Charlotte, NC Region Housing Market Report & Video: May 2018

By
Real Estate Agent with Coldwell Banker Residential Brokerage | Charlotte, NC

 

Charlotte, NC Region Housing Market Update:

May 2018
 

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

 

 

 

  • May 2018 Closed Sales:  down 4.2% versus May 2017. Year-to-date, closed sales were down 0.9% (more to do with lack of inventory than diminished buyer interest).
     
  • May 2018 Pending Sales:  up 9.7% versus May 2017 and up 2,4% year-to-date.
     
  • May 2018 Average List Price:  increased 6.9% to just over $341,000 versus May 2017. Year-to-date, average list prices are up 5.6% to just under $335,000.
     
  • May 2018 Average Sale Prices:  up 10.7% to just under $300,000 versus May 2017 and up 7.5% year-to-date to just over $283,000. Median Sale Price was also up 9.5% to $245,000 as compared with May 2017 and up 9.3% year-to-date to $233,000.
     
  • May 2018 Percent of Original List Price Received:  up 0.2% compared with May 2017 to 97.5% and up 0.2% year-to-date to 97.0%.

  • May 2018 Inventory of Homes for Sale: down 20.0% versus May 2017 and down 1.3% year-to-date.

  • May 2018 Months Supply of Homes for Sale:  down 24.1% to 2.2 months. Charlotte region's housing market continues to be very much a seller's market, as it had been throughout 2017, with parts of the Charlotte metro area having barely one month of inventory.

 


   

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 end of 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 May 2017 To May 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 May 2017 To May 2018

 

  • With the housing affordability index down by 8.8% in May 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 May 2018 were down 10.3% to 87 days as compared with May  2017. Days on market till sale were down 17.4% to 38 days as compared with May 2017.  Cumulative days on market were down 14.8% to 46 days in May 2018 versus May 2017. Year-to-date, days on market and cumulative days on market were down 11.3% and 9.7%, respectively, compared with May 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? 

 

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instant home value report from greathomesincharlotte.com

 

 

SEARCH ALL CHARLOTTE AREA HOMES FOR SALE HERE

 

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This monthly Charlotte, NC region housing market update is brought to you by  Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts serving Charlotte area home buyers and sellers for 20 years.

 

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."

 

 

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SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

Nina Hollander

Broker, Realtor, MBA, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Residential Brokerage
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 - 2018 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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2017 Market Trend Reports
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Rainmaker
2,743,126
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina, I can understand down from last year if the inventory is so low.  I think we arethe same way in Denver.  Hope you have a great day!

Jun 10, 2018 08:19 AM #1
Rainmaker
2,585,737
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Will Hamm hi Will... the lack of inventory here is really causing problems for lots of buyers, especially entry level buyers. Happy Sunday to you.

Jun 10, 2018 08:45 AM #2
Rainmaker
2,385,988
Rebecca Gaujot, Realtor®
Vision Quest Realty, Martha Hilton, Broker - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Hi Nina, are market is down as well. This is a great overview of the Charlotte, NC real estate market.

Jun 10, 2018 10:37 AM #3
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

what a detailed market report Nina Hollander  this is the information being searchd for this time of year . It should make your phone ring the local market expert

Jun 10, 2018 02:40 PM #4
Rainmaker
2,585,737
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Rebecca Gaujot, Realtor® thanks, Rebecca. At the end of the day you can't sell what you don't have to sell! It's a problem for sure.

Jun 10, 2018 03:31 PM #5
Rainmaker
2,585,737
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hannah Williams thanks, Hannah. To be perfectly honest I have been cranking out reports like this for going on three years each and every month. To-date, I have never had a single call from anyone as a result. I really wonder sometimes why I spend so much time on them.

Jun 10, 2018 03:32 PM #6
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2,832,637
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

Thank you for yet another insightful Charlotte North Carolina market report and video Nina!

Jun 10, 2018 10:49 PM #7
Rainmaker
2,585,737
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Paul S. Henderson, REALTOR®,CRS, thanks, Paul... and as always, thanks for stopping by. Trust you had a lovely weekend.

Jun 11, 2018 03:10 AM #8
Rainmaker
4,185,092
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Thank you for sharing 

Jun 11, 2018 03:15 AM #9
Rainmaker
2,585,737
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gita Bantwal good morning, Gita... and thank you. Wishing you a wonderful week ahead!

Jun 11, 2018 03:18 AM #10
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Nina Hollander  i am sorry to hear that .I get a wonderful response from my market reports . May be you should try throwing in some local fun events with it

Jun 11, 2018 08:42 AM #11
Rainmaker
2,585,737
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hannah Williams ~ I do local events posts typically at least one to two times a week, including frequent posts along the lines of "what's happening in ____ this week." In all the years I've been in the Rain no calls on those either except to ask about parking, time of event, etc. I think this is calling for a complete reassessment of what I do here in the Rain.

Jun 11, 2018 08:47 AM #12
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Nina Hollander  I think your posts are wonderful and I am so surprised to read this maybe if I may make a suggestion do smaller subdivisions

Jun 11, 2018 08:59 AM #13
Rainmaker
2,585,737
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hannah Williams hi Hannah... I've done those as well, many times... no response. I'm not convinced that for lead generation this is quite the platform for me versus my website.

Jun 11, 2018 09:06 AM #14
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Nice video on the market. It is easy to understand and see, Nina.

Jun 11, 2018 08:01 PM #15
Rainmaker
2,585,737
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debbie Reynolds thanks, Debbie... I put those videos there for those with short attention spans! (Which seems like half the world these days.)

Jun 12, 2018 02:56 AM #16
Rainmaker
4,479,361
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 the information and update about the Charlotte, NC real estate market.

 

Jun 13, 2018 05:40 AM #17
Rainmaker
2,585,737
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gabe Sanders thanks, Gabe, as always for taking the time to stop by and to leave a comment... I always appreciate it!

Jun 13, 2018 06:57 AM #18
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