2016 was no-doubt a great real estate market for the Charlotte and surrounding areas. It remained a seller’s market all year and buyers certainly felt the strain. Certain price ranges and neighborhoods still have multiple offers on most every home, selling quickly and often well over asking price. Now, let’s dig into the data provided by the Charlotte Regional Realtor Association.
Below we’ll share some pages from the report to show the changes from 2012 to 2016. Here is the full report…Charlotte Real Estate Market 2016 Year End Report
Let’s begin with New Listings…look at all this constant growth year-over-year and yet we still don’t have enough homes to satisfy the buyer need. Looking to sell? Let’s do this…
Check out Pending Sales…
Closed Sales …
…and the big hitter…check out the Inventory of Homes for Sale in the Charlotte and surrounding areas. you can see we still have homes on the market, but note the Huntersville, Davidson & Lake Norman numbers. The top five are all negative inventory from 2015, except for Denver, where there has been quite the surge of homes for sale with the increased value.
Median Sales Price continues to rise, up 7.5% from 2015 and not showing signs of slowing down. Even with the projected increase in interest rates in 2017.
Days on Market (List to Close) continues to drop.
This is one of my favorite views of days on market…by price range. It is important to talk on a price range level, because they are ALL very different. Most homes under $300,000 but over $100,000 are the multiple offer range and have resulted in very quick closings.
Closed by price range is also a great view to see the $200,000 to $300,000 had the most shoppers hence the most closed sales. Again, very important to discuss price ranges when discussing the market. You can’t generalize price range or location…EVER! If you or someone you know tried to sell in the $400,000 to $500,000 range, you know the strains of that market, having the fewest sales, yet they were much stronger than in 2015, growing 22.8%. Closed sales under $100,000 were down, simply because there were no homes to sell in that range, most had surpassed the $100,000 price point.
Looking to buy or sell in 2017? Interview us to see if we are a good fit. We know the market and we know the area. Get High Caliber on your side!