Charlotte Metro region year-over-year home sales in May decreased 4.2 percent, with 4,538 properties sold compared to 4,737 properties sold in May 2017. However, total home sales activity year-to-date (January through May 2018) is only down 0.9 percent compared to the same period in 2017 (18,397 home sales vs 18,569 home sales). Home sales increased 12.7 percent compared to the previous month (April 2018).

The average sales price in May 2018 ($299,690) increased 10.7 percent compared to May 2017 ($270,787), while the median sales price ($245,000) increased 9.5 percent compared to May 2017 ($223,750). Compared to the previous month (April 2018), the average and the median sales prices increased 2.6 percent and 2.1 percent respectively.

The average list price in May 2018 ($341,052) increased 6.9 percent compared to May 2017 ($319,024), bringing the percent of original list price received measure to 97.5 percent, a slight increase of 0.2 percent compared to the same period last year. Pending sales in May 2018 (5,320) rose 9.7 percent compared to May 2017. Compared to the previous month (April 2018), pending sales increased 1.4 percent.

“Though May sales are down year-over-year, we are pleased to see that sales activity for the first five months of the year is almost on par with year-to-date sales activity in 2017,” said Association/CarolinaMLS President Jason Gentry. “Limited inventory continues to pressure prices and will be a challenge to buyers, who need to be prepared to act quickly and for multiple offer situations. However, the current housing climate in Charlotte is not isolated, as other major markets in the state are also experiencing limited inventory and price increases that are impacting affordability.”

New residential listings (6,350) increased 3.3 percent in May 2018 compared to the same period last year. Compared to the previous month (April 2018), new listing counts increased 10.0 percent. Inventory continued to fall, with the number of homes for sale down 20.0 percent compared to May 2017, which left the CarolinaMLS region with 9,106 properties for sale at report time, or 2.2 months of supply of inventory. A year ago in May 2017 the region had 11,381 properties for sale, or 2.9 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 87 days, which is 10 fewer days than May 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 38 days, which is eight fewer days than May 2017.

The post Real Estate Trends May 2018 appeared first on Charlotte Real Estate.

CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Carolina Multiple Listing Services, Inc. (CarolinaMLS). The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

The Charlotte Metro region year-over-year home sales in April increased 1.6 percent, with 4,028 properties sold compared to 3,963 properties sold in April 2017. Compared to previous month (March 2018), sales rose 4.2 percent.

The average sales price in April 2018 ($292,158) increased 8.1 percent compared to April 2017 ($270,241), while the median sales price ($240,000) increased 7.4 percent compared to April 2017 ($223,498). Compared to the March 2018, the average and the median sales price increased 4.4 percent and 2.1 percent respectively.

The average list price in April 2018 ($342,606) increased 6.6 percent compared to April 2017 ($321,505), bringing the percent of original list price received measure to 97.4 percent, a slight increase of 0.2 percent compared to the same period last year. Pending sales in April 2018 (5,245) rose 10.7 percent compared to April 2017. Compared to the previous month (March 2018), pending sales increased 1.2 percent.

“Itâ€s good to see year-over-year sales this past April increased slightly over last yearâ€s sales; however, sales activity remains slow this spring and lagging behind previous years with tight inventory impacting home prices,” said 2018 Charlotte Regional Realtor® Association/CarolinaMLS president Jason Gentry. “The good news is that pending contract activity continues to show strong interest from buyers.”

New residential listings (5,773) increased 0.7 percent in April 2018 compared to the same period last year. Compared to the previous month (March 2018), new listing counts decreased 3 percent. Inventory continued to fall, with the number of homes for sale down 22.6 percent compared to April 2017, which left the CarolinaMLS region with 8,515 properties for sale at report time, or 2.1 months of supply of inventory. A year ago in April 2017 the region had 11,008 properties for sale, or 2.8 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 94 days, which is five days fewer than it was in April 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 44 days, which is five days fewer than April 2017.

