The Charlotte, NC Real Estate Market for September, 2015
The most recent data released by the Carolina Multiple Listing Services, Inc. shows that the Charlotte real estate market is potentially beginning to show the signs of the typical seasonal slow-down. The trends from the previous months, and honestly thoughout the year, continue with increasing closings year-over-year, while New Listings continue to decrease when compared to 2014.
As has been said, this is leading to a tightening of the market, with more buyers competing for fewer homes, and properly-priced and marketed homes selling faster and for more money!
The market is still favoring sellers right now, with a 21.7% decrease in the number of active listings!
Let’s take a look at the September 2015 real estate market numbers for the Greater Charlotte Area:
September 2015 Charlotte Real Estate Statistics
- New Listings: 4,319 (Up +3.2% from last year)
- Sold Listings: 3,436 (Up +6.1% from last year)
- Total Active Listings: 12,795 (Down –21.7% from last year)
- Median Sales Price: $190,000 (Up +5.6% from last year)
- List To Sold Price Ratio: 95.2% (Up +1.0% from last year)
- Days on the Market: 111 Days (Down from 124 days from last year)
Home Prices Are Rising With Tighter Supply!
Overall, there appears to be a slight “softening” to the market, but focusing on a slight decrease in percentages when compared to the August Report would distract from the fact that this is a bullish market, and one must wonder how long this will continue. Sales and prices have matched or exceeded pre-downturn levels, but shortages in certain areas, such as New Construction, indicate this is not another “bubble”. Experts expect interest rates to rise, and although those I’ve heard don’t agree on when this may occur, the consensus is it’s a question of “When”, not “If” at this point.
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.
Regardless, it’s still a Sellers Market, and buyers need to be educated and coached on the best way to put together an offer strategy to have the best chance of getting the home they want, for the right price. Your Realtor professional becomes more valuable.
For Sellers, this also means that the Holiday decrease in listings means there’s even a greater chance that your home will stand out to Buyers. Common sense indicates if they’re 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 enter 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.