Cooler Weather, Hot Housing Market: A closer look at recent sales throughout the Charlotte region.
Our Charlotte real estate market remains in a HOT seller’s market. Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. (Not this year!)
Inventory is critically low, down 51.3% year-over-year to 1.1 months of supply. (A balanced market is ~ 6 months of inventory.)
Sellers who are ready to list have the opportunity to receive high visibility for their listings and spend less time on the market. Properties are averaging 29 days on the market now, which is the lowest number on record! This means properties are selling nearly as quickly as they are listed.
Low inventory + increased competition among buyers = increased home prices. We are seeing multiple offer situations and bidding wars at various price points all across the region. (Read my post on tips for buyers in a sellers market here.) This has resulted in the average sales price is increasing 16% since this time last year.
Before making an offer, buyers should be prepared with a lender pre-approval in place. There could be little room for negotiation on price in highly desirable areas where increased competition is leading to multiple offer situations as supply continues to fall.
All of this strong buyer activity is seen in the closed sales numbers, which has increased 11.8% compared to this time last year.
Ready to work with Realtor who understands our local market, keeps up with the most recent stats, and knows how to navigate this crazy sellers market? Contact me today!
All data via Canopy MLS.