Pending home sales are up again in the Charlotte area, continuing a trend that parallels the increase in area home prices. According to data released by Carolina Multiple Listing
Pending Home Sales And Prices Up Again In Charlotte Area
Pending home sales are up again in the Charlotte area, continuing a trend that parallels the increase in area home prices.
According to data released by Carolina Multiple Listing Services, Inc., the median sale price for February rose 12.9% to $227,000--a 5.1% increase since January. Average sale prices for the area have also increased. According to a recent article from the Charlotte Business Journal, the average sale price for February rose 7.8% year-over-year to $269,529. This reflects a 0.3% decline from the previous month.
The driving force behind the Charlotte market's price gains is most likely the continually low levels of real estate inventory. Homes for sale in the Charlotte area posted another double-digit decline, with 17.6% fewer homes on the market in February compared to February 2017. With just 7,915 homes on the market in February, the Charlotte area has about a two-month supply at the current sales pace. A supply of six months is considered a balanced market, whereas anything higher than that indicates there is more supply than demand and anything less than that indicates there aren't enough homes to satisfy demand.
New residential listings fell 1.4% from the previous year to a total of 4,627 in February. However, new listings rebounded on a monthly basis, gaining 16.3% from January.
"Despite the challenges the Charlotte region continues to face surrounding inventory levels and price increases, we're pleased to see positive year-over-year sales during the first two months of the year," said Jason Gentry, president of the Charlotte Regional Realtor Association (CRRA) in a statement to the Charlotte Business Journal. "Buyer demand continues to be steady, and we saw homes average about 10 showings per listing in February."
Charlotte area pending home sales got a 10% year-over-year boost in February, while pending home sales gained 17.2% on a month-over-month basis.
Homes were on the market an average of 55 days, reflecting a 1 day decrease from February 2017.
Key Takeaways for Buyers
If you're buying a home in the Charlotte area, here are some key points to take away from this data:
Prices are steadily rising; if you're on the fence about buying, you may want to make a decision soon. It'll likely be a long time before we see Charlotte area prices drop again.
Inventory is still low, so prepare for competition from other buyers. Do whatever you can to make yourself a strong buyer--work with an experienced, motivated real estate agent, get preapproved for financing, and be prepared to make a solid offer.
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