February 2019 Charlotte region housing update. Charlotte region remained a seller’s market in February 2019 with inventory remaining tight, resulting in higher home list and sale prices due to continued high buyer demand. Closed sales were down slightly, but pending sales up 12.4%. Days on market were also down as compared with one year ago. The housing affordability index continues to decrease, as well. Months supply of homes is very low at 2.1 months, but even lower for homes priced under $200,000.
Charlotte Region Housing Market Update: February 2019
The Charlotte region’s housing market ended the second month of 2019 with home prices up, closed sales down slightly, pending sales up, new listings down. Inventory and months supply of homes were both down as compared with February 2018. Lack of inventory is reducing days on market and affordability.
VIDEO UPDATE FOR CHARLOTTE REGION HOUSING MARKET: FEBRUARY 2019
- February 2019 Closed Sales: down 0.9% versus February 2018 and down 2.8% year-to-date.
- February 2019 Pending Sales: up 12.4% versus February 2018 and up 9.4% year-to-date.
- February 2019 Average List Price: increased 8.8% to just under $353,000 versus February 2018 and up 6.8% year-to-date.
- February 2019 Average Sale Prices: up 4.7% to just under $279,000 versus February 2018 (a $10,000 increase over January 2019). Year-to-date, average sale prices are up 3.4%.
- February 2019 Median Sale Price was also up 2.3% to $232,125 compared with February 2018 and up 4.5% year-to-date.
- February 2019 Percent of Original List Price Received: down by 0.8% compared with February 2018 to 95.9%, (but up 0.3% versus the prior month of January 2019).
- February 2019 Inventory of Homes for Sale: down 2.7% compared with February 2018.
- February 2019 Months Supply of Homes for Sale: down to 2.1 months compared with February 2018. 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 begin the 2019 spring selling season, although we may have see bidding wars subside.
- 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, especially in high-demand neighborhoods and for affordable homes. In the $100,000-200,000 price points, the months supply of homes is just 1.2 months compared with the overall supply of 2.1 months. And in the $200,000-300,00 price range the months supply of inventory is only 1.8 months. Supply of condos and town homes is even tighter at 1.7 months overall, but for condos and town homes under $200,000 the months supply of homes is under one month.
- 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 continued to increase month after month throughout 2016, 2017, 2018 and now in 2019.
- With the housing affordability index down by 4.7% in February 2019, 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 if 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 look forward to the spring 2019 selling season.
- 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 February 2019 were 104 days (down 2 days) compared with February 2018. Days on market till sale were down 1 day to 54 days compared with February 2018. Cumulative days on market were down 2 days to 63 days in February 2019 versus February 2018.
- 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 as a result. 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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- Charlotte Region Housing Market Update: February 2019
- What's The Message For Charlotte Region Home Buyers?
- What's The Message For Charlotte Region Home Sellers?
- Find Your Charlotte Region Dream Home
- Find Out What Your Charlotte Region Home Is Worth Today
- Buying Or Selling A Charlotte Region Home...
- Search Charlotte Region Homes For Sale