RE/MAX May 2018 National Housing Report
The RE/MAX National Housing Report for May 2018: "Prices Rise 7.8%, But Homes Selling Faster and Faster" was this month's headline. In May, homes sold faster than at virtually any other time in the past decade, according to the latest RE/MAX National Housing Report. Low inventory and high demand in May cut Days on Market to 46, the second-lowest monthly number in the nearly 10-year history of the report.
To quote Adam Contos, RE/MAX CEO: “ Be prepared — that’s my message to potential homebuyers in this summer selling season. Make sure you are pre-approved with a lender, try to make a clean offer with no contingencies and, if possible, consider offering favorable concessions to the seller such as a flexible closing date. Pairing today’s real estate technology with the guidance of a professional RE/MAX agent, can help you find the right home.”
For a more detailed review, click here for the latest RE/MAX National Housing Report.
How Charlotte, North Carolina's region hosusing compared to national statistics in May 2018:
The RE/MAX National Housing May 2018 Report's headline could be used for the Charlotte region's home sales in May, as well: "Prices rise, but homes selling faster and faster."
Median sale price of Charlotte region homes was up 9.5% compared with May 2017 versus 7.8% nationally. Charlotte area's median price sale of $245,000 in May is very close to the national median home sale price, increasing from $223,750 just one year ago.
Closed sales in Charlotte region were down 4.2% compared with an increase of 2.8% nationally in May 2018. Extreme lack of affordable inventory in Charlotte contributed to this decrease.
Months supply of homes in the Charlotte region was 2.2 months, down 24.1% versus May 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.
- 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 38 days (down 8 days and 17.4% year-over-year). Cumulative days on market in Charlotte in May 2018 were 46. The lower days on market could be attributed to diminishing inventory in the Charlotte 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 by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts.
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: