March 2019 Charlotte region housing update. Charlotte region remained a seller’s market in March 2019 with inventory remaining extremely tight, resulting in higher home list and sale prices due to continued high buyer demand. Closed sales were down, but pending sales were up 12.4% year-over-year. The housing affordability index continued to decrease, as well. Months supply of homes remained very low at 2.2 months and even lower for homes priced under $200,000. Average sale prices have increased each month this year to-date.
Charlotte Region Housing Market Overview: March 2019
The Charlotte region’s housing market ended the last month of the first quarter of 2019 with home prices up, closed sales down, pending sales up, new listings down. Inventory and months supply of homes were both down as compared with March 2018.
VIDEO UPDATE FOR CHARLOTTE REGION HOUSING MARKET: MARCH 2019
- March 2019 Closed Sales: down 6% versus March 2018 and down 2.3% year-to-date.
- March 2019 Pending Sales: up 13.8% versus March 2018 and up 7.8% year-to-date.
- March 2019 Average List Price: increased 6% to just under $361,000 versus March 2018 and up 6% year-to-date.
- March 2019 Average Sale Prices: up 3.3% to just under $290,000 versus March 2018. Year-to-date, average sale prices are up 3.4%.
- March 2019 Median Sale Price was also up 3.9% to $244,203 compared with March 2018 and up 3.5% year-to-date.
- March 2019 Percent of Original List Price Received: down by 0.6% compared with March 2018 to 96.6%.
- March 2019 Inventory of Homes for Sale: down 6.3% compared with March 2018. New listings were down 3.9% year-over-year in March 2019, but were up 1.2% year-to-date.
- March 2019 Months Supply of Homes for Sale: down to 2.2 months compared with March 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 stands at barely 1 month compared with the overall supply of 2.2 months. And in the $200,000-300,00 price range the months supply of inventory is only 1.7 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 well 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 6.8% in March 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 should rise later in the year). 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 March 2019 were 100 days (down 1 day) compared with March 2018. Days on market till sale were up 1 day to 51 days compared with March 2018. Cumulative days on market increased 1 day to 61 days in March 2019 versus March 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 Overview: March 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
- What Is Your Charlotte Region Home Worth?
- Buying Or Selling A Charlotte Region Home...
- Search Charlotte Region Homes For Sale