The post Real Estate Trends April 2018 appeared first on Charlotte Real Estate.

CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Carolina Multiple Listing Services, Inc. (CarolinaMLS). The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

The Charlotte Metro region year-over-year home sales in March decreased 11.2 percent, with 3,866 properties sold compared to 4,354 properties sold in March 2017.

Home sales were up significantly (40.3 percent) compared to the previous month (February 2018).

The average sales price in March 2018 ($279,726) increased 4.6 percent compared to March 2017 ($267,340), while the median sales price ($235,000) increased 7.1 percent compared to March 2017 ($219,500). Compared to the February 2018, the average and the median sales price increased 5.7 percent and 3.5 percent respectively.

The average list price in March 2018 ($346,323) increased 6.0 percent compared to March 2017 ($326,754), bringing the percent of original list price received measure to 97.2 percent, a slight increase of 0.4 percent compared to the same period last year. Pending sales in March 2018 (5,181) rose 7.2 percent compared to March 2017. Compared to the previous month (February 2018), pending sales increased 24.6 percent.

“Unfortunately, sales declines are a natural result of too few homes for sale, and weâ€ve been talking about persistently low inventory for the past three years,” said 2018 Charlotte Regional Realtor® Association/CarolinaMLS president Jason Gentry. “Lower supply generally puts pressure on prices and often leads to increased demand and homes spending less time on market, and weâ€re consistently seeing this scenario play out across the region. Our hope is that more sellers will start to list and take advantage of the ready and willing buyer base.”

New residential listings (5,949) decreased 4.5 percent in March 2018 compared to the same period last year. March 2018 new listing counts compared to the previous month increased 28.6 percent. Inventory continued to fall, with the number of homes for sale down 23.5 percent compared to March 2017, which left the Charlotte region with 8,208 properties for sale at report time, or 2.0 months of supply of inventory. A year ago in March 2017 the region had 10,726 properties for sale, or 2.7 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 100 days, which is five days fewer than it was in March 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 50 days, which is seven days fewer than March 2017.

The post Real Estate Trends March 2018 appeared first on Charlotte Real Estate.

Get Your Home & Yourself Ready for the Spring Real Estate Market

Whether youâ€ll be selling or buying a home this year, it pays to be prepared. Letâ€s take a look at how a home seller can be ready to hit the ground running in the 2018 spring real estate market.

Get Your Finances In Order

If you plan on buying another after you sell your current home, you should start by thinking about your finances. The first step is to find a lender and ask for mortgage pre-approval.

This process is helpful in several ways. First, it lets you know how much you can afford to spend on a home and how much cash youâ€ll need for the down payment and closing costs.

Youâ€ll also get valuable clues as to which credit issues you should tackle to help raise your credit score.

Be mindful of your spending. If a home is truly what you want, nix the new car and vacation and put that money aside for your closing costs.

Choosing Your Real Estate Agent

Whether buying or selling (or both), youâ€ll need professional representation to help you navigate the process and to look out for your best interests.

It may seem that finding the right real estate agent is like finding a white rabbit in a snow storm, but consider this: The best agent is one that comes with lots of glowing referrals. Ask everyone you know and everyone you meet who they know in real estate.

You wonâ€t know who has just sold a home until you start asking, so ask the drycleaner, the barista on your morning coffee run and anyone else you come into contact with.

When you have a list of names of real estate agents, start calling them to set appointments for a listing presentation.

Back To That Experience Thing

LeBron James walks onto a basketball court and makes the game look easy. He didnâ€t get where he is in the sport, by the way, by playing only one to four times a year.

The same should be said for the person you put your trust in to help you sell your largest investment: your real estate agent.

Sure, many part-time agents are quite good at what they do and have no problem getting from listing to close. But, especially if you have a special situation, such as a luxury home sale or a short sale, nothing takes the place of experience.

