RE/MAX April 2018 National Housing Report:
March 2018 Housing Data
The RE/MAX National Housing Report for April 2018: "Rising Prices, Fewer Sales Driven by Record-Breaking Low Inventory" was this month's headline. As the report stated: "If you are looking for a new home, chances are you’re not finding many homes on the market. If you’re a seller, you have likely noticed the value of your home is rising — no matter what part of the country you live in.When the Months Supply of Inventory falls below six months, it’s a seller’s market, and all 54 metro areas surveyed for the monthly housing reported under six months of inventory."
To quote Adam Contos, RE/MAX CEO: “Homebuyers shouldn’t be discouraged by the record-breaking numbers — even with higher prices and closed transactions, this March marks the second-highest in sales in the history of the RE/MAX National Housing Report.”
For a more detailed review, click here for the latest RE/MAX National Housing Report.
How Charlotte, North Carolina's region compared to national statistics in
Median sale price of Charlotte region homes was up 7.1% compared with March 2017 versus 4.9% nationally. Charlotte area's median price sale of $235,000 in March has essentially caught up with national averages ($236,000) and increased from $219,500 just one year ago.
Closed sales in Charlotte region were down 11.2% compared with a decrease of 5.3% nationally in March 2018. Extreme lack of affordable inventory in Charlotte contributed to this decrease last month.
- Months supply of homes in the Charlotte region was 2.0 months, down 25.9% versus March 2017. Charlotte region's months supply of homes remains lower than the national average of 2.5 months.
Inventory of homes in the Charlotte region was down 23.5% in March 2018 (compared with national figures down 14.7%) versus one year ago. Inventory in the Charlotte region has decreased at a greater rate than nationally.
Average days on market in the Charlotte region compared well with national averages of 60 days with days on market until sale in Charlotte at 50 days (down 7 days and 12.3% year-over-year). Cumulative days on market in Charlotte in March 2018 were 61. Again, the lower days on market could be attributed to diminishing inventory in the region.
With continuing demand for homes and rising home prices due to lack of inventory, it may be the perfect time to sell your home. It may also be the perfect time to buy a Charlotte area home before both home prices and interest rates rise further.
This real estate monthly 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: