Charlotte, NC Region Housing Market Update For December 2017

By
Real Estate Agent with RE/MAX Executive | Charlotte, NC
http://activerain.com/droplet/59cJ

 

Charlotte, NC Region Housing Market Update:

December 2017
 

The Charlotte region's housing market ended the final month of 2017 with home prices up, closed sales down, but pending sales considerably up as compared with December 2016. Both average and median sale prices were up in December 2017. Inventory and the months supply of homes remain low and well below what they were one year ago, which are a primary cause of the slowdown in sales.

 

  • December 2017 Closed Sales:   down  8.4% versus December 2016. Year-to-date, closed sales were up 5.9%.
     
  • December 2017 Pending Sales:  up 17.3% versus December 2016 and up 6.3% year-to-date.
     
  • December 2017 Average List Price:  increased 3.8% to just over $291,000 versus December 2016. Year-to-date, average list prices are up 4.9% to just over $312,000.
     
  • December 2017 Average Sale Prices:  up 8.4% to just under $281,000 versus December 2016 and up 5.8% year-to-date to just under $273,000. Median Sale Price was also up 11.9% to $235,000 as compared with December 2016 and up 9.2% year-to-date to $226,000.
     
  • December 2017 Percent of Original List Price Received:  up 0.5% compared with December 2016 to 96.3% and up 0.7% year-to-date to 96.9%.
     
  • December 2017 Inventory of Homes for Sale: down 19.4% versus December 2016.
     
  • December 2017 Months Supply of Homes for Sale:  down 23.1% to 2.0 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 having barely one month of inventory.

 

Charlotte Region Housing Market Update December 2017

 

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 as we look forward to 2018:

  • 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 continue to 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 just over one month. Supply of condos and townhomes is even tighter at less than one month of inventory.


     

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

Charlotte NC Region Months Supply of Homes December 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 multiple offers 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 through all of 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 December 2016 To December 2017

Charlotte NC Region Inventory of Homes for Sale December 2017

 

  • With the housing affordability index down by 4.6% in December 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 in 2018). First time home buyers are feeling the squeeze these days given the lack of affordable homes under $250,000 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 as we end 2017 and begin 2018:

  • 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 December 2017 were down 10.8% to 99 days as compared with December 2016. Days on market till sale were down 13.0% to 47 days as compared with December 2016.  Cumulative days on market were also down 10.9% to 57 days in December 2017 versus December 2016. Year-to-date, days on market and cumulative days on market were down double-digits compared with December 2016 at 16.7% and 15.6%, respectively.

     
  • 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 YOUR DREAM 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

 

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'd love an opportunity to earn your business, exceed your expectations, and to prove to you that:

 "The Right Broker Makes All The Difference."

 

 

Originally posted at: https://www.greathomesincharlotte.com/housing-market-update-for-charlotte-nc-region-december2017 

 

Posted by

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

Nina Hollander, Broker, Realtor / REMAX / Carolinas Realty Partners / Ph: 704.779.0813 / F: 704.341.3346 / E: Nina@NinaHollander.com / W: www.GreatHomesInCharlotte.com

Nina Hollander
Broker, Realtor, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: http://activerain.com/blogs/ninahollander
Search for Charlotte Area Homes: www.HomesInCharlotteArea.com

2007 - 2016 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
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Hello, Nina Hollander.  I love the format you use for market reports.  It is clear & easy to read & grasp the important facts. Thanks for being a Rain friend & follower.

Jan 10, 2018 02:41 PM #7
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Mary Yonkers ~ thanks, Mary.... many years in the corporate world prepaing and delivering financial updates to boards of Fortune 500 companies trained me how to present statistical data so people's eyes don't immediately glaze over.

Jan 10, 2018 02:47 PM #8
Rainmaker
2,638,218
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I always enjoy reading about your market Nina Hollander , your presentation is second to none and so eye catching

Jan 10, 2018 04:21 PM #9
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Scott Godzyk ~ thanks, Scott, for the kind words. What you described is exactly what I was aiming for with these report.

Jan 10, 2018 05:06 PM #10
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

December looks very strong and know you have lots to do with it being a good month. This is very informational.

Jan 10, 2018 05:33 PM #11
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debbie Reynolds ~ hi Debbie... people always think that the holiday season after Thanksgiving is slow... for almost as long as I've been in real estate, I've been busy at year end.

Jan 10, 2018 05:34 PM #12
Rainmaker
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Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good evening Nina Hollander ,

It looks like thinventory is still reigning in Charlotte area! I'll bet you see prices continue to jump in 2018.

Jan 10, 2018 06:49 PM #13
Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina looks like the lack of inventory is starting to have a negative impact on the number of sales.

Jan 10, 2018 07:38 PM #14
Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good evening Nina - still hot with no sign of leveling off.  This year should be hot.

Jan 10, 2018 07:59 PM #15
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Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I love reading your market reports and your statistics are top notch Nina Hollander 

Jan 10, 2018 08:40 PM #16
Rainmaker
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Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Another great report on the Charlotte, NC real estate market Nina Hollander - well done!

Jan 10, 2018 08:47 PM #17
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Dorie Dillard ~ thanks, Dorie. No doubt it's thinventory to the nth degree here in the Charlotte area. Some of our areas have barely one month.

Jan 11, 2018 03:16 AM #18
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lisa Von Domek ~ good morning and thank you, Lisa. Love getting a good "review" from a consummate professional.

Jan 11, 2018 03:17 AM #19
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Paul S. Henderson, REALTOR®,CRS, ~ thanks much, Paul. The numbers are provided by our MLS... I just tell a story with them.

Jan 11, 2018 03:18 AM #20
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Grant Schneider ~ good morning, Grant... lack of inventory is an issue here in Charlotte area... and now it's starting to impact sales because people can't find affordable homes.

Jan 11, 2018 03:20 AM #21
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto ~ good morning, George... it's becoming a bad cycle... lack of inventory is forcing home prices up, forcing affordability down, forcing lower sales.

Jan 11, 2018 03:21 AM #22
Rainmaker
945,418
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Good Morning Nina.  I'm curious what your take is on why Pendings are up but Closed sales are down?There is a significant margin. Do you think closings are taking longer or are sales flipping due to inspections or financing issues?  Just curious. 

Jan 11, 2018 06:08 AM #23
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Carol Williams ~ hi Carol, lack of inventory is putting pressure on closed sales. There was a flurry of new listings early December and I guess many of them sold. The pendings could also now reflect a move towards new construction due to the lack of resale homes.

Jan 11, 2018 12:23 PM #24
Rainmaker
3,522,533
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, you know your stuff, and great overview for the market in Charlotte.  Seeing a 4% increase is good.

Jan 11, 2018 01:11 PM #25
Rainmaker
2,389,448
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox ~ thanks, Joan. Charlotte market is sound and fortunately has never been very speculative, which benefited us greatly when the market went sideways a few years ago.

Jan 11, 2018 02:47 PM #26
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