Ask Lots Of Questions

A full-time agent isnâ€t necessarily a better agent, as mentioned earlier, but a must if youâ€ll be undertaking any type of complicated transaction. Donâ€t be afraid to ask the agents how many hours a week they devote to real estate and how many transactions theyâ€ve performed over the past 6 months.

Not only should you ask a lot of questions, you should expect the agent to share knowledge as well. Especially if this is the first time youâ€ve sold a home, seek out the agent who takes the time to explain any concepts that might be unclear to a consumer.

Most of all, take your time during this part of the process. Once you sign the listing agreement itâ€s a bit tough to back out if you find you want another agent.

The Most Important Criteria For A Listing Agent

Your listing agentâ€s main job is to market your home for sale. Ask every agent you interview for a copy of their marketing plan for your home. Pay close attention to the photographs, as they are the backbone of any home marketing plan.

There should be lots of photos, they should be clear and present the house in the best light possible. Any sloppiness in the marketing plan should raise a red flag and prompt you to cross that agent of the list.

While there are many agents who will try to sell you on the fact that they are the “neighborhood expert,” the best agent is the one you feel comfortable with, the one who takes the time to communicate with you and the one who is a marketing genius.

Preparing Your Home For The Spring Real Estate Market

One of the most important things to determine is how much your home is worth. And, it will be worth more if you take care of any necessary repairs before they pop up in the home inspection and possibly throw off the saleâ€s schedule.

Consider having the home professionally inspected and use the report as a road map to getting more money for your home.

Once this is accomplished, call us. Weâ€ll compile a market analysis to determine our opinion of the current market value of your home and make suggestions on cosmetic fixes and give you presentation tips to help you maximize your profit.

Finally, touch bases with that lender again to determine if your credit-fixing efforts paid off and to let him or her know that the home will soon go on the market.

It sounds like a long list of “honey-dos,” but if you get started now, you and your home will be ready when the spring real estate market begins.

The post Preparing Your Home For the Spring Real Estate Market appeared first on Charlotte Real Estate.

CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on data from Carolina Multiple Listing Services, Inc. (CarolinaMLS). CarolinaMLS finished the year with December 2017 sales down 8.4 percent compared to December 2016, with 3,407 properties sold compared to 3,720 properties sold in December 2016. Closed sales for all of 2017 totaled 47,353, an increase of 5.9 percent over the number of closings in all of 2016 (44,734).

Both the median and average sales prices rose in December, marking six consecutive years of price gains for the CarolinaMLS region. The median sales price ($235,000) was up 11.9 percent over December 2016 ($210,000), and the average sales price ($281,567) was up 8.4 percent over December 2016 ($259,648).

The average sales price across the region for all of 2017 was $272,900, up 5.8 percent from 2016â€s average sales price of $257,884. The median sales price for all of 2017 was $226,000, up 9.2 percent for the region compared to 2016â€s median sales price of $207,000.

The average list price in December 2017 ($291,401) increased 3.8 percent over December 2016 ($280,750), bringing the percent of original list price received measure for December 2017 to 96.3 percent, an increase of 0.5 percent when compared to the same period in 2016. For all of 2017 the original list price received measure was 96.9 percent, compared with 96.2 percent for all of 2016. Pending sales counts for the month of December totaled 2,936, an increase of 17.3 percent over the previous period when pending contracts totaled 2,503. Pending sales for all of 2017 totaled 48,100, up 6.3 percent compared to all of 2016 (45,263).

2018 Association/CarolinaMLS President Jason Gentry said, “Even though sales declined in December, itâ€s reassuring to see overall sales and contracts for the year outpace 2016 sales, especially given the inventory shortages we faced in 2017 and expect to continue into 2018. Looking ahead buyers will continue to face the same headwinds of limited inventory for homes priced below $300,000, as well as price increases, faster days on market and the possibility of rising mortgage rates. However, positive job growth over the last year and a healthy local economy continue to boost consumer spending and housing demand from young professionals, which should help sales remain steady throughout 2018.”

