whom to turn to when I want to know what is going on in the Charlotte housing market, you are the best.

Jun 09, 2016 11:34 PM #9
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brian England ~ hi Brian... and I certainly know whom to turn to when I need someone to start my day off with a great compliment!

Jun 09, 2016 11:35 PM #10
Rainmaker
3,104,017
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Friday Nina Hollander,  Always good to see what a pro like you has to say about your market.

Jun 10, 2016 03:31 AM #11
Ambassador
3,762,160
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina I hope the inventory numbers start to increase so that you guys can keep that strong housing market you are in going.

Jun 10, 2016 07:18 AM #12
Rainmaker
3,246,975
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Nina 

The May 2016 detailed real estate market report for the Greater Charlotte North Carolina shows a very strong real estate market.

Good luck and success.

Lou Ludwig

Jun 10, 2016 12:26 PM #13
Ambassador
2,553,390
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Lots of good numbers there especially for the sellers.  Ours should be half that good

Jun 10, 2016 01:18 PM #14
Rainmaker
2,239,608
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Nina. Very well done report, your market is pretty amazing, hope all the good things continue for a long time.

Jun 10, 2016 09:08 PM #15
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joe Petrowsky ~ good morning, Joe. Thanks for the compliment and for taking the time to stop by! Make it a great weekend.

Jun 10, 2016 09:40 PM #16
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Ed Silva ~ good morning, Ed... I'm sure your time in Connecticut for housing to turn around is coming. Have a super weekend!

Jun 10, 2016 09:41 PM #17
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lou Ludwig ~ good morning, Lou. Except for the lack of inventory in the under $225K price range, no one in Charlotte is complaining right now.

Jun 10, 2016 09:42 PM #18
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto ~ good morning, George. Somehow, the market keeps chugging along despite lack of inventory, but it would be nice to have more. Have a terrific weekend!

Jun 10, 2016 09:43 PM #19
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Will Hamm ~ thanks, Will. What a great compliment and I always appreciate your stopping by.

Jun 10, 2016 09:44 PM #20
Rainmaker
5,310,394
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Home sellers and home buyers will be in very good hands when they use your professional real estate services.

Jun 12, 2016 03:17 AM #21
Rainmaker
3,017,392
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Roy Kelley ~ thanks, Roy. I like to think that as well! What are you doing fooling around here instead of celebrating your anniversary?

Jun 12, 2016 04:03 AM #22
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
3,017,392

Nina Hollander

Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor
What real estate questions can I answer for you today?
*
*
*
*
Spam prevention

Additional Information