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

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

 

Charlotte, NC Region Housing Market Update:

July 2018
 

The Charlotte region's housing market ended the first month of the third quarter of 2018 with home prices up, closed sales down due to limited inventory, but with pending sales up as compared with July 2017. Both average and median sale prices were up in July 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. Inventory and months supply of homes continue to drop by double-digits.

 

 

 

 

  • July 2018 Closed Sales:  down 2.8% versus July 2017. Year-to-date, closed sales were down 1.0% (more to do with lack of inventory than diminished buyer interest).
     
  • July 2018 Pending Sales:  up 12.5% versus July 2017 and up 1.5% year-to-date.
     
  • July 2018 Average List Price:  increased 4.5% to just over $308,000 versus July 2017. Year-to-date, average list prices are up 4.3% to just under $327,000.
     
  • July 2018 Average Sale Prices:  up 5.1% to just over $290,000 versus July 2017 and up 6.7% year-to-date to just under $288,000. Median Sale Price was also up 2.1% to $240,000 compared with July 2017 and up 6.3% year-to-date to $238,000.
     
  • July 2018 Percent of Original List Price Received:  flat compared with July 2017 at 97.2% and up 0.2% year-to-date to 97.2%.

  • July 2018 Inventory of Homes for Sale: down 16.3% versus July 2017.

  • July 2018 Months Supply of Homes for Sale:  down 17.2% to 2.4 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 July 2017 To July 2018

Charlotte, NC Region Month Supply of Homes for Sale July 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 July 2017 To July 2018

Charlotte, NC Region Housing Inventory July 2018

 

  • With the housing affordability index down by 7.5% in July 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 July 2018 were down 8.8% to 83 days compared with June 2017. Days on market till sale were down 14.3% to 36 days compared with June 2017.  Cumulative days on market were down 14.3% to 42 days in July 2018 versus June 2017. Year-to-date, days on market and cumulative days on market were down 12.2% and 12.1%, 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!

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 WONDERING WHAT YOUR CHARLOTTE AREA HOME IS WORTH IN TODAY'S MARKET? 

 

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Free Home Listing Alerts From Great Homes In Charlotte

 

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're 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."

 

 

Originally publishes at:  https://greathomesincharlotte.com/housing-market-reports-updates/charlotte-nc-region-housing-market-update-july-2018/ 

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 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

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 - 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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Rainmaker
3,816,289
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nina,

I enjoyed viewing your video report on the Charlotte Region.  You certainly have covered all the pertinent items with great details. A

Aug 09, 2018 11:31 AM #1
Rainmaker
2,482,378
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Ron and Alexandra Seigel thanks, Alexandra... that's always the biggest decision in doing reports like this... deciding what is too much information and when it's not enough.

Aug 09, 2018 11:35 AM #2
Rainmaker
4,088,242
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

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

Aug 09, 2018 12:50 PM #3
Rainmaker
597,514
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Wow! Only 2.4 months of inventory! Nina Hollander Seems buyer demand is high. Hopefully you'll see an increase in inventory for the Fall market

Aug 09, 2018 01:22 PM #4
Rainmaker
2,482,378
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Doug Dawes hi Doug... our lack of inventory is really at critical stages in many price points... some neighborhoods are at less than 2 months.

Aug 09, 2018 02:32 PM #5
Rainmaker
2,482,378
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gita Bantwal hi Gita... thank you... trust your week has been a good one thus far.

Aug 09, 2018 02:33 PM #6
Ambassador
3,507,330
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina that is a big drop in inventory.  Hope it picks up so sales can increase.

Aug 09, 2018 03:20 PM #7
Ambassador
3,765,180
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Prices up is a great sign or sellers. Now is a great time to sell so sellers should give you a call.

Aug 09, 2018 06:58 PM #8
Rainmaker
2,482,378
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto good morning, George... we've been seeing inventory drops pushing 17-20+% each month year over year for at least two years now.

Aug 10, 2018 04:24 AM #9
Rainmaker
2,482,378
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debbie Reynolds good morning, Debbie... the problem with home prices going up for sellers is that they are going up for them on the buy side as well and with the lack of inventory they are not selling.

Aug 10, 2018 04:25 AM #10
Rainmaker
3,609,412
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, your decreasing inventory is still making a huge difference in your market.  Hopefully this turns around soon.

Aug 10, 2018 06:19 AM #11
Ambassador
1,605,266
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

I too think your video recipe is just right for your market reports. This sellers market is a catch 22 - no place for sellers to move - they can't list their houses with no alternative home to purchase. 

Aug 10, 2018 07:03 AM #12
Rainmaker
2,482,378
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox hi Joan... I am not holding my breath for a quick turnaround on inventory.... I'm afraid I'll turn into a very unattractive shade of blue!

Aug 10, 2018 07:20 AM #13
Rainmaker
2,482,378
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debb Janes EcoBroker and Bernie Stea JD hi Debb... you hit the nail on the head calling it a catch 22... sooner or later something's got to give.

Aug 10, 2018 07:21 AM #14
Rainmaker
2,031,772
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

Hi Nina: You are definitely, to this outside observer's eyes, and you would know so much better, still in a seller's market in Charlotte.

We are seeing more stabilization in Sacramento now.

Aug 10, 2018 08:51 AM #15
Rainmaker
2,482,378
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... your outside observer's eye is quite keen! So long as a home is priced right, marketed right it's a seller's market.

Aug 10, 2018 11:25 AM #16
Rainmaker
4,697,529
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Families on the move will appreciate your local market reports.

Aug 12, 2018 05:06 AM #17
Rainmaker
2,482,378
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Roy Kelley thank you, Roy.... keep hoping for a month in which I can report a big jump in affordable inventory that will spur sales upwards.

Aug 12, 2018 05:20 AM #18
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Rainmaker
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