If Charles Dickens were to evaluate the market for Charlotte, NC homes in 2017, he’d say it was the best of times and the worst of times. Sellers would certainly agree 2017 was the best of times.
By almost every benchmark in every month for the past two years, we’ve seen a nearly airtight seller’s market. The home sales measures that are most meaningful to buyers, such as the inventory of homes for sale, the number of months supply of homes on the market, the percentage of original list price received, and the median home price have all trended in favor of sellers.
But not all is doom and gloom for home buyers. The author of “A Tale of Two Cities” would remind us that there’s always room for hope. A steady increase in demand assures home buyers they’re making a sound investment. Unemployment and relocation trends further attest to the Charlotte area’s promising economic future. Home builders remain optimistic, and are pushing ahead with new developments as a result. So bring it on, 2018!
As of December 31, 2017, the inventory of homes for sale came in at 8,019 homes, compared to 9,947 for December, 2016. That’s a drop of 1,928 units, representing a decrease of 19.4%. The number of months supply of homes for sale declined from 2.6 to 2, a loss of 23.1%. Further confirmation of a relentless seller’s market is evident in the percent of original list price received, which was 95.8% last December, but has now climbed to 96.3%, a gain of .5%. The current median sales price of $235,000 represents a whopping $20,000 increase from December, 2016, a gain of 11.9%.