New residential listings in December 2017 totaled 2,633, an increase of 1.7 percent over December 2016 (2,588). New listings for all of 2017 totaled 58,378, an increase of 5.0 percent over 2016 new listings (55,589). Inventory in December 2017 declined 19.4 percent compared to December 2016, leaving the CarolinaMLS region with 2.0 months of supply of homes for sale at report time. In December 2016 the region had 2.6 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 99 days, which is a decrease of 12 days compared to December 2016. Days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 47 days in December 2017 compared to 54 days in December 2016. For all of 2017, properties across the region averaged 45 days on market.

December 2017 showings across the Charlotte MSA totaled 41,341, a decrease of 3.6 percent compared to total showings last December. Showings per listing are up 9.4 percent compared to last December, with homes averaging six showings per listing in December 2017.

The post Charlotte Real Estate Trends for December 2017 appeared first on Charlotte Real Estate.

CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association provides monthly reports on residential real estate market activity in this region based on Carolina Multiple Listing Services, Inc. (CarolinaMLS) data.

CarolinaMLS year-over-year home sales in September decreased 3.9 percent, with 3,960 properties sold compared to 4,121 properties sold in September 2016. Home sales were down 7.8 percent compared to August 2017.

The average sales price in September ($271,606) increased 6.1 percent compared to September 2016 ($256,092), while the median sales price ($225,000) increased 9.2 percent compared to September 2016 ($206,000).

The average list price in September 2017 ($316,868) increased 6.3 percent compared to September 2016 ($298,173), bringing the percent of original list price received measure to 96.7 percent, a slight increase of 0.5 percent compared to the same period last year. Pending sales counts rose 16.4 percent and totaled 4,137 during September 2017, compared to 3,555 pending sales last September.

“Ultimately, low inventory across the region continues to hamper sales while also putting pressure on prices in our market. Weâ€re fortunate, however, to see strong pending contract activity, which means that future sales should be steady.” said Roger Parham, 2017 Association/CarolinaMLS President.

New residential listings (4,700) increased 3.3 percent in September 2017 compared to the same period last year. Inventory continued to fall, with the number of homes for sale down 17.5 percent compared to September 2016, which leaves the CarolinaMLS region with 2.5 months supply of inventory, or 10,140 properties for sale at report time. A year ago in September 2016 the region had 12,297 properties for sale, or 3.3 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 90 days, which is nine days less time on market than September 2016. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 39 days, which is eight days less time on market than last September.

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with 2017 Association/CarolinaMLS President Roger Parham, please contact Kim Walker.

The post Charlotte Real Estate Trends for September 2017 appeared first on Charlotte Real Estate.

Data shows a local uptick in the demand for building materials, giving would-be home buyers hope that new builds might help provide a greater range of options in this highly competitive market.

Prices Continue to Climb, Total Inventory Shrinks

This August, the median sales prices of residential properties in Charlotte rose to $230,000, up 5.0 percent from $219,000 in August, 2016. The year-to-date stats on the percentage of homes sold at, or above the original listing price rose 0.7 percent over the previous year to 97.0 percent, meaning buyers in Charlotte shouldn’t expect any deep discounts when purchasing their next home.

August 2017 Average Sales Price

Overall, the total inventory of homes for sale in the Charlotte region is down from 12,477 at this time last year to 10,153, creating a 18.6 percent decline in the number of residential properties listed for sale in August, 2017.

These Charlotte real estate trends have led to increased competition for available homes, leading to an 8.7 percent year-over-year drop in the days on the market to sale from 46 to 42, along with a 8.2 percent decline in the list-to-close days from 98 last August to 90 in August, 2017.

Demand Outstrips Increase in New Listings

The number of new listings in Charlotte, NC increased to 5,394 from 5,089, a gain of 6.0 percent compared to August 2016. This gain in available homes has helped to keep the average listing price increases below double-digit numbers. However, even with the uptick in available homes, demand continues to outstrip actual supply in the Charlotte area, fueling fears of a critical shortage of housing in the region.

