While Charlotte real estate isn’t exactly like a NASCAR race, it’s been just as exciting. And like a fast-paced competition that breaks its tempo with a slight drop in acceleration, the signs of possible cooling of the housing market has the spectators talking.
It’s a subtle change, a down-shift that only long-time fans will notice. Almost every other Charlotte housing market indicator says “Full speed!” First, let’s look at the numbers everyone agrees suggest the race for Charlotte homes is as frantic as ever. As of 9-30-2016, the prime driver of home prices, current inventory of homes for sale, has dropped once again, this month by 22.1% to 11,045 homes. So the increase in the average sales price for September, $17,145, which represents a growth of 7.2%, should surprise no one. September’s average sales price, $256,377, continues a phenomenal five-year surge.
And again, future growth seems all but assured. No number foretells how intense the future market will be like than the number of days of list to close, and September’s total of 99, a reduction of 11.6%, tells us the race track is hot and only going to get hotter.
The closest thing we have to a speed bump is the gradual slowing in the growth of the percent of original list price received. In the two months prior, the increase was 1.4%, but this month, sellers received 96.2% of their asking price, an increase of only 1.1%. Hardly a slow down, but it’s one small sign that buyers have new opportunities to negotiate. And as exclusive buyers agents, we’re ready to help you go head to head in a race for the home of your dreams.