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We Specialize in BUYER Representation Only!


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Charlotte-Huntersville-Matthews Area Home Sales: August 2017 Competition For Real Estate Heats Up

After several years of energetic growth, the Charlotte real estate market is as challenging as ever, with no sign of cooling down. While new listings are up, inventory continues to plummet. The competition for the best deals on homes can only be described as fierce.

Both national and regional economic trends remain positive for a continued surge in real estate. The factors that most directly affect home sales suggest the robust trends we’ve been seeing will stay with us for quite some time. Favorable wage growth, unemployment, and mortgage rates have fueled ongoing population expansion for the Charlotte-Mecklenburg area. News that local political and business leaders plan to “aggressively pursue” to locate their second headquarters to Charlotte will only raise the stakes.

As of August 31, 2017, the inventory of homes for sale tumbled once again by 2,324 units, a drop of 18.6%, to a new low of 10,153. This leaves only a 2.6 months supply of homes for sale, representing a decrease of 23.5% from last August. As one would expect, the median sales price shot up to $230,000, an increase of $11,000, or 5%, from last year. These factors helped nudge the percent of original list price received by another .4% to 97%. Keep in mind that 97% is the average; we’ve encountered instances where the sellers have been offered more than the asking price.

For a breakdown of the real estate market for the greater Charlotte, NC area, see our reports for Charlotte, Matthews, and Huntersville.

Charlotte-Huntersville-Matthews Area Home Sales: July 2017 – Still A Seller’s Market

Buyers, buyer’s agents, and real estate analysts are scratching their heads over the ongoing pace of home sales. For the last two years, and especially here in Charlotte, NC, we’ve witnessed a steady decrease in the inventory of homes for sale alongside a steady increase in the median sales price. It’s been a one-sided seller’s market, one that shows no signs of slowing down any time soon. So a lot of people are wondering how long this can go on.

How much longer can the Charlotte real estate sellers’ market go on?

Like the marathon dancers from the Roaring Twenties, the seemingly impossible pace of the national real estate market just keeps on keeping on. The seller’s market is so strong in places that new listings are snatched up in a day or two, and lucky sellers (and their agents!) quickly receive multiple offers to choose from. What’s more, many home buyers must offer more than the asking price if they hope to obtain their first choice. With the employment rate at a healthy national average of 4.4%, and the overall economy showing clear signs of continued vitality, it’s possible this dance could go on for some time.

July’s market indicators back up this scenario. As of July 31, 2017, the median sales price rose yet again, this month by 9.8% to a new average of $236,000. That’s an increase of $21,000 in just one year. The inventory of homes on the market dipped by 2,511 units, a staggering 19.8% drop, to 10,174 homes. This leaves only a 2.6 month supply of homes for buyers to select from, a decrease of 25.7% from July, 2016. Little wonder that the percent of original list price received saw a bump of .6% to a new high of 97.3%. Seller’s market indeed.

Those are the overall numbers for the greater Charlotte, NC market area. For more detail, see the reports for Charlotte, Matthews, and Huntersville.

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

Regular readers are well aware of how much Charlotte real estate has appreciated in the last few years. Home prices continue to soar, 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 home prices climbing ever upward. This has many wondering if rising Charlotte home sales prices could trigger another boom-and-bust scenario like the country went through 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 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.

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.

Concerns 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 – April 2017

The vitality of Charlotte real estate depends on the health and vitality of several offshoots of the overall Charlotte economy. The good news — actually, the GREAT news — is that the Charlotte economy is at full steam, chugging along, and pulling everything behind it along for the ride.

The demand for Charlotte homes is unrelenting. The latest numbers on the Charlotte real estate market back up this assessment. As of 4-30-2017, the inventory of homes for sale dropped by 20.15% compared to last year. The number of days from list to close fell by 15% from April, 2016. The median sales price jumped by $4,000, or 11.9%, to $226,000. Little surprise that the percent of original price received was 97.2%, and increase of .9% from 2016 — which was also a phenomenal growth year!

Factor in the drop of the days of list to close by 15% to 96 days, and the rise in pending sales, that is, the deals that have been agreed upon but not yet closed, by 8.1%, and there’s no doubt the Charlotte real estate market is rolling along.

This all adds up to a tricky market, one where the seller has many advantages. But this means that a Charlotte home is not only a great investment, but a great place to live and work. The employment and wage growth numbers prove that’s the case. Buyers can maximize their clout with the experience of an exclusive buyer’s agent who can help them negotiate the twists and turns ahead.

February 2017 Charlotte Real Estate

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.

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.

January 2017 Charlotte Real Estate

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.

December 2016 Charlotte Real Estate Market

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.

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.

November 2016 Charlotte Real Estate Market

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.

September 2016 Charlotte Real Estate Market

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.

NASCAR RaceIt’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.
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