September Market Report
Sales across the Charlotte region were down again in September. They dropped 3.9% from last year and have been down for many of the months of 2017. This time they were down from 4,121 to 3,960 sales. This is per the Carolina Multiple Listing Service, Inc. data from the Charlotte Regional Realtor Association monthly report.
Inventory was down yet again, from 12,297 homes for sale last year to only 10,140 this year. This represents a 17.5% decline leaving just a 2.5 month supply. A typically balanced market with buyers and sellers having the same power in a transaction is considered to be a 6 month supply. With this low supply, sellers usually have more leverage in a Real Estate transaction.
Prices are still on the rise as well. Average sales price was 6.3% higher at $271,606 and median sales price was up 9.2% to $225,000.
Pending sales were up 16.4% to 4,137 showing that the market should be stable for at least a little while longer. New listings were up year over year from 4,550 to 4,700 for a 3.3% rise. Homes are selling 9 days quicker on average taking just 90 days from list to close.
When you look at Uptown Charlotte, the picture is about the same, but please note that due to the smaller size, percentages can skew quickly from month to month with just one large transaction. In Uptown, new listings and closed sales were exactly the same from last year to this year. Pending sales were the big story here rising a whopping 95% from 20 to 39.
Median sales price was up year over year from $249,500 to $287,000, a 15% increase. Average sales price also rose from $298,795 to $354,840, an 18.8% increase.
Inventory in Uptown is also declining just like in the Charlotte region as a whole. Last year there were 108 homes on the market, this year there are just 83. This is 23.1% fewer homes and represents 2.4 months of inventory.
The market is remaining relatively stable, with a seller’s market persisting with prices driven higher with the lack of supply. It remains to be seen if there will be a correction any time soon.