Charlotte NC Real Estate Report – January 2017

Yes, Groundhog Day has come and gone, but you can’t help but think about groundhogs when reading the latest numbers on Charlotte real estate.

Not only is the Charlotte area enjoying the early spring the groundhog predicted, the January sales numbers give the impression home buyers think the spring market has already begun. And the story those numbers tell remind us of the Bill Murray classic movie “Groundhog Day,” when the hero woke up every morning only to repeat the same events as the day before. We can relate. Once again, we’re looking at shrinking inventory, rising home prices, and pent-up demand. But, also like that movie, there’s room for hope — and a happy ending.

As of 1-31-2017, the average sales price climbed once again, this time to $258,819, an increase of $28,793, or 12.5%. The percent of original list price received grew to 96%, an increase of 1.4% from 2016. No surprise that the inventory of homes for sale has dropped to 8,639, a decrease of 25%. As in every month of 2016, the number of days from list to close has narrowed, this month by 6.6% to only 114 days. And the number of pending sales, the best indicator of future closings, expanded by 20.6% to 3,643.

Is this a seller’s market? No doubt. Will home prices continue to rise? It’s hard to make any other conclusion, judging by the market’s behavior for the past few years. And with builders focusing on constructing new multi-family and higher-end homes, the inventory of mid-range homes will continue to be tight.

Lessons learned? Buying a Charlotte home is a smart investment, one with a record of increasing in value. But the most important lesson is that the smart buyers are getting the homes they want. And so can you! A competitive market makes it vital that you have an experienced advisor who can guide you in finding and bidding on your future home. As Exclusive Buyers Agents, we know the market, where to find the financing that best suits you, and how to negotiate a winning offer.

Charlotte NC Real Estate Report – December 2016

It’s easy to summarize Charlotte real estate for 2016, because every month was pretty much like the others. Overall, the inventory of homes for sale dropped, the number of days on the market shrank, while the economy surged. All of which added up to an energetic housing market that’s still going strong.

Usually, we see the outgoing year pictured as a weary old man passing the torch on to a baby representing the New Year. But as we look at the end-of-year results for Charlotte homes, the old man looks like he’s not slowing down one bit.

Runner

Just look at December’s numbers and you’ll see what’s keeping him going. As of 12-31-2016, the number of homes for sale plummeted to 8,747, a decrease of 25.7% from December 2015. No surprise that the average sales price of a Charlotte home grew by $19,560, or 8.2%, from last year to $258,108. The percent of original list price received, 95.8%, nudged up by .7% from last December, and the number of days from list to close shrank by 8.4% to 109 days.

Clearly, the sellers’ market we’ve seen all year is still very much alive and kicking, a trend we can expect to see continue well into 2017.

Charlotte NC Real Estate Report – November 2016

The rush is on for Charlotte homes! With the Federal Reserve board of governors seriously considering rate hikes, plus volatility in the financial markets which corrected to even greater heights, the word is that it’s time to stake that claim in Charlotte real estate. For everyone from first-time buyers to investors, it’s like the opening days of the Oklahoma land rush. 3,175 homes closed in November, the largest increase in a year of dizzying increases in home sales.

Here’s what’s driving the rush: As of 11-30-2016, the inventory of homes for sale dropped by 24.9% to 9,770, the second month this year to dip below 10,000. Naturally, the average sales price grew by $19,525, or 8.1%, to $259,205. The percent of original list price received was 96.2%, an increase of 1.3% from 2015, and the number of days from list to close dropped yet again, this time to 103 days, a decrease of 11.2%.

Just as in every other month this year, the most significant indicator of future growth, the number of accepted offers that have not closed, saw a gain of 27% to 3,382.

We normally see a spike this time of year as buyers seek to close deals, but with the anticipated notch up in interest rates, there’s definitely a little extra pressure on buyers. With winter approaching, which is the slowest homebuying season, we expect to see the rush slow down. But with inventory plummeting and population anticipated to continue expanding, for now, the rush is on. Instead of a wild dash in hopes of finding the home of your dreams, contact us so you can stake your claim for the best home value.