When you look at the entire MLS area for Charlotte, the trend continues where inventory is down and prices keep climbing. Inventory was down 18.6% compared to August of last year leaving just a 2.6 month supply. A balanced market is considered to be when there is 6 months of inventory.
Median sales price rose 5% from last year to $230,000. Average sales price also rose just 1% to $273,549. Home sales were down in August, a decrease of 3.8%.
Industry analysts are predicting that the beginning of the market balancing out is on the horizon. They expect a market correction over the next few years that would give buyers a little bit more power in transactions and will give them more choices as inventory rises.
When you look just at Uptown Charlotte, the picture is a little bit different. Remember that the small sample size can skew numbers from month to month, sometimes making percentages look extreme.
Inventory was down in Uptown from 95 to 83 homes representing a 2.4 month supply. This is down 22.6% from last year at this time.
Median sales price was down 16.5% to $274,000. Average sales price also dropped 15.5% to $302,271.
Home sales were up 55% from 20 to 31 sales. New listings were down 35.8% from 53 down to 34 listings.
Market correction in terms of new inventory is a little bit trickier in Uptown Charlotte. The trend lately has been to build homes for rent instead of homes for sale. Until builders change this trend, Uptown will probably lag behind the rest of Charlotte’s market recovery.