After a year’s worth of reports about a relentless sellers’ market for Charlotte homes, complete with pictures underscoring buyers’ woes, last month our report showed scales tipping back toward some balance between buyers and sellers.
This month’s featured image represents another glimmer of hope for home buyers.
The latest market numbers prove there’s real reason for optimism. As of October 31, 2018, the number of homes on the market decreased by 954 units in the greater Charlotte area, a drop of 8.7% to 10,055 homes. The number of months supply of homes for sale went down by 7.4% to 2.5 months. We’re also seeing a slight decline in the rate of year-to-year increase in the median sales price, which nudged up 5% to $231,000. Another hopeful sign is in the percentage of original list price received, which – finally! – has dropped by .5% to 96.2%. That’s not a big drop, but it’s a solid indication we’re seeing real movement toward the balance between buyers and sellers we mentioned earlier.
In July, for example, we noted the percentage of original price received had remained the same compared to last year. But every month since then, we’ve seen decreases in that vital home market statistic. Factor that trend with this month’s significant 9.8% decrease in closed sales, and that glimmer of hope is clearly getting brighter.
A cooling in pricing trends combined with a sound economy and continued robustness in buyer demand indicate a healthy real estate market, particularly in the Charlotte area, where relocations continue to grow at a steady clip. Other long-term indicators of a thriving Charlotte real estate market include growing home builder confidence and the growing rate in home ownership among under-35 buyers.