Percent of Original List Price Received

In fact, despite a rise in new listings, there were 18.6 percent fewer homes available at the end of August 2017 when compared to the end of August 2016.

Over time, Charlotte real estate trends are revealing buying a home in the area is becoming slightly less affordable, with the year-to-date housing affordability index shrinking to 107 from 115 in 2016, and 116 in 2015. The higher the housing affordability index, the more affordable homes in the region are.

Current Mortgage Rate Trends

The current mortgage rates in Charlotte, NC for a 30-year fixed rate loan are listed at an average of 3.76 percent, down from 4.01 percent in July, 2017. These rates are closely linked to the national average rates which are virtually identical to what buyers in the Charlotte area have access to.

Charlotte real estate trends continue to show strong, steady demand for both new and resale properties, making this area truly a seller’s market. With the ongoing shortage of new listings, limited inventory, and rising prices, buyers here should expect to pay at least the asking price on a home and perhaps even plan on being involved in a bidding war.

The post Charlotte Real Estate Trends for August 2017 appeared first on Charlotte Real Estate.

Here is an overview of the Charlotte real estate trends in July 2017:

Total Listings Down, Along With Sales Price

As we near the close of summer, we’re beginning to see the first signs of expected cyclical market depression. Total listings are down 4.4 percent from June, continuing a general downward trend that began in March when new listings peaked at 6,050. In July, new listings were at their lowest point since then, at 5,427.

Median sales price has dropped 3.7 percent month-to-month to $236,000, but year-over-year prices remain positive, as median sales price still shows an increase of 9.8 percent from the same time last year.

Closed sales are actually down 18.8% from the previous month, which may simply reflect the beginning of the end of the market boom for the year, as it stays basically in line with the year-over-year increases that we’ve observed from 2016 to 2017. Total sales are still marking a 12-month increase of 3.1% so there’s likely no reason to read too far into this historically volatile metric.

Days on the Market Decrease Once Again

The downward trend of the average number of days a home remains on the market continued in July, hitting 40 days, down 4 percent from the previous month. This is the largest indicator that the real estate market in Charlotte is becoming more and more friendly to sellers, as not only has there been a downward trend in both days on the market until the final sale, but also the total time from listing to close since February. What’s more, both of these indicators have shown steady decreases from the same times in 2016, meaning people that list their homes are selling them much faster than they used to.

Some of this can be attributed to another decrease in inventory for homes, which raises housing demand in the market and causes more offers to be made on a given property. One metric that supports this claim of high competition in the market is the percentage of the list price received on a sale, which remains higher than normal at 97.3 percent.

Inventory Shortage Persists in Charlotte

Charlotte real estate trends for July 2017 showed another decrease in housing inventory, which continues to be a concerning point for the market. With another drop of 4.9 from June, inventory is now at 10,174, the lowest point since February and down nearly 20 percent from this same point 12 months ago.

With Charlotte’s low interest rates staying stable, currently hovering around 4% percent for a 30-year fixed interest loan, those interested in becoming new home buyers are having to continue to pass on the option as they are discouraged by inflation in demand for local homes.

It’s not all bad for buyers, however. According to the Housing Affordability Index, homes were more affordable in July than they were in June, giving prospective home buyers reason to stay optimistic.

Those who opt to rent can still get an average rental price that has continued to decrease, both from last month and year-over-year.

All in all, Charlotte real estate trends in July show that the market is still going strong, especially for sellers. As it remains an outperformer of national averages in many metrics, including interest rate, there is reason for consumer optimism in the market for Charlotte.

The post Charlotte Real Estate Trends : July 2017 appeared first on Charlotte Real Estate.

The post December 2016 Market Update Videos appeared first on Charlotte Real Estate.

The post November 2016 Market Update Videos appeared first on Charlotte Real Estate.