November 2018 Charlotte region housing update. Charlotte region remained a seller’s market in November 2018 with inventory remaining tight and resulting in higher home list and sale prices, coupled with shorter days on market, especially for affordable homes. Closed sales were down in November, but pending sales were up.
Charlotte Region Housing Market Update: November 2018
The Charlotte region’s housing market began the last month of 2018 with home prices up, closed sales down, but with pending sales up as compared with November 2017. Both average and median sale prices were up in November 2018. Inventory and the months supply of homes remain low and below what they were one year ago with homes selling faster as a result.
VIDEO UPDATE FOR CHARLOTTE REGION HOUSING MARKET: NOVEMBER 2018
- November 2018 Closed Sales: down 11.9% versus November 2017. Year-to-date, closed sales were down 2.3%.
- November 2018 Pending Sales: up 7.3% versus November 2017 and down 1.4% year-to-date.
- November 2018 Average List Price: increased 8.8% to just under $318,000 versus November 2017. Year-to-date, average list prices are up 4.2% to just under $322,000.
- November 2018 Average Sale Prices: up 6.7% to just over $286,000 versus November 2017 and up 6.8% year-to-date to just over $287,000.
- November 2018 Median Sale Price was also up 6.3% to $235,000 compared with November 2017 and up 6.4% year-to-date to $238,000.
- November 2018 Percent of Original List Price Received: slightly down by 0.6% compared with November 2017 to 95.9% and up 0.1% year-to-date to 97%.
- November 2018 Inventory of Homes for Sale: down 7% in November 2018.
- November 2018 Months Supply of Homes for Sale: down 7.7% to 2.4 months. Charlotte region’s housing market continues to be a seller’s market, as it had been throughout 2017 and 2018 year-to-date.
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 enter the end of 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 minimal 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 stands at just 1.3 months. Supply of condos and town homes is even tighter at barely 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 $300,000 or above and that inventory is up slightly.
- With the housing affordability index down by 10.6% in November 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 in the last month of 2018:
- When a home is priced right, staged right, and marketed right, it will sell and, on average, should sell in just under six weeks. The days from list to closing in November 2018 were down 3 days to 93 days compared with November 2017. Days on market till sale were down 3 days to 44 days compared with November 2017. Cumulative days on market were down 4 days to 52 days in November 2018 versus November 2017. Year-to-date, days on market and cumulative days on market were down 10.6% and 10.7%, respectively, compared with November 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 aseller’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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