The story has remained consistent as concerns residential real estate. In year-over-year comparisons, the number of homes for sale has been fewer in most communities. Meanwhile, homes are selling in fewer days and for higher prices. This hasn’t always been the case, but it has occurred with enough regularity and for enough time to make it a trend for the entirety of 2016.
New Listings were up in the Charlotte region 9.8 percent to 3,367. Pending Sales
increased 27.0 percent to 3,382. Inventory shrank 24.9 percent to 9,770 units.
Prices moved higher as Median Sales Price was up 7.7 percent to $210,000. Months Supply of Homes for Sale was down 31.6 percent to 2.6 months, indicating that demand increased relative to supply.
Financial markets were volatile in the days surrounding the presidential election, but they self-corrected and reached new heights soon after. Long-term indicators of what it will be like to have a real estate developer for a president remain fuzzy, but the outcome is not likely to be dull. Prior to the election, trend shift was hard to come by, and unemployment rates have not budged since August 2015. Post election, mortgage rates are up and so are opinions that a trend shift is likely in the near future.
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association