In 2015, national residential real estate, by and large, had a good year. Supply and demand were healthy in an environment rife with low interest rates and improved employment. The Federal Reserve finally increased short-term rates in December, and more increases are expected in 2016. Housing markets have shown a willingness to accept this. Save for a few expensive outliers where low inventory and high prices have become the norm, a balanced market is anticipated for much of the country for the foreseeable future. Improved inventory and affordability remain key factors for continued optimism.
New Listings in the Charlotte region decreased 11.7 percent to 2,396. Pending Sales were up 14.1 percent to 2,540. Inventory levels fell 24.2 percent to 10,445 units.
Prices continued to gain traction. The Median Sales Price increased 2.8 percent to $190,000. List to Close was down 7.0 percent to 119 days. Sellers were encouraged as Months Supply of Homes for Sale was down 33.3 percent to 3.0 months.
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association