Charlotte Real Estate Q&A | How is the Supply of Homes for Sale in the Charlotte Market?
How’s the Charlotte real estate market? Are we in a buyers market or a sellers market?
I probably get this question more often than any in my business–Are we still in a buyers market? Oftentimes, I have buyers contact me saying that they are ready to buy a home while we’re still in a buyers market. I explain to them that we are, indeed, primarily in a sellers market right now. Despite the data provided them to the contrary, the occasional buyer will request that we place a ‘low ball’ Offer on their dream home as though we were still in a significant buyers market. (Of course, I encourage them to make an Offer that is supported by the current market data that I provide them.) When these buyers lose a property, sometimes two properties, they then realize that we are most definitely in a strong sellers market. Other buyers are beating them out of the running (bidding war) by making appropriate Offers for the current market.
If you’re a buyer, thinking of buying a home in Charlotte NC or the surrounding areas, below we have listed the supply of inventory for the areas in which we serve in the metro region. Before you make an Offer on a home for sale, have your agent provide you the data showing the inventory in that particular neighborhood, average sales price as well as the average list price, yielding the sales-to-list price ratio. These are all good indicators of where you need to be with your Offer; a good strong Offer doesn’t always get you the home though–you also need to provide a pre-approval letter from a reputable lender and refrain from ‘complicating’ the Offer. Provide a strong, clean Offer and give it your all to be the one who wins that dream home!
Here are the surrounding cities and their most recent months supply of homes for sale. Bear in mind that anything less than a 6 months supply is a SELLERS MARKET! (6 months is a neutral market and anything greater than 6 months is a buyers market.)
Charlotte (city only) months supply is down nearly 50% year-over-year and holding strong for SELLERS at 4.8 months supply.
Fort Mill SC months supply is down nearly 50% year-over-year and holding strong for SELLERS at 3.9 months supply, one of the lowest in inventory in the Charlotte Metro region.
Cornelius NC (Lake Norman area) months supply is down 37% year-over-year and reflective of a buyers market, currently with a 6.9 month supply.
Huntersville, NC months supply is down 47% year-over-year and holding strong for SELLERS at 4.4 months supply of homes on the market.
Davidson, NC months supply is down 27% year-over-year, yet still a BUYERS MARKET with an 8.4 months supply.
Matthews, NC months supply is down nearly 50% year-over-year, in a strong SELLERS MARKET with a 5.3 months supply of homes for sale.
Indian Land SC months supply is down nearly 46% year-over-year, in a strong SELLERS MARKET currently with a 4.6 months supply of homes for sale.
Indian Trail NC inventory of homes for sale is down nearly 50% year-over-year, in a strong SELLERS MARKET currently with a 4.8 months supply.
Data provided by CMLS is deemed reliable but, not guaranteed.
© Debe Maxwell | Savvy + Company Real Estate | SavvyBroker@me.com | Charlotte Real Estate Q&A | How is the Supply of Homes for Sale in the Charlotte Market?