Charlotte, NC region real estate report and housing market snapshot for July 2019. Charlotte region remained a seller’s market in July 2019 with inventory remaining extremely tight, dropping 15.3% compared July 2018. Lack of inventory and new listings resulted in higher home list and sale prices year-over-year, year-to-date, and month-over-month. Closed sales were down slightly, but pending sales were up 15.9% year-over-year. The housing affordability index continued to decrease, as well. Months supply of homes remained very low at 2.3 months (down 14.8% year-over-year) and even lower for homes priced under $200,000. Year-to-date trends are all also showing higher home sale prices, higher sales, and tight inventory.
Charlotte Region Housing Market Overview: July 2019
The Charlotte region’s housing market began the first month of the third quarter of 2019 with home prices up, closed sales down slightly, pending sales up significantly, new listings down. Inventory and months supply of homes were both down as compared with July 2018.
- July 2019 Closed Sales: down 1.3% versus June 2018 and up 1.3% year-to-date.
- July 2019 Pending Sales: up 15.9% versus June 2018 and up 6.0% year-to-date.
- July 2019 Average List Price: increased 6.3% to $321,673 versus July 2018 and up 4.6% year-to-date to $339,410.
- July 2019 Average Sale Prices: up 7.1% to just under $313,281 versus July 2018. Year-to-date, average sale prices are up 4.8% to $301,847.
- July 2019 Median Sale Price was also up 10.4% to $265,000 compared with July 2018 and up 5.9% year-to-date to $252,500.
- July 2019 Percent of Original List Price Received: down by 0.2% compared with July 2018 to 97.1%.
- July 2019 Inventory of Homes for Sale: down 15.3% compared with July 2018. New listings were down 0.6% year-over-year in July 2019, but were up very slightly at 0.5% year-to-date.
- July 2019 Months Supply of Homes for Sale: down to 2.3 months (from 2.7 months) compared with July 2018. With such tight inventory, Charlotte region’s housing market continues to be a seller’s market, as it had been throughout 2017 and 2018 and the first half of 2019.
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 look to finishing up the 2019 summer 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 few 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 about one month 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 1.7 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. The housing affordability index was down 10.1% year-to-date compared with one year ago. 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 10.1% in July 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 look to finishing up the 2019 summer selling season.
- When a home is priced right, staged right, and marketed right, it will sell and, on average, in just under six weeks. The days from list to closing in July 2019 were 85 days, 1 day higher compared with July 2018. Days on market till sale were up 1 day to 38 days compared with July 2018. Cumulative days on market increased 2 days to 44 days in July 2019 versus June 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: July 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