The primary story, both nationally and in local submarkets, is a dwindling months’ supply of inventory. The cure, of course, is more inventory. But new construction has been lagging during this opportune moment, and sellers of existing homes are not yet hitting the market in droves. The heart of the selling season has yet to begin, so we’re still optimistically watching for an increase in activity in the coming months.
New Listings in the Charlotte region decreased 0.2 percent to 3,993. Pending Sales were up 22.2 percent to 3,814. Inventory levels fell 26.4 percent to 9,935 units. Prices continued to gain traction. The Median Sales Price increased 2.2 percent to $182,000. List to Close was down 3.8 percent to 126 days. Sellers were encouraged as Months Supply of Homes for Sale was down 34.9 percent to 2.8 months.
National housing starts were up by 10.8 percent at the end of 2015 when compared to 2014, and the unemployment rate is holding low and steady at or near 4.9 percent. Meanwhile, mortgage rates continue to astound below 4.0 percent and we have witnessed an unprecedented 70 consecutive months of private-sector job growth. As consumers navigate their options, competition for the best available properties should be profound, especially if the market remains hobbled by a lack of supply.
Check out our March 2016 Market Update Videos to see how your area market performed in February 2016.
All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR® Association