The most recent data released by the Carolina Multiple Listing Services, Inc. shows that for your Charlotte Realtor the market is beginning to show the signs of the typical seasonal slow-down. While trends remain positive, especially for sellers, there appears to be just a slight softening in October.
Still, the number of homes on the market is down year-over-year, so demand for new Listings and the frustrations Buyers have with selection and the speed of sales continues.
The market is still favoring sellers right now, with a 21.6% decrease in the number of active listings!
Let’s take a look at the October 2015 Charlotte Area Real Estate Statistics:
October 2015 Charlotte Real Estate Statistics
- New Listings: 3,998 (Down –3.1% from last year)
- Sold Listings: 3,073 (Down -3.9% from last year)
- Total Active Listings: 12,375 (Down –21.6% from last year)
- Median Sales Price: $185,000 (Up +3.9% from last year)
- List To Sold Price Ratio: 94.6% (Up +0.9% from last year)
- Days on the Market: 121 Days (Down from 124 days from last year)
Home Prices Are Rising With Tighter Supply!
As I mentioned in last month’s Charlotte Area Real Estate Statistics article, there continues to be what appears to be a slight “softening” to the market, but focusing on the decrease in Closed Sales is misleading.
One statistic that’s not included in the above numbers (but available in the full report linked to above) is the increase in Pending Sales – this is an increase of 21.2% year-over-year! Sales have remained robust, and while there was a slight decrease in those that closed in October, there is a dramatic increase in the number pending, and we should see that in the November numbers.
As I pointed out in my Mortgage Interest Rate update last week, rates are (as expected) slowing inching up in anticipation of a rate increase from the Fed. Any change in the interest rate will impact a buyers ability to get the most house for their money, and with the distraction and historical slowdown in the Holiday season, and continued low interest rates, this paints a picture of an excellent opportunity during the coming few months for home buyers to potentially get a home with less competition.
It’s still a Seller’s Market, and while inventories continue to drop, there is an ever-increasing need for sellers to recognize this is an amazing time to be putting their houses on the market! The typical Holiday decrease in listings could mean there’s an even a greater chance that your house will stand out to Buyers! Additionally, I coach my sellers that if buyers are shopping during the Holiday Season, they’re motivated to buy.
More than just a cool slogan, “Buyers Need Homes!” is becoming the mantra of as we work through the 4th quarter of the year. Less homes on the market, a tightening inventory, and more buyers are all driving up the prices of homes, with more situations of multiple offers on one property, higher prices, and more frustration.
Jon Patrick, Realtor
“Your Real Estate Partner with Local Passion!”
Allen Tate – Matthews