Charlotte, NC Region Housing Market Update ~ October 2016

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

 

Charlotte, NC Region Housing Market Update:
October 2016

 

The Charlotte region's housing market continued its strong performance of the first nine months of the year into October 2016. As the fall selling season began in the Charlotte area, closed sales, pending sales, average sale prices were all up. Days on market until sale were down 16.4% in October versus October 2015 and down 18.2% year to-date. The story for 2016 remains that supply continues to struggle to meet demand, especially in affordable homes.  

 

  • October 2016 Closed Sales:   up  3.4% versus October 2015 and up 7.0% year-to-date.

  • October 2016 Pending Sales:  up 26.4% versus October 2015 and up 10.7% year-to-date.

  • October 2016 Average List Price:  increased 9.7% to just under $296,000 versus October 2015 and up 8.0% year-to-date to just under $302,000.

  • October 2016 Average Sale Prices:  up 7.6% to just under $257,000 versus October 2015. Median Sale Price was also up 12.7% to just under $210,000 as compared with October 2015. Year-to-date, average and median sale prices are up 6.2% and 6.8% respectively.

  • October 2016 Percent of Original List Price Received:  up 1.6% to 96.2% compared with October 2015 and up 1.3% year-to-date.

  • October 2016 Inventory of Homes for Sale: down 23.1% versus October 2015, with new listings barely increasing by 2.7% in October 2016. New listings on a year-to-date basis are up an anemic 2.7%

  • October 2016 Months Supply of Homes for Sale:  down 30.0% to 2.8 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 Market Update October 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 8.9% in October 2016, alone, and by 3.3% 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 (and even more so if interest rates rise as predicted).

 

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 October 2016 were down 8.0% to 104 days as compared with October 2015 and are down 8.5% year-to-date to 107 days. Days on market till sale were down 16.4% to 51 days as compared with October 2015 and down 18.2% to 54 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? 

 

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

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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
3,196,692
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Nina. Avoid any problems, call Nina to navigate the market! Enjoy your day!

Nov 09, 2016 08:37 PM #1
Rainmaker
3,009,671
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Wayne Martin ~ good morning, Wayne... and thanks for that endorsement. Happy to help navigate any day!

Nov 09, 2016 08:45 PM #2
Rainmaker
3,139,068
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Glad to read that Charlotte's housing report is a strong one.

As you say, "When a home is priced right, staged right, and marketed right"...it will sell!

Nov 09, 2016 09:12 PM #3
Rainmaker
5,303,745
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families moving to the area will appreciate your local real estate market reports.

Nov 09, 2016 09:28 PM #4
Rainmaker
3,009,671
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c) ~ good morning, Sheila and Larry... priced, staged, and marketed right a home will sell under any market conditions, good or bad.

Nov 09, 2016 09:33 PM #5
Rainmaker
3,009,671
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Roy Kelley ~ good morning, Roy... well, I'm also hoping that local families considering a move will appreciate these reports as well! 

Nov 09, 2016 09:34 PM #6
Rainmaker
2,475,759
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Your market reports provide all of the information that a consumer would want.  I am so excited that I will get to meet you soon!

Nov 09, 2016 11:14 PM #7
Rainmaker
3,009,671
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brian England ~ hi Brian... thanks... equally exited. Landed in Phoenix. American Airlines lost my bag. Still waiting for delivery. Had a great meal at a wonderful Italian restuarant this evening. See you Sunday!

Nov 10, 2016 11:54 AM #8
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 market insight.  This is exactly what buyers and sellers need to make informed market decisions.!  Very professional!

Nov 10, 2016 10:21 PM #9
Ambassador
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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

This is a great market update for Charlotte NC.  You have covered all of the pertinent facts.  Sounds like you will have a fun meetup with one of my favorite Rainers Brian England !!! 

Nov 11, 2016 01:46 AM #10
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Rainmaker
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