Charlotte Area Home Sales Continue To Cool

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The Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CarolinaMLS) data.

CarolinaMLS July home sales were down 9 percent, with 3,900 properties sold in July 2016 compared to 4,286 properties sold in July 2015.  Sales are down 11.9 percent compared to June 2016.

The average sales price ($269,426) increased 6.5 percent compared to the average sales price in July 2015 ($252,874).  The median sales price ($217,000) increased 8.5 percent compared to the median sales price in July 2015 ($200,000).

The average list price in July 2016 ($300,948) increased 11.9 percent compared to July  2015 ($268,901), bringing the percent of original list price received measure to 96.7 percent, which is a 1.4 percent increase compared to the same period last year. Preliminary pending sales counts for the month of July 2016 totaled 4,543, an increase of 20.4 percent over last year at this time (3,773).

2016 Association/CarolinaMLS President Maren Brisson-Kuester said, “Home sales activity continues to cool in our region due to prolonged low inventory, weak new listing activity and continued price increases.  However, demand, as seen through pending contract activity, continues to be elevated.  This should send a strong signal to sellers that there are motivated buyers in our market and that the outlook for future sales is still good.”

New residential listings (5,075) decreased 3.4 percent in July 2016 compared to last July.  Inventory declined 23 percent compared to July 2015, leaving the CarolinaMLS region with a 3.1-month supply of inventory with 11,290 properties for sale. Supply this time last year was higher, with 14,661 properties for sale, or 4.4 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 100 days, which is one day less time on market than July 2015.  Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 48 days, which is 10 days less time on market than last July.

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.”  For an interview with 2016 Association/CarolinaMLS President Maren Brisson-Kuester, please contact Kim Walker.

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