The Charlotte housing market saw much of the same trend in October as previous months – steady gains amid a continued low housing inventory.
Across the CarolinaMLS region, home sales jumped 3.4% from year-ago figures to 3,418 properties sold. However, overall sales were down 11% compared with September 2016 figures, according to the most recent report from the Charlotte Regional Realtors Association.
Average sales prices jumped 7.6% to $256,736, and median prices were up more than 12% to $209,690.
The inventory level for the CarolinaMLS region has dropped 23.1% to 2.8 months, which amounts to 10,570 homes on the market. October’s inventory represents a drop of more than a month’s inventory from 13,742 homes on the market a year ago in October.
Charlotte Regional Realtor® Association
October’s inventory level represents a strong sellers market. Six months of inventory is considered a balanced market, while inventory below that level favors sellers.
“The region continues to struggle with persistently low housing supply, which is having a direct effect on prices,” said the association President Maren Brisson-Kuester. “Unfortunately, until we’re able to see a substantial rise in inventory levels, buyers may be challenged with limited options as we close out the year and move into 2017.”
New residential listings increased to 2.7% to 4,150 compared to year-ago numbers.
In Mecklenurg County, the average sales price jumped nearly 5% to $273,345 from $260,739. The period from listing to sale close dropped 9.1% to 91 days from 100 days in October 2015.
Housing inventory for the county dropped nearly 25% to 3,315 homes on the market or just 2 months of inventory. In the same year-ago period there were 4,415 homes and a 2.9 months supply.
For the city of Charlotte, the average sales price of a home rose 4.4% to $266,358, while inventory dropped below 2 months to 1.8 months or just 2,369 homes on the market in October. That amounts to a drop of more than 35% in months of inventory.