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

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

 

Charlotte, NC Region Housing Market Update:
September 2016

 

The Charlotte region's housing market continued its strong performance of the first eight months of the year into September 2016. Even as the summer selling season came to a close in the Charlotte area, closed sales, pending sales, average sale prices were all up. Days on market until sale were down 23% in September versus September 2015 and down 16.7% year to-date. The story for 2016 remains that supply continues to struggle to meet demand, especially in affordable homes.  

 

  • September 2016 Closed Sales:   up  3.2% versus September 2015 and up 6.4% year-to-date.

  • September 2016 Pending Sales:  up 18.3% versus September 2015 and up 10.3% year-to-date.

  • September 2016 Average List Price:  increased 7.2% to just over $302,000 versus September 2015 and up 8.1% year-to-date to just under $303,000.

  • September 2016 Average Sale Prices:  up 7.2% to just over $256,000 versus September 2015. Median Sale Price was also up 9.1% to $207,000 as compared with September 2015. Year-to-date, average and median sale prices are up 6% and 6.2% respectively.

  • September 2016 Percent of Original List Price Received:  up 1.1% to 96.2% compared with September 2015 and up 1.3% year-to-date.

  • September 2016 Inventory of Homes for Sale: down 22.1% versus September 2015, with new listings barely increasing by 2.6% in September 2016. New listings on a year-to-date basis are up an anemic +2.6%

  • September 2016 Months Supply of Homes for Sale:  down 28.6% to 3.0 months. Charlotte region's housing market continues to be very much a seller's market, as it has been throughout the year, with parts of the Charlotte metro area holding steady at barely 2 months of inventory.

 

Charlotte, NC Region Market Overview September 2016

 

The message for Charlotte region home buyers remains what it's been all through 2016 and 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 5.7% in September 2016, alone, and by 2.5% 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 September 2016 were down 11.6% to 99 days as compared with September 2015 and are down 7.7% year-to-date to 108 days. Days on market till sale were down 23% to 47 days as compared with September 2015 and down 16.7% to 55 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!

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This monthly Charlotte, NC region housing market update is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive Realty, your Charlotte metro area real estate consultants. 

 

If you are considering selling or purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that "The Right Broker Makes All The Difference."

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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

 

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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
3,199,212
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Nina. Keep those track shoes laced tight while your market is on fire! Enjoy your day!

Oct 07, 2016 10:50 PM #1
Rainmaker
1,528,327
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Nina Hollander As Wayne Martin wrote! Nearly missed you market report amidst the spam reports from California. A sad state indeed!

Oct 07, 2016 10:52 PM #2
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Wayne Martin ~ hi Wayne... what I need those track shoes for is to chase down sellers who are reluctant to list!

Oct 07, 2016 10:59 PM #3
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.

Oct 07, 2016 10:59 PM #4
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sandy Padula and Norm Padula, JD, GRI NMLS#1483386 ~ good morning, Sandy and Norm... haven't been on AR yet to do anything but post, so missed the spam reports. Now I have to go look! But glad to you found me.... and have a good weekend.

Oct 07, 2016 11:00 PM #5
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gita Bantwal ~ good morning, Gita... thanks for stopping by early on a Saturday morning... hope your weekend has gotten off to a great start.

Oct 07, 2016 11:00 PM #6
Rainmaker
3,210,803
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Being tuned in and having a buyer's agent with a good eye...open ear and a great link to a search is crucial to finding the house to call home during periods of Thinventory like you well describe in your report.

Oct 07, 2016 11:39 PM #7
Rainmaker
442,453
Dianne Goode
Raleigh Cary Realty - Raleigh, NC
Realtor/Broker

Hi Nina.  Looks like your market is similar to ours here in the Raleigh area.  More than 70% of our listings sell in less than 30 days.         

Oct 08, 2016 12:51 AM #8
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Dianne Goode ~ hi Dianne... as you may know, our region includes two states a gazillion counties, urban, suburban, country property. So  we have areas that sell in a NY minute and others that take longer because they are not in the immediate metro area.

Oct 08, 2016 01:15 AM #9
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sally K. & David L. Hanson ~ hi Sally and David... that may be only half of the formula... the other half is a client who listens to their agent and jumps when the agent says jump.

Oct 08, 2016 01:16 AM #10
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 local market report.  It offers some great insights for buyers and sellers alike that are trying to make informed decisions.  Well done!

Oct 08, 2016 01:45 AM #11
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jim Crawford ~ thank you, Jim. Knowledge is power... it might seem trite to say so, but at the end of the day it's true.

Oct 08, 2016 01:51 AM #12
Ambassador
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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Your market updates are so compehensive.  You have every statistic anyone could ask for.  Nicely done.

Oct 08, 2016 02:35 AM #13
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Belinda Spillman ~ hi Belinda... I figure if you're going to do something, do it completely and do it right!

Oct 08, 2016 02:41 AM #14
Rainmaker
3,099,219
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina Holldander my friend, You come up with some great reports for buyers and sellers all the time

 

Oct 08, 2016 03:02 AM #15
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Nina- another great market report for the Charlotte area.  I've been keeping an ey on the weather radar with you in mind. 

Oct 08, 2016 07:33 AM #16
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Kathy Streib ~ thanks, Kathy. We are good... sun is now coming out. Just a lot of rain.

Oct 08, 2016 07:47 AM #17
Rainmaker
3,012,353
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Will Hamm ~ hi Will... all for that "street cred," as they say! Knowledge is power!

Oct 08, 2016 07:48 AM #18
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