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

By
Real Estate Agent with Coldwell Banker Residential Brokerage

 

Charlotte, NC Region Housing Market Update:

August 2018
 

The Charlotte region's housing market closed out the 2018 summer selling season with home prices up, closed sales down due to limited inventory, but with pending sales up as compared with August 2017. Both average and median sale prices were up in August 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.

 

 

 

 

  • August 2018 Closed Sales:  down 6.0% versus August 2017. Year-to-date, closed sales were down 1.0% (more to do with lack of inventory than diminished buyer interest).
     
  • August 2018 Pending Sales:  up 7.4% versus August 2017 and up 0.9% year-to-date.
     
  • August 2018 Average List Price:  increased 7.8% to just under $315,000 versus August 2017. Year-to-date, average list prices are up 4.4% to just under $325,000.
     
  • August 2018 Average Sale Prices:  up 8.8% to just over $294,000 versus August 2017 and up 7.0% year-to-date to just under $289,000. Median Sale Price was also up 8.0% to $243,500 compared with August 2017 and up 6.7% year-to-date to $239,888.
     
  • August 2018 Percent of Original List Price Received:  essentially flat compared with August 2017 at 97.0% and up 0.2% year-to-date to 97.2%.

  • August 2018 Inventory of Homes for Sale: down 14.3% versus August 2017.

  • August 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 enter the 2018 fall 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 under one month. Supply of condos and townhomes is even tighter at less than one month of inventory. In all price ranges, the months supply of homes is down double digits.

     
      

Change In Months Supply of Homes For Sale 

From August 2017 To August 2018

Months Supply of Homes In Charlotte Region August 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 August 2017 To August 2018

 Inventory of Homes For Sale In Charlotte, NC August 2018

 

  • With the housing affordability index down by 12.6% in August 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 what remains of 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 August 2018 were down 5.6% to 85 days compared with August 2017. Days on market till sale were down 11.6% to 38 days compared with August 2017.  Cumulative days on market were down 9.8% to 46 days in August 2018 versus August 2017. Year-to-date, days on market and cumulative days on market were down 12.5% and 10.5%, respectively, compared with August 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 Great Homes In Charlotte

 

This monthly Charlotte, NC region housing market update is brought to you by  Nina Hollander and Carolinas Realty Partners, 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-august-2018-2/ 

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SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

Nina Hollander

Broker, Realtor, MBA, 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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Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jim Crawford Hi Jim... so long as I have power and no rain from Florence in Charlotte today, I'm having a "wonderful" day. We'll have to sit tight and see what happens in the next several days.

Sep 14, 2018 08:33 AM #9
Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Grant Schneider hi Grant... so far, just horrible what's happening along the NC coastline. Here in Charlotte it's humid and a bit windy, but so far, so good. But I'm sure it won't last and we'll be in for some heavy rain and power outages in the next 24-48 hours.

Sep 14, 2018 08:35 AM #10
Rainmaker
3,139,972
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

I know what you mean about the affordable housing to find. I'm finding the same low inventory here. Hope you are doing well with the Florence situation...

Sep 14, 2018 09:15 AM #11
Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila and Larry... the wind is picking up here now, but no rain thus far... I'm sure it will be coming in the next 24 hours, however.

Sep 14, 2018 09:20 AM #12
Rainmaker
2,477,187
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Things seem to be going well and you always do such a great job of keeping people in the area informed!

Sep 14, 2018 11:21 AM #13
Rainmaker
1,291,451
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

The only thing that comes to mind is: "The urgency to make a buying decision keeps getting more urgent". 

Sep 14, 2018 12:00 PM #14
Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Carol Williams hi Carol... that's a very, very good way to put it! But there will always be people who won't do anything until their back is up against a wall.

Sep 14, 2018 01:18 PM #15
Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brian England thanks, Brian... I try.... and as you know, I don't believe people can make the appropriate decisions without the appropriate timely information.

Sep 14, 2018 01:19 PM #16
Rainmaker
4,038,102
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, your market updates are always very good, and hope you maintain your power.

Sep 14, 2018 02:20 PM #17
Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox thanks, Joan... Charlotte is still supposedly getting some 10 inches of rain, but nothing much is expected before tomorrow. I'm sure there will be outages. One of my clients in neighboring Matthews has had her power flickering on and off throughout today.

Sep 14, 2018 02:32 PM #18
Rainmaker
4,432,093
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 

Sep 14, 2018 03:31 PM #19
Ambassador
3,982,170
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

This is excellent information on your market, Nina. I hope the storm isn't too hard on you in Charlotte.

Sep 14, 2018 06:09 PM #20
Rainmaker
2,189,507
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Howdy Nina: Glad to see the storm isn't too bad yet in Charlotte. Ten inches is not as bad as 30 inches, which dumped in Hilo neighborhoods from Lane last month. Just had to stop over to make sure everything was OK.

Nice Charlotte real estate report, too.

Sep 14, 2018 06:52 PM #21
Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents thanks, Elizabeth, for checking in. Rain is just arriving in my end of Charlotte, winds gusting on and off but not too badly as yet. We've had some trees topple not far from us causing outages... but so far, we are good. It seems with all of the utility workers who showed up in the Carolinas this past week to help restore power that they are actually doing a pretty good job of getting power back up in some of the communities closer to the coast that were so badly hit yesterday. I'm prepared to live through some power outage and will keep fingers crossed that it will be restored quickly. 

Sep 15, 2018 04:37 AM #22
Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debbie Reynolds good morning, Debbie... so far so good... some rain this morning but not gobs of it... it's coming in the next few hours, however, and we'll be hit with a lot of it for the next 24-36 hours.

Sep 15, 2018 04:44 AM #23
Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gita Bantwal good morning, Gita... thank you. Hopefully, your weekend is off to a better start than hours with Hurricane Florence about to come through the Charlotte area.

Sep 15, 2018 04:45 AM #24
Rainmaker
3,210,739
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Hoping the weather is not as horrible as precited and everyone everywhere has safe housing.

Sep 15, 2018 05:20 AM #25
Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sally K. & David L. Hanson thanks, Sally and David... the rains and winds have reached Charlotte this morning and we are now in for a "hairy" 24-36 hours ahead of us. Fingers crossed for no power outages or if we do have them that they are short in duration. We are expecting some 10 inches of rain by Sunday.

Sep 15, 2018 05:39 AM #26
Rainmaker
5,305,748
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will appreciate your local market reports.

Sep 15, 2018 07:20 AM #27
Rainmaker
3,011,841
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Roy Kelley thanks, Roy... I keep waiting to be able to write an update that our inventory has increased and sales with it.

Sep 15, 2018 09:56 AM #28
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