October Market Report
Monthly numbers are out from the Carolina Multiple Listing Service. They come from the monthly sales report from the Charlotte Regional Realtor Association. What we are seeing again is a rise in sales price, lack of inventory, but we are seeing demand for properties soar. This leads us to believe that this market will persist for some time to come.
When you look at the entire Charlotte region, closed sales were up 2.6% up to 3,664. New listings were up 3.1% up to 4,336. Pending sales, also called new contracts for sales were up a whopping 15.4% from 3617 to 4173. This strong demand is a great indication that the market will stay strong.
Median sales price was up from $210,000 last year to $223,000 this year, a 6.2% increase. Average sales price was also up 4.2% from $256,812 up to $267,615. Homes sold quicker as well. Last year it took 104 days from listing to closing and this year it is down to 89 days, a decline of 14.4%.
Inventory woes persist in the Charlotte region. There is currently a 2.4 month supply of homes down from 3.2 months last year. This is a 25% decline year over year and is shows the seller’s market is continuing. A balanced market between buyers and sellers in generally a 6 month supply. This means the possibility of multiple offers on a home is more likely, and bidding above asking price is more common.
When you look at Uptown Charlotte, you have to keep in mind that due to the small sample size, numbers can skew quickly. There were only 31 new listings, down from 34 last year at this time. Closed sales were also down from 26 last year to 24 this year.
Median sales price in Uptown was up 9.7% from $295,000 to $323,500. Average sales price however was down 2.5% from $345,911 to $337,096.
Days on the market was down 13.8% from 87 down to 75. Inventory was down in Uptown as well, from 3.8 months supply last year to 2.1 months supply this year. This represents a decrease of 44.7%. Last October there were 111 homes on the market and this year there are only 75.
The real story in Uptown is pending sales. They were up 94.1% year over year from 17 to 33. This shows a very strong market and we will likely see most of those contracts come to a close before the end of the year. We will have to keep an eye on the next few months to see if the trend continues.