December 2018 Charlotte region housing update. Charlotte region remained a seller’s market in December 2018 with inventory remaining tight, resulting in higher home list and sale prices due to continued high buyer demand, although the price increases are not quite as high as in previous months and last year.
Charlotte Region Housing Market Update: December 2018
The Charlotte region’s housing market ended the last month of 2018 with home prices up, closed sales down, pending sales flat as compared with December 2017. Both average and median sale prices were up in December 2018. Inventory and the months supply of homes remain low and below what they were one year ago with homes selling quickly as a result.
VIDEO UPDATE FOR CHARLOTTE REGION HOUSING MARKET: DECEMBER 2018
- December 2018 Closed Sales: down 14% versus December 2017. Year-to-date, closed sales were down 2.7%.
- December 2018 Pending Sales: flat versus December 2017 and down 1.9% year-to-date.
- December 2018 Average List Price: increased 4.9% to just over $298,000 versus December 2017. Year-to-date, average list prices are up 4.2% to just under $320,000.
- December 2018 Average Sale Prices: up 1.1% to just under $283,000 versus December 2017 and up 4.2% year-to-date to just under $287,000. For the year, average sale prices increased 6.4% versus the prior year.
- December 2018 Median Sale Price was also up 1.6% to $237,000 compared with December 2017 and up 5.8% year-to-date to $238,000.
- December 2018 Percent of Original List Price Received: slightly down by 0.5% compared with December 2017 to 95.8% and remained flat year-to-date at 96.9%.
- December 2018 Inventory of Homes for Sale: down 5.9% in December 2018. 2018 ended with inventory down 7.1% for the year.
- December 2018 Months Supply of Homes for Sale: down 4.3% to 2.2 months. Months supply for the year was down 7.4%. Charlotte region’s housing market continues to be a seller’s market, as it had been throughout 2017 and 2018.
What’s The Message For Charlotte Region Home Buyers?
The message for Charlotte region home buyers remains what it’s been since 2015 and isn’t likely to change much as we close out the 2018 selling season.
- The supply of homes available to buy remains tight and those that are on the market are selling more quickly with not a lot of negotiating room. In prime neighborhoods, we continue to see many homes going into contract within days of listing.
- Home buyers continue to have fewer options to choose from and need to make decisions and offers quickly. Although we are seeing fewer homes receiving multiple offers, buyers still need to make “clean” offers with a minimum of contingencies. In the $100,000-200,000 price points, the months supply of homes is hovering at barely 1.2 months. Supply of condos and town homes is even tighter at less than one month of inventory.
- Home prices are continuing a steady increase and housing affordability continues to decrease. Buyers must be prepared to pay more for a home and not to expect a big discount off of the asking price. Depending where in the Charlotte metro area buyers are looking, they may not be able to negotiate at all.
- For buyers looking for homes priced under $300,000, and especially under $200,000, the selection is very slim these days…. impacting the average prices of homes sold which continue to increase month after month throughout 2016 and 2017 and now in 2018. Inventory of homes is up only in homes prices at $200,000-$300,000.
- With the housing affordability index down by 6.5% in December 2018, a strong argument can be made that home buyers should be making purchase decisions sooner rather than later, as affordability will most likely continue decreasing (and even more so as interest rates continue to rise in). First time home buyers, especially, are feeling the squeeze these days given the lack of affordable homes under $200,000 available for sale.
What’s The Message For Charlotte Region Home Sellers?
The message for Charlotte region home sellers also remains what it’s been since 2015 and doesn’t appear poised to change much as we end 2018 and look forward to 2019:
- When a home is priced right, staged right, and marketed right, it will sell and, on average, should sell in about six weeks. The days from list to closing in December 2018 were up 1 day to 101 days compared with December 2017. Days on market till sale were flat at 50 days compared with December 2017. Cumulative days on market were down 2 days to 58 days in December 2018 versus December 2017. Year-to-date, days on market and cumulative days on market were down 10.6% and 10.7%, respectively, compared with December 2017.
- Despite the tight inventory, sellers who have been overly aggressive in pricing their homes are not seeing their homes sell quickly, if at all. And we are seeing more price reductions than earlier in the year. Pricing is still key even in a seller’s market.
- With homes still selling quickly, sellers need to be prepared to move quickly and to have back-up plans for a new residence at the ready.
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Buying Or Selling A Charlotte Region Home…
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This Charlotte, North Carolina real estate monthly update for the Charlotte region is brought to you by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Charlotte metro area residential real estate experts. We’ve been opening doors for home buyers throughout the Charlotte region for 20+ years.
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