Charlotte, NC Region Housing Market Update & Video: March 2018

By
Real Estate Agent with RE/MAX Executive | Charlotte, NC

 

Charlotte, NC Region Housing Market Update:

March 2018
 

The Charlotte region's housing market ended the third month of 2018 with home prices up, closed sales down and pending sales up as compared with March 2017. Both average and median sale prices were up in March 2018. Inventory and the months supply of homes remain low and below what they were one year ago and homes are selling faster.

 

 

  • March 2018 Closed Sales:   down 11.2% versus March 2017. Year-to-date, closed sales were down 4.2%.
     
  • March 2018 Pending Sales:  up 7.2% versus March 2017 and up 3.7% year-to-date.
     
  • March 2018 Average List Price:  increased 6.0% to just over $346,000 versus March 2017. Year-to-date, average list prices are up 5.6% to just under $332,000.
     
  • March 2018 Average Sale Prices:  up 4.6% to just under $280,000 versus March 2017 and up 5.4% year-to-date to just under $271,000. Median Sale Price was also up 7.1% to $235,000 as compared with March 2017 and up 9.0% year-to-date to $226,088.
     
  • March 2018 Percent of Original List Price Received:  up 0.4% compared with March 2017 to 97.2% and up 0.3% year-to-date to 96.7%.

  • March 2018 Inventory of Homes for Sale: down 23.5% versus March 2017 and new listings down 4.5%.

  • March 2018 Months Supply of Homes for Sale:  down 25.9% to 2.0 months. Charlotte region's housing market continues to be very much a seller's market, as it had been throughout the 2017, with parts of the Charlotte metro area having barely one month of inventory.

Charlotte, NC Region Housing Market Overview March 2018 

 

 

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 fully enter the 2018 spring selling season.

  • 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 March 2017 To March 2018

March 2018 Months Supply of Homes Charlotte, NC Region


 

  • 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 $300,000, 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 2017 and now in 2018. The graph below shows just how much less inventory there is in home priced under $200,000. 



Change In Inventory Of Homes For Sale From March 2017 To March 2018

March 2018 Inventory of Homes for Sale in Charlotte NC Region

 

  • With the housing affordability index down by 4.5% in March 2018, 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 as interest rates rise in 2018). First time home buyers are feeling the squeeze these days given the lack of affordable homes under $200,000 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 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 March 2018 were down 4.8% to 100 days as compared with March 2017. Days on market till sale were down 12.3% to 50 days as compared with March 2017.  Cumulative days on market were down 9.0% to 61 days in March 2018 versus March 2017. Year-to-date, days on market and cumulative days on market were down 8.8% and 7.5%, respectively, compared with March 2017.

     
  • 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!

                                           Find your dream home at greathomesincharlotte.com         

 

 WONDERING WHAT YOUR CHARLOTTE AREA HOME IS WORTH IN TODAY'S MARKET? 

what is my charlotte home worth?

 

instant home value report from greathomesincharlotte.com

 

SEARCH ALL CHARLOTTE AREA HOMES FOR SALE HERE

free home listing alerts from greathomesincharlotte.com 

 

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."

 

 

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, MBA, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive
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 - 2017 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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Ambassador
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Every time I play one of your market report videos, my husband comments on how pleasant the music is to his ears. :) Today was no exception - "It's another Market Report from Nina in Charlotte, North Carolina." :)

Apr 10, 2018 01:39 PM #1
Rainmaker
2,437,837
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debb Janes EcoBroker and Bernie Stea JD That's too funny, Debb! I read a statistic that said two thirds of people watch videos without every putting on any sound! (I know I'm one of them, myself, quite often.

Apr 10, 2018 02:08 PM #2
Rainmaker
1,997,979
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Your updates are always top notch and this is certainly the only place one would have to visit to find out what is going on in the area!

Apr 11, 2018 05:16 AM #3
Rainmaker
2,437,837
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brian England ~ hi Brian... thanks so much for the lovely compliment. Wishing you a wonderful Wednesday!

Apr 11, 2018 06:25 AM #4
Rainmaker
1,720,334
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Nina, great information for the Charlotte sellers & buyers...you are feeling the pinch on home inventory too...it is so tough for buyers.

Apr 11, 2018 06:39 AM #5
Rainmaker
3,561,770
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, great market update for Charlotte, and interesting to see closed sales for the first quarter are down.

Apr 11, 2018 06:39 AM #6
Rainmaker
2,437,837
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox ~ thanks, Joan. Sales are down because there's no inventory... hard to sell what's not there (even for me! ).

Apr 11, 2018 07:02 AM #7
Rainmaker
2,437,837
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Ginny Gorman ~ hi Ginny...it's a viscious cycle... the less inventory, the harder it is on buyers. The more sellers worry about finding the next home, the less inventory.

Apr 11, 2018 07:03 AM #8
Rainmaker
1,744,862
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Good Monring Nina Hollander - Your area continues to be highly desirable. With little inventory, buyers need to be ready to make a decision. Sellers shouldn't think too long about whether to put their homes on the markete now or wait. The market is always unpredictable. That's why I highly recommend you. You know your market well and you are the best person to provide advice. 

Apr 11, 2018 07:28 AM #9
Rainmaker
2,437,837
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Patricia Feager ~ thanks, Patricia. I've been "singing" that song for some time now... as with most things in life... some listen, some don't... some do... some don't. I just keep singing!

Apr 11, 2018 07:31 AM #10
Rainmaker
4,304,322
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Nina.  Thanks for keeping us informed about the real estate market in and around Charlotte, NC.

 

Apr 12, 2018 04:47 AM #11
Rainmaker
2,437,837
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gabe Sanders ~ thanks, Gabe, for popping by. Here's wishing you a terrific Thursday!

Apr 12, 2018 06:11 AM #12
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