Charlotte Regional Realtor Association

December sales were up 4.5 percent from year-ago figures, while 2016 had an increase of 8.4 percent for closed sales overall, according to the most recent report from the Charlotte Regional Realtor Association.

The Charlotte region saw its fifth consecutive year of increased median and average sales prices. Median sales rose 10 percent to $209,000, and averages sales prices rose 8.2 percent to $258,108 over year-ago figures.

For 2016, average sales prices in the CarolinaMLS region rose to $257,701, a jump of 6.5 percent over 2015’s average sales price.

Low inventory continues in the Charlotte region, however, dropping more than 25 percent from last year. Overall, Charlotte inventory was at a low 2.3 months supply of homes on the market, making for a very strong seller’s market.

“As we move forward into 2017 buyers may face limited choices, faster days on market and rising mortgage rates. However, positive job growth over the last year and a healthy local economy continue to boost consumer spending and housing demand, which should help sales remain steady throughout 2017,” 2017 Carolina MLS President Roger Parham said in a prepared statement.

In Mecklenburg County, median and average sales prices rose 12.3 percent to $219,000 and 8.8 percent to $277,267.

As inventory continued to drop, days on the market and list to close time also dropped. Mecklenburg County inventory fell more than 29 percent to 2,477 homes for sale in December 2016, down from 3,507 homes on the market in December 2015. Months of inventory saw a nearly 35 percent drop to 1.5 months supply, down from 2.3 months.

In the City of Charlotte, the median and average sales prices rose 9.3 percent ($199,000) and 7.3 percent ($262,192), respectively.

Market inventory for the city fell to 1,763 homes on the market, a drop of 35 percent. Months of inventory was just 1.3 months, down nearly 41 percent from December 2015.

Uptown Charlotte median and average sales prices also rose from the year-ago period. Median sales closed 2016 at $350,000, an increase of nearly 23 percent. Average sales rose 5.5 percent to $340,365.

Inventory fell to only 75 properties listed for sale in December 2016, a drop of more than 30 percent. The Uptown area had 2.5 months of inventory in December, down nearly 36 percent from December 2015.

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.

A loss for real estate developer Pulte Homes is a win for the Sedgefield neighbors who want to see the green space remain in their community.

Mecklenburg County commissioners voted in favor of asking Charlotte-Mecklenburg Schools to not sell the 3.7-acre plot of land for a townhome development, according to an Observer report.

In addition, the commissioners OK’d purchasing the land with money slated for the school system, should CMS decide to go against commission wishes and sell the land. The county has right of first refusal on any CMS sale.

The popular in-town Sedgefield neighborhood has seen rapid growth and density increases in recent years. Residents of the Sedgefield and nearby Dilworth neighborhoods were largely against the sale that would take away a large chunk of green space near Sedgefield Neighborhood Park and Sedgefield Middle School.

With the South Boulevard corridor also seeing exponential development due to added light rail service and residential construction, the 3.7 acres on McDonald Avenue south of Ideal Way, is one of the last green spaces in the neighborhood.

Pulte offered more than $3.8 million to buy the land for a townhome development of approximately 30 residential units.

Interested in some popular Sedgefield real estate? There are older and newer homes alike on the market in beautiful Sedgefield!

Sales dropped 10.6% from year-ago figures to 2,039 from 2,280 in January 2015. Overall, sales are down 32.2% compared with December 2015.

Though sales are down, the average sales price of a home in the Carolina Multiple Listing Services Inc. (CMLS) database increased 7.3%. Currently, the average sales price is $229,766. The median sales price rose 7.8% ro $179,500 from year-ago prices.

The percent of original list price received for homes rose 1.5% to 94.7% of list price, which is reflective of the low inventory in the market.

Currently, there are 3,356 preliminary pending sales, an increase of 13% from last year at this time.

Holidays, bad weather and persistently low inventory could be the reason for the January drop in sales, according to CarolinaMLS President Maren Brisson-Kuester.

“However with pending sales up 13 percent, we know that buyers are still being drawn to the market,” Brisson-Kuester said.

Overall inventory is down to approximately 3 months across the market, and homes are on the market approximately 121 days from list to close.

Though the numbers are down for January from a year ago, building is booming and new business is moving in all the time. Sales trends should pick up with the temperatures, as spring tends to breath life into the market.

Buyers must have an income under $67,000 and a credit score of 640 to be considered.

Here’s how it works:  if you are buying a home in one of the above counties, you may be eligible for $15,000 in down payment assistance in the form of a five-year, deferred loan at zero interest.  Even better, stay in your home for five years and you won’t need to repay the down payment loan- it is forgiven at 20% per year for each full you reside in the home.

First-time home buyers may also benefit from a Mortgage Credit Certificate (MCC), which provides a federal tax credit of up to $2,000 per year.  Want to know more?  Read more for details.