Charlotte, NC Region Housing Market Update/Video: June 2018

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

 

Charlotte, NC Region Housing Market Update:

June 2018
 

The Charlotte region's housing market ended the second quarter of 2018 with home prices up, closed sales down due to limited inventory, but with pending sales up as compared with June 2017. Both average and median sale prices were up in June 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.

 

 

 

  • June 2018 Closed Sales:  down 11.9% versus June 2017. Year-to-date, closed sales were down 2.1% (more to do with lack of inventory than diminished buyer interest).
     
  • June 2018 Pending Sales:  up 7.4% versus June 2017 and up 1.4% year-to-date.
     
  • June 2018 Average List Price:  increased 4.5% to just over $322,000 versus June 2017. Year-to-date, average list prices are up 5.0% to just over $331,000.
     
  • June 2018 Average Sale Prices:  up 5.7% to just over $302,000 versus June 2017 and up 7.0% year-to-date to just over $287,000. Median Sale Price was also up 2.8% to $248,045 as compared with June 2017 and up 8% year-to-date to $237,500.
     
  • June 2018 Percent of Original List Price Received:  up 0.3% compared with June 2017 to 97.8% and up 0.2% year-to-date to 97.2%.

  • June 2018 Inventory of Homes for Sale: down 17.2% versus June 2017.

  • June 2018 Months Supply of Homes for Sale:  down 20.7% to 2.3 months. Charlotte region's housing market continues to be very much a seller's market, as it had been throughout 2017 and 2018 year-to-date, with parts of the Charlotte metro area having barely one month of inventory.

 

 What's The Message For Charlotte Region Home Buyers?

   

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 June 2017 To June 2018

Months Supply of Homes For Sale Charlotte Region June2018


 

  • 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 June 2017 To June 2018

Inventory of Homes for Sale In Charlotte Region June 2018

 

  • With the housing affordability index down by 8.7% in June 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 decreasing (and even more so as interest rates rise in 2018). First time home buyers, especially, are feeling the squeeze these days given the lack of affordable homes under $200,000 available for sale.


 What's The Message For Charlotte Region Home Sellers?

 

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 about five weeks. The days from list to closing in June 2018 were down 8.8% to 85 days as compared with June 2017. Days on market till sale were down 16.3% to 36 days as compared with June 2017.  Cumulative days on market were down 17.8% to 42 days in June 2018 versus June 2017. Year-to-date, days on market and cumulative days on market were down 10% and 10.2%, respectively, compared with June 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

 

free home listing alerts from greathomesincharlotte.com 

 

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, 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, MBA, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive
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 - 2017 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
4,046,080
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.

Jul 10, 2018 06:46 AM #9
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brian England hi Brian... with closed sales dropping due to lack of inventory, I'm getting nervous!

Jul 10, 2018 09:58 AM #10
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Grant Schneider amazing, isn't it, Grant, what a difference some visuals make in getting a story across?

Jul 10, 2018 09:58 AM #11
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gita Bantwal hi Gita...thanks much. Trust your week is going well... 

Jul 10, 2018 09:59 AM #12
Rainmaker
3,773,641
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nina,

An interesting report and commentary about your housing market in Charlotte.  As always you do an excellent job discussing all the aspects of the market.  A

Jul 10, 2018 10:32 AM #13
Ambassador
1,696,517
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Nina great report on Charlotte and impressive video Too

Jul 10, 2018 11:03 AM #14
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Ron and Alexandra Seigel hi Alexandra... thank you. It's easy for those of us in the business to forget that the public who doesn't look at statistics daily can't always understand the impact of numbers. We need to explain it to them.

Jul 10, 2018 12:45 PM #15
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hannah Williams thanks, Hannah. Always great to see you pop by... trust your week has gotten off to a great start!

Jul 10, 2018 12:46 PM #16
Ambassador
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Nina Hollander Been busy and this heat knocks you out

Jul 10, 2018 01:02 PM #17
Rainmaker
2,485,970
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Nina Hollander that's a healthy seller's market you have in Charlotte...but, as with mine, disappointing for buyers!

Jul 10, 2018 01:29 PM #18
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hannah Williams hi Hannah... it's been hot here (in 90's) but not so humid that it's hard to "live" with.

Jul 10, 2018 01:50 PM #19
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lisa Von Domek hi Lisa... very hard market for entry level buyers or those who have a budget of under $300K.

Jul 10, 2018 01:51 PM #20
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

What a great market and if June is an indication then your summer should be awesome. Your doing a great job on your videos.

Jul 10, 2018 08:31 PM #21
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Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I loved reading your analysis Nina. Pendings UP Closed sales DOWN Inventory DOWN. You gotta love it!

Jul 10, 2018 09:58 PM #22
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debbie Reynolds hi Debbie... thank you. I continue to be very concerned about lack of inventory which is leading to month after month of fewer closed sales.

Jul 11, 2018 04:01 AM #23
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Paul S. Henderson, REALTOR®,CRS, good morning, Paul... well I love pendings being up, but closed sales down month after month, no so much!

Jul 11, 2018 04:02 AM #24
Rainmaker
4,649,111
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Families on the move will appreciate your local real estate market reports.

Jul 11, 2018 04:40 PM #25
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Roy Kelley good morning, Roy. Thanks for stopping by... wishing you a lovely, lovely day.

Jul 12, 2018 03:29 AM #26
Rainmaker
4,306,642
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.

Jul 12, 2018 05:58 AM #27
Rainmaker
2,439,534
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gabe Sanders good morning to you, Gabe. Always appreciate your stopping by... hope your day is off to a fantastic start!

Jul 12, 2018 06:08 AM #28
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