What Happened In The Charlotte, NC Region Housing Market In July 2016?

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

Charlotte, NC Region Housing Market Update:
July 2016

 

The Charlotte region's housing market continued the strong start of the first half of the year through July 2016,  with  pending sales and home prices up and days on market, new listings and inventory levels down. In a market where the average sale price of a home on a year-to-date basis is almost $51,000 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, which  contributed to the lower closed sales volume in July. The story for 2016 is that supply continues to struggle to meet demand, especially in affordable homes.  As this continues, higher prices may continue putting a squeeze on the current buyer pool, further impacting closed sales.

 

  • July 2016 Closed Sales:   down 9.0% versus July 2015 and up 4.4% year-to-date.

  • July 2016 Pending Sales:  up 20.4% versus July 2015 and up 10.9% year-to-date.

  • July 2016 Average List Price:  increased 11.9% to just over $300,000 versus July 2015 and up 9.3% year-to-date to just under $307,000.

  • July 2016 Average Sale Prices:  up 6.5% to just under $270,000 versus July 2015. Median Sale Price was also up 8.5% to $217,000 as compared with July 2015. Year-to-date, average and median sale prices are up 5.3% and 5.7% respectively.

  • July 2016 Percent of Original List Price Received:  up 1.4% to 96.7% compared with July 2015 and up 1.4% year-to-date.

  • July 2016 Inventory of Homes for Sale: down 23.0% versus July 2015, with new listings decreasing by 3.4% in July 2016. New listings on a year-to-date basis are barely up at +1.7%

  • July 2016 Months Supply of Homes for Sale:  down 29.5% to 3.1 months. Charlotte region's housing market continues to be very much a seller's market, as it was throughout the first and second quarters of the year, with parts of the Charlotte metro area holding steady at barely 2 months of inventory.

 

Charlotte, NCRegion Housing Market Overview July 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 very 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 2.7% in July 2016 alone, and by almost 1% 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 than two months. The days from list to closing in July 2016 were down 15.9% to 58 days as compared with July 2015 and are down 18.1%  year-to-date to 68 days. Days on market till sale were down 17.2% to 48 days as compared with July 2015 and down 16.2% to 57 days on a year-to-date basis.


  • 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:
homes for sale in charlotte nc
charlotte real estate update
charlotte region homes continue to sell faster
charlotte region housing market update
charlotte region housing market update july 2016
homes for sale in charlotte region

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,214,987
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

You are in the depths of Thinventory...no snoozing on buying decisions !

Aug 08, 2016 10:10 PM #1
Rainmaker
3,019,688
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sally K. & David L. Hanson ~ good morning, Sally and David. No snoozing is right when it comes to buying a home in the Charlotte area. (But I'd personally love a little snooze myself!)

Aug 08, 2016 10:15 PM #2
Rainmaker
3,206,317
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Nina. Thinventory in North Carolina! Buyers who hesitate will lose! Enjoy your day!

Aug 08, 2016 10:15 PM #3
Rainmaker
3,019,688
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Wayne Martin ~ good morning, Wayne... some buyers still just need to learn the hard way that if they snooze they will lose.

Aug 08, 2016 10:18 PM #4
Rainmaker
833,182
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Looks like you've got a ways to go before nap time with that market Nina Hollander - it's obvious why you're one of the top of agents  in the Charlotte, NC area!

Aug 08, 2016 10:43 PM #5
Rainmaker
129,479
Garreth Wilcock
Sherlock Homes Austin - Austin, TX
Homes at Mueller

Nice market report you have here, Nina! Thanks for sharing! All the best!

Aug 08, 2016 10:45 PM #6
Rainmaker
3,019,688
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Garreth Wilcock ~ good morning, Garreth and thanks much! And thanks for the follow on AR, too! Here's wishing you a great day today!

Aug 08, 2016 10:48 PM #7
Rainmaker
3,019,688
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jennifer Mackay ~ crazy isn't it, Jennifer? It's not even 9am and I'm looking for a nap. (Of course, I've been up since 4am!) Have a super day!

Aug 08, 2016 10:49 PM #8
Rainer
214,825
Jessie Cochran
Counts Real Estate Group, Inc. - Panama City, FL
Panama City Realty Group

Nina Hollander - I thought I was the only one up that early to start working! Thanks for sharing your market update, looks like you're poised for a busy end of year run!

Aug 08, 2016 11:31 PM #9
Rainmaker
3,019,688
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jessie Cochran ~ hi Jessie... I'm not up with the birds... I'm up before the birds most days!

Aug 08, 2016 11:47 PM #10
Ambassador
3,982,263
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Thanks for the look at the market, Nina. These area challenging time in many markets and buyers are getting frustrated.

Aug 10, 2016 12:12 AM #11
Rainmaker
3,019,688
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debbie Reynolds ~ hi Debbie, it is a frustrating market for buyers, especially those on a more modest budget. Also frustrating for sellers who want to sell and move up and can't be sure of finding the next home to go to.

Aug 10, 2016 12:13 AM #12
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
3,019,688

Nina Hollander

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

Additional Information