Charlotte NC Real Estate Report – March 2017

Winter’s over, and 2017 is off to a great start for Charlotte real estate. Spring flowers aren’t all that’s blooming, as the latest numbers show.

Spring FlowersConcerns about how the new administration would affect the overall economy have given way to optimism for the future, and the demand for Charlotte homes reflects that optimism. As of 3-31-2017, the number of closed sales grew 11.5%, or by 408 sales, from last year at this time. Our already shrinking inventory of homes for sale contracted by 20.3%, and the number of days from list to close dropped 14.8% from March, 2016. And once again, the best indicator of future sales, the number of pending sales that have yet to close, expanded by 16.2%.

As we would expect, the expanding demand has pushed up prices; the median sales price grew by $22,950, or 11.6%, to a new high of $220,950. Another significant indicator of growing demand, the percent of original list price received, showed a gain of 1.4% from last year to 96.9%.

With the overall economy steadily improving, including steady improvements in wages and consumer demand, and with renewed confidence of future real estate vitality, we can conclude that Spring, 2017 has arrived.

 

Charlotte NC Real Estate Report – February 2017

Valentine’s Day isn’t just for lovers, but for homes, too! And there’s a lot to love about the Charlotte real estate market.

Love Home

Some of the reasons buyers love their homes includes a healthy stock market, a rise in take-home wages, and a robust home sales environment. And with unemployment levels now at pre-recession levels, and optimism for the future economy high, we can expect this kind of love affair to grow.

The latest statistics on Charlotte homes not only echo the positive signs we’re seeing for a growing economy, but reveal how passionately buyers love their homes. As of 2-28-2017, the median sales price reached $199,000, an increase of $18,475, or 10.2%, compared to last February. The percent of original list price received notched up by 1.4% to 96.3%. Once again, the inventory of homes for sale has dropped, this time to 8,807, a decrease of 21.4% from February, 2016. That’s part of the reason we saw the number of days from listing to closing trim by 11.1% to 112 days. That’s a whirlwind romance!

With the economic indicators strongly suggesting continued growth, and with a solid history of local home sales to rely on, we can assume the future continue this trend. The current indicators back this conclusion. While closed sales for February increasing by a slender 0.5%, the number of pending sales rose by 18.4% to 4,229, assuring more closings for the foreseeable future. Love is in the air, and it looks like it’s here to stay.

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.