May 2019 Charlotte region housing update + video. Charlotte region remained a seller’s market in May 2019 with inventory remaining extremely tight and lower than one year ago, resulting in higher home list and sale prices due to continued high buyer demand. Closed sales were up slightly, but pending sales were up 17.3% year-over-year. The housing affordability index continued to decrease, as well. Months supply of homes remained very low at 2.3 months and even lower for homes priced under $200,000. Year-to-date trends are all also showing increased prices, higher sales, and tight inventory.
Charlotte Region Housing Market Overview: May 2019
The Charlotte region’s housing market ended the second month of the second quarter of 2019 with home prices up, closed sales up slightly, pending sales up significantly, new listings up. Inventory and months supply of homes were both down as compared with May 2018.
VIDEO UPDATE FOR CHARLOTTE REGION HOUSING MARKET: MAY 2019
- May 2019 Closed Sales: up 0.5% versus May 2018 and up 1.1% year-to-date.
- May 2019 Pending Sales: up 17.3% versus May 2018 and up 6.9% year-to-date.
- May 2019 Average List Price: increased 2.6% to $343,468 versus May 2018 and up 4.6% year-to-date.
- May 2019 Average Sale Prices: up 3.4% to just under $310,00 versus May 2018. Year-to-date, average sale prices are up 3.6% to just under $294,000.
- May 2019 Median Sale Price was also up 5.7% to $259,900 compared with May 2018 and up 4.5% year-to-date to $245,500.
- May 2019 Percent of Original List Price Received: down by 0.2% compared with May 2018 to 97.3%.
- May 2019 Inventory of Homes for Sale: down 10.1% compared with May 2018. New listings were up 2.8% year-over-year in May 2019, but were up slightly at 1.2% year-to-date.
- May 2019 Months Supply of Homes for Sale: down to 2.3 months (from 2.6 months) compared with May 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 “close out” the 2019 spring selling season, although we have seen bidding wars subside somewhat.
- The supply of homes available to buy remains tight and those that are on the market are selling reasonably 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 barely one month (0.9 months) compared with the overall supply of 2.3 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 1.8 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 6.2% in May 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 to decrease. 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 “close out” the 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 May 2019 were 88 days, flat compared with May 2018 and down 7 days from April 2019. Days on market till sale were up 2 days to 41 days compared with May 2018, but down 6 days from April 2019. Cumulative days on market increased 5 days to 51 days in May 2019 versus May 2018., but were down 6 days from April 2019.
- 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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- Charlotte Region Housing Market Overview: May 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's Your Charlotte Region Home Worth?
- Buying Or Selling A Charlotte Region Home...
- Search Charlotte Region Homes For Sale