Charlotte Real Estate Market Report NOV 2016
How’s the Charlotte real estate market? Recent news of unemployment being down to 4.5% in the Metro region following the election and minimal increase in interest rates, it’s THE prime time to buy! Buying now before the competition begins in the early spring months (our spring market typically begins in February) and the interest rates creep up in 2017.
As for Sellers it’s a great time to sell as well with our low inventory and pent-up buyer-demand!
Market absorption (how long it will take you to sell your home) is down considerably. There is a 4.0 month supply of homes valued at $279,000 and above. Homes under $500,000 continue to absorbed far quicker than those over $500K due to the number of buyers in the market for the lower price ranges.
Millennials continue to be the largest demographic entering the home-buying market. Local inventory remains painfully low and unable to keep pace with demand. Bidding wars prove to be challenging for many of the millennial buyers in this strong seller’s market. Buyers are in temporary housing, awaiting the perfect home to hit the market.
Ending NOVEMBER 30 in CHARLOTTE
New Listings decreased drastically to 1,156 (from 1,428 OCT 2016)- Pending Sales up 22.5% to 1,240
- Inventory decreased 30.6% to 2,565
CHARLOTTE Proper Data Ending NOVEMBER 30, 2016:
- Median Sales Price increased to $205,000 (from $200,750 in October)
- List to Close decreased 10.9% to 90 days
- Percent of Original List Price Received increased 0.7% to 97.7%
- Months Supply of Homes for Sale for homes under $500,000 decreased 34.5% to 1.9
Here are the fast-facts for the UNDER $500,000 Price Ranges. Average sales price is $167,522 with an average days-on-the-market (DOM) of 30 in sold listings and those under Contract. Current listing DOM are 45.
Charlotte (Proper) Market Data – Homes over $500,000 are as follows:
Average Sales Price: $528,419.
Average DOM for homes sold and under Contract: 51
Thinking of selling your Charlotte home, give us a call – we’re happy to provide you more detailed data for your particular price range, size of home, acreage and neighborhood. As real estate is local, this is simply an overview of the Charlotte proper market.
© Debe Maxwell | Debe@TopProducer.com | Charlotte Real Estate Market Report NOVEMBER 2016