Sales, inventory up slightly for May

Home sales are up for the second month in a row for May amid still-low inventory levels, according to the monthly Charlotte Regional Realtor Association report.

Across the entire Carolina MLS region, home sales rose 5% to 4,026 properties sold compared to year-ago May figures and rose 11.4% from April 2016.

For Uptown, the average sales price rose 16% to $292,620. Inventory from year-ago levels took a major hit and dropped nearly 27% to just 2.7 months of inventory.

Average sales prices across the entire CMLS region saw a slight increase of 3.2% to $257,866.

Already-low inventory in the CMLS region was down from year-ago levels to 10,880, a 25% decrease. This brings inventory levels to 3 months for the entire CMLS region. In May 2015, inventory levels were at about 4.4 months, slightly closer to a balanced market.

The change from April 2016 inventory levels was a 3.5% increase, which is a good sign, however, inventory levels are still incredibly low across the region.

Six months of inventory represents a balanced market, where neither the buy or seller is at an advantage. Such low inventory levels puts the ball fully in the seller’s court, so to speak.

As such, the average list price is up from year-ago levels to $321,223, an increase of 10.7%.

Mecklenburg Co. inventory is at just 2.1 months, a drop of more than 34% from May 2015 with only 3,308 properties on the market in May. City of Charlotte inventory dropped by a third to 2,403 properties listed, which puts inventory levels at just less than 2 months.

Not surprising, days on market and days from listing to close both dropped from May 2015, as inventory continues to decline and demand increases.

“The CarolinaMLS region continues to post steady sales, despite challenges buyers face with limited inventory, price increases and shortened days on market. We are reassured by the small but steady increase in new listings over the past four months, which should help to improve the inventory picture as we head into summer,” CarolinaMLS President Maren Brisson-Kuester said.