How’s the Charlotte Metro Housing Market Faring in May 2021?
As a colleague said earlier this week, “It’s the wild, Wild West out there!” No truer words have been spoken. In some neighborhoods and price ranges, we are waiting in line to tour homes - and that’s WITH an appointment.
Strategizing our Offers so that they will not only compete, but win, is another challenge. Most have realized that patience is a virtue. I have colleagues who tell me of buyers for whom they have submitted more than 10 Offers - that’s 10 properties they have tried to purchase and were unable to come out on top of the dozens of Offers that were submitted on each property. My recommendation - learn from your losses and KNOW that one buyer WILL win. Why shouldn’t it be you?
With those multiple offer situations driving sales prices above asking price, you simply must be prepared to put your best foot forward. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. If you allow it to, this can create stress and frustration for you as a prospective homebuyer.
New Listings were up in the Charlotte region by 32.5% last month to 5,711. Pending Sales increased 46.3% to 5,453. Inventory shrank 66.8% to 3,018. Prices moved higher as Median Sales Price was up 14.5% to $315,000. Months Supply of Homes for Sale was down 71.4% to 0.6, indicating that demand increased relative to supply for another month.
While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and well into summer months. So, if you’re a buyer, buckle up - it really IS the wild, Wild West out there! And, if you’re a seller, congratulations - you have chosen THE hottest market to cash out that equity that we have ever seen in the history of home sales.
Thinking of buying or selling? Let’s talk! Hiring the right Realtor® for the job has never been more critical.
© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | 704-491-3310 | CharlotteBroker@icloud.com | How’s the Charlotte Metro Housing Market Faring in May 2021?