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

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

 

Charlotte, NC Region Housing Market Update:

April 2018
 

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

 

 

 

 

  • April 2018 Closed Sales:  up 1.6% versus April 2017. Year-to-date, closed sales were down 1.1%.
     
  • April 2018 Pending Sales:  up 10.7% versus April 2017 and up 3.0% year-to-date.
     
  • April 2018 Average List Price:  increased 6.6% to just under $343,000 versus April 2017. Year-to-date, average list prices are up 5.5% to just over $333,000.
     
  • April 2018 Average Sale Prices:  up 8.1% to just over $292,000 versus April 2017 and up 6.4% year-to-date to just over $277,000. Median Sale Price was also up 7.4% to $240,000 as compared with April 2017 and up 9.0% year-to-date to $230,000.
     
  • April 2018 Percent of Original List Price Received:  up 0.2% compared with April 2017 to 97.4% and up 0.3% year-to-date to 96.9%.

  • April 2018 Inventory of Homes for Sale: down 22.6% versus April 2017 and new listings down 2.8% year-to-date.

  • April 2018 Months Supply of Homes for Sale:  down 25.0% to 2.1 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 Region Housing Market Update April 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 barely 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 April 2017 To April 2018

Charlotte Region Months Supply Of Homes April 2018


 

  • 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 April 2017 To April 2018

Charlotte Region Inventory of Homes for Sale April 2018

 

  • With the housing affordability index down by 6.3% in April 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 April 2018 were down 5.1% to 94 days as compared with April 2017. Days on market till sale were down 10.2% to 44 days as compared with April 2017.  Cumulative days on market were down 10.2% to 53 days in April 2018 versus April 2017. Year-to-date, days on market and cumulative days on market were down 9.1% and 6.3%, respectively, compared with April 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, 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
1,930,360
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I hope that the weather is good in the Charlotte area and you will have an outstanding weekend!

May 12, 2018 06:56 AM #3
Rainmaker
2,355,327
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brian England thanks, Brian... I'm actually in Colorado where it's cool and raining. 

May 12, 2018 08:13 AM #4
Rainmaker
1,193,800
Bob "RealMan" Timm
Alliance Real Estate - Minot - Minot, ND
Bob Timm, Broker Associate, Alliance Real Estate

I see new listings are up a tiny bit, that has to be good news Nina Hollander . 

May 12, 2018 05:50 PM #5
Rainmaker
850,999
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Nina Hollander - you have a lot of great info to share with buyers and sellers alike for the Charlotte area.  Inventory continues to drive the numbers. 

May 12, 2018 06:08 PM #6
Rainmaker
2,355,327
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Bob "RealMan" Timm ~ hi Bob... new listings are up a bit, but it's more a question of whether affordable listings are up... and these are not, unfortunately,

May 13, 2018 05:25 AM #7
Rainmaker
2,355,327
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sheri Sperry - MCNE® ~ hi Sheri... the thinventory issue is really impacting sales especially for buyers under $300K.

May 13, 2018 05:26 AM #8
Rainmaker
1,982,502
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Looks like another tight market for you. What is slightly disturbing is the fact your inventory continues to fall. What will you do when there are no homes left to sell? Have you thought about that, Nina? :)

May 13, 2018 08:34 AM #9
Rainmaker
2,355,327
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents ~ hi Elizabeth... I try not to think about that... somehow we keep generating just enough new listings for me to be able to satisfy my clients... but who knows how long that will last. Maybe that's my signal to retire when there's nothing left to sell?  I'll just come and hang out with you in Hawaii!

May 13, 2018 08:44 AM #10
Rainmaker
1,470,824
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

Nina, your market reports are awesome, I'm sure prospective buyers and sellers in your area like to see them!

May 13, 2018 11:06 AM #11
Rainmaker
2,355,327
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sybil Campbell ~ thanks so much, Sybil. Since stuff lives on the web forever, it seems, I'm trying to ensure I won't be embarrassed by anything I post some years down the road.

May 13, 2018 02:53 PM #12
Rainmaker
1,696,467
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Nina Hollander - You paint a good picture of what the market is currently like. Buyers need to consult with you now and not wait until they see an interesting home in the MLS before calling you. By that time, they think about it, or get qualified for a loan, the home may already be under contract. 

As you say, it is a tight market.  An experienced Agent who has lived through the many different types of shifts in the market can be the perfect guide. Nina, you're the best! 

May 15, 2018 05:57 AM #13
Rainmaker
3,490,057
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, valuable information for anyone looking in the Charlotte area, and the tell tell sign is inventory down 22%.    

May 15, 2018 06:46 AM #14
Rainmaker
2,355,327
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox ~ hi Joan... the problem is that we've seen these kinds of reductions in inventory month after month for over two years now. It's a question of when will it end.

May 15, 2018 07:10 AM #15
Rainmaker
2,355,327
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Patricia Feager ~ hi Patricia... no doubt that in a market like we are seeing it's all about preparation and having a game plan whether buying or selling.

May 15, 2018 07:11 AM #16
Ambassador
2,193,116
Robert Vegas Bob Swetz
Realty ONE Group - Las Vegas, NV
Las Vegas Henderson Homes for Sale

Hello Nina,

Quite impressive post with great graphs, stats and video ;o)

May 15, 2018 08:27 AM #17
Rainmaker
850,999
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Nina Hollander - You have a lot of great information to share with those interested in Charlotte NC.  Very nice video!

May 15, 2018 11:08 AM #18
Rainmaker
2,355,327
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sheri Sperry - MCNE® ! hi Sheri and thank you. Of course, my videos don't come close to comparing to your photographs of Sedona (and never will, I'm sure).

May 16, 2018 04:46 AM #19
Rainmaker
2,355,327
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Robert Vegas Bob Swetz ~ good morning, Bob, and thank you. I take your comment as a compliment of the highest sort!

May 16, 2018 04:47 AM #20
Rainmaker
4,206,972
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 updated about the real estate market in Charlotte, NC.

May 16, 2018 05:37 AM #21
Rainmaker
2,355,327
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gabe Sanders ~ good morning, Gabe... thanks for popping by. Trust your day has gotten off to a fantastic start!

May 16, 2018 05:46 AM #22
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