Charlotte, NC Region Housing Market Update: June 2017

By
Real Estate Agent with Coldwell Banker Residential Brokerage

 

Charlotte, NC Region Housing Market Update:

June 2017

 

The Charlotte region's housing market started ended the last month of the second quarter of 2017 with home prices up and pending sales up as compared with June 2016. Both average and median sale prices were up in June 2017. Inventory and the months supply of homes remain low and well below what they were one year ago. This has impacted closed sales, which were down 0.3% in June as compared with the same time period one year ago. As the Carolina MLS report put it: "As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers. "

 

  • June 2017 Closed Sales:   down  3.8% versus June 2016. Year-to-date, closed sales were up 5.9%.
     
  • June 2017 Pending Sales:  up 17.4% versus June 2016 and up 7.7% year-to-date.
     
  • June 2017 Average List Price:  increased 7.9% to just under $319,000 versus June 2016. Year-to-date, average list prices are up 5.5% to just under $323,000.
     
  • June 2017 Average Sale Prices:  up 3.9% to just over $290,000 versus June 2016 and up 7.2% year-to-date to just under $272,000. Median Sale Price was also up 8.9% to $245,000 as compared with June  2016 and up 11.3% year-to-date.
     
  • June 2017 Percent of Original List Price Received:  up 0.7% compared with June 2016 to 97.5% and up 0.9% year-to-date to 97.0%.
     
  • June 2017 Inventory of Homes for Sale: down 20.8% versus June 2016, with new listings barely increasing 0.1% in June 2017.
     
  • June 2017 Months Supply of Homes for Sale:  down 28.6% to 2.5 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 having barely one month of inventory.

 

Charlotte Region Market Update June 2017 From Nina Hollander, RE/MAX Realtor

 

 

The message for Charlotte region home buyers remains what it's been since 2015 and isn't likely to change very much in the foreseeable 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 homes receiving multiple offers, buyers also need to make "clean" offers with a minimum of contingencies. As the chart below shows, in the $100,000-200,000 price points, the months supply of homes is hovering at barely one month. Supply of condos and townhomes is even tighter.


      Change In Months Supply of Homes For Sale From June 2016 To June 2017

    Change In Months Supply of Homes in Charlotte, NC in June 2017

  • Home prices 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.... impacting the average prices of homes sold which continue to increase month after month throughout 2016 and now into 2017. The graph below shows just how much less inventory there is in home priced under $250,000. 


         Change In Inventory Of Homes For Sale From June 2016 To June 2017

    Change In Inventory of Homes In Charlotte market in June 2017


  • With the housing affordability index down by 5.7% in June 2017, 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 continue to rise in 2017). First time home buyers are feeling the squeeze these days given the lack of affordable homes under $300,000 available for sale.

 

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 foreseeable 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 June 2017 were down 9.8% to 92 days as compared with June 2016. Days on market till sale were down 14.9% to 40 days as compared with June 2016.  Cumulative days on market were also down 12.7% to 48 days in June 2017 versus June 2016.

     
  • 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? 

 

 

SEARCH ALL CHARLOTTE AREA HOMES FOR SALE HERE

 

 

Originally posted on:  http://www.greathomesincharlotte.com/charlotte-nc-region-housing-market-update-june-2017

 

This monthly Charlotte, NC region housing market update is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, 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."

 

 

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

 

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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
3,205,187
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Nina Excellent report! May thinventory not strangle your market! Enjoy your day! 

Jul 08, 2017 06:10 AM #1
Rainmaker
3,018,807
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Wayne Martin ~ thanks, Wayne. So far, we seem to be chugging along ok, but it's worrisome when serious buyers are priced out of the market.

Jul 08, 2017 06:13 AM #2
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Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Thanks for sharing your local real estate information with us today

Jul 08, 2017 06:48 AM #3
Rainmaker
3,018,807
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Harry F. D'Elia ~ good morning, Harry... thanks for stopping by. Have a super weekend and stay cool!

Jul 08, 2017 06:52 AM #4
Rainmaker
4,041,757
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, sure looks like all good news for the Charlotte real estate market, or at least for the Sellers!  

Jul 08, 2017 06:54 AM #5
Rainmaker
3,018,807
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox ~ you got that right, Joan... good for sellers... not so good for buyers. And that's probably one reason we don't have enough sellers... they are afraid of being in the buyer's seat and finding nothing.

Jul 08, 2017 06:55 AM #6
Rainmaker
1,281,933
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Sounds like low inventory is hitting Charlotte as much as it is up here. Great market report!

Jul 08, 2017 07:11 AM #7
Rainmaker
1,873,166
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Nina - still seeing strong demand.  I am sure buyers are finding it challenging.

Jul 08, 2017 08:41 AM #8
Rainmaker
3,018,807
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Grant Schneider ~ hi Grant... for buyers it's very challenging right now especially for those whose budget is under $250,000.

Jul 08, 2017 09:20 AM #9
Rainmaker
3,018,807
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Wayne and Jean Marie Zuhl ~ hi Wayne and Jean... we've been suffering from inventory here for a fourth year in a row now. Our inventory for homes under $250K is about 40% lower than last year at this time... and we thought last year was a tough year!

Jul 08, 2017 09:21 AM #10
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Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Lack of inventory can wreak havok with sales trends and statistics Nina and can push first time homebuyers out of the market. Well done market report and updated comparison from 2016 to today. Hope this makes your phone ring more!

Jul 08, 2017 11:04 AM #11
Rainmaker
3,018,807
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Wanda Kubat-Nerdin ~ hi Wanda... it has been so very, very hard in our market to find homes for first-time buyers in the under $250K price range. And it's not getting better.

Jul 08, 2017 11:32 AM #12
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Nina- what a very easy to read housing market update for Charlotte!  I'm seeing in many areas that inventory is low so any interested sellers or buyers need to contact you. 

Jul 08, 2017 01:55 PM #13
Rainmaker
3,018,807
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Kathy Streib ~ thanks, Kathy. We are into our fourth year of thinventory and it's not getting any better as yet.

Jul 08, 2017 02:14 PM #14
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina the housing figure keep going on a positive note.  Great market to be in.

Jul 08, 2017 03:14 PM #15
Rainmaker
5,313,291
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

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

Jul 08, 2017 05:38 PM #16
Rainmaker
3,018,807
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto ~ good morning, George... with the good market comes the not so good... first time buyers in more modest price points are getting locked out unfortunately.

Jul 09, 2017 04:25 AM #17
Rainmaker
3,018,807
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Roy Kelley ~ good morning, Roy... and thanks. Trust you are enjoying a wonderful weekend.

Jul 09, 2017 04:26 AM #18
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