Charlotte NC Home Sales:
No Boom and Bust for May 2017 real estate market

Regular readers are well aware of how much Charlotte home sales prices have continued to rise, creating a seller’s market that has given no indications of slowing down. And what’s happening in Charlotte is reflected throughout much of the country, with Charlotte real estate values climbing ever upward. This has many wondering if soaring home sales prices could trigger another boom-and-bust scenario like the country went through ten years ago.

We have better controls now than we did ten years ago!

Fortunately, there’s little to suggest history could repeat itself. Lenders are enforcing stricter standards and requiring verification of income, higher down payments and putting borrowers through a more stringent loan approval process. Further, the economy is far more robust, with more jobs available and unemployment low.

With that in mind, let’s look at the latest home sales pricing report. The median sales price, the midpoint at which half the homes sold for more and half for less, is a useful indicator when evaluating the market. As of May 31, 2017, the median Charlotte home sales price increased by $16,500, or 7.9%, to $226,500 from $210,000 a year ago. The inventory of homes for sale dropped by 9,795, a decrease of 20.2%, which ties in with the drop of 26.5% in the supply of homes for sale to 2.5 months. When there’s less than 6 months of supply of homes on the market, it’s a seller’s market, with percent of list price edging up from 96.8 in May, 2016 to​ 97.3​ last month​.

The overall economy is still improving and workers have more faith in their wages and the potential for wage increases. Although housing inventory is still low, reforms are in place to prevent an over-heated summer market. But before they dive into their next real estate transaction, home buyers are advised to review recent Charlotte home sales reports and to track the the past home sales by month ​for the neighborhoods they’re interested in.

About jptuggle

My name is Julie Tuggle, broker/owner of Carolina Buyer’s Agent in Charlotte, NC. After four years working for a traditional broker, I saw the need for a firm that would represent buyers best interests only on any home for sale in the Charlotte area, including For-Sale-By-Owner homes, so I opened Carolina Buyer’s Agent in 1998. Carolina Buyer’s Agent specializes in buyer representation only, giving buyers the negotiating advantage throughout the home purchase process. We’re one of the only real estate firms in the Charlotte area that doesn’t take listings or represent sellers, so you’ll never have to worry about the risk of “dual or designated agency” – the conflict of interest that exists when your agent’s company is also representing the best interests of the seller on the home you want to buy.

Visit our web site, , for more information about working with an exclusive buyer agent when you’re ready to start thinking about purchasing a home. From there, you can search for MLS-listed homes and for-sale-by-owner homes, too. We’ll also explain the legal difference between a dual agent and an exclusive buyer’s agent so you can make the right decision on one of the most important investments you’ll ever own. Search for Charlotte real estate including for-sale-by-owner homes, and find Charlotte school and community information at . I’m a non-smoker and my hobbies are tennis, gardening and of course, investing in real estate!