January 2019 Charlotte region housing update. Charlotte region remained a seller’s market in January 2019 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. Closed sales were down, but pending sales up. Days on market were also down. The housing affordability index continues to decrease, as well.
Charlotte Region Housing Market Update: January 2019
The Charlotte region’s housing market began the first month of 2019 with home prices up, closed sales down, pending sales, new listings up, but inventory down as compared with January 2019. Both average and median sale prices were up in January 2019. Inventory and the months supply of homes remain low and below what they were one year ago.
VIDEO UPDATE FOR CHARLOTTE REGION HOUSING MARKET: JANUARY 2019
- January 2019 Closed Sales: down 9% versus January 2018.
- January 2019 Pending Sales: up 14.9% versus January 2018.
- January 2019 Average List Price: increased 5.4% to just under $329,000 versus January 2018.
- January 2019 Average Sale Prices: up 1.9% to just over $268,000 versus January 2018.
- January 2019 Median Sale Price was also up 5.1% to $226,000 compared with January 2018.
- January 2019 Percent of Original List Price Received: slightly down by 0.4% compared with January 2018 to 95.6%.
- January 2019 Inventory of Homes for Sale: down 3.4%.
- January 2019 Months Supply of Homes for Sale: flat at 2.2 months compared with January 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 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. In the $100,000-200,000 price points, the months supply of homes is 1.6 months compared with the overall supply of 2.2 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, 2017, 2018 and now, apparently, in 2019.
- With the housing affordability index down by 7.9% in January 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 begin the new year.
- 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 January 2019 were flat at 105 days compared with January 2018. Days on market till sale were down 3 days to 50 days compared with January 2018. Cumulative days on market were down 3 days to 59 days in January 2019 versus January 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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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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