RE/MAX April 2018 National Housing Report
The RE/MAX National Housing Report for April 2018: "Home Sales Increase 2.3% Despite Peaking Prices, Ever-Shrinking Inventory" was this month's headline. Thirty-eight of the 53 markets in the report posted more sales than in April 2017, while the 2.5 months supply of inventory tied March as the lowest ever in the history of the RE/MAX National Housing Report.
To quote Adam Contos, RE/MAX CEO: “If 2018 is like recent years, we’re only two months away from home prices peaking — we’re already seeing some impressive prices moving up in markets throughout the U.S. As we head into summer, we’ll watch several housing markers like home starts, mortgage applications and sales price to gauge the effect they’ll have on inventory across the country — the good news is that the rate of sales helps accommodate a shrinking inventory and buyers can still find opportunities.”
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 April 2018:
The RE/MAX National Housing April 2018 Report's headline could be used for the Charlotte region's home sales in April, as well: "Home Sales Increase 1.6% Despite Peaking Prices, Ever-Shrinking Inventory."
Median sale price of Charlotte region homes was up 7.4% compared with April 2017 versus 7.5% nationally. Charlotte area's median price sale of $240,000 in April has essentially caught up with national averages ($236,000) and exceeded national numbers, increasing from $223,496 just one year ago.
Closed sales in Charlotte region were up 1.6% compared with an increase of 2.3% nationally in April 2018. Extreme lack of affordable inventory in Charlotte contributed to this small increase.
Months supply of homes in the Charlotte region was 2.1 months, down 25.0% versus April 2017. Charlotte region's months supply of homes remains lower than the national average of 2.5 months, putting pressure on both closed sales and home prices.
Inventory of homes in the Charlotte region was down 22.6% in April 2018 (compared with national figures down 11.3%) versus one year ago. Inventory in the Charlotte region has continued to decrease 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 44 days (down 5 days and 10.2% year-over-year). Cumulative days on market in Charlotte in April 2018 were 53. 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: