Another year is under our belt, and 2017 is already off and running. With inventory levels still low in many areas across the country, including the Greater Charlotte area, most experts expect housing prices to continue to climb until more sellers enter the market to help balance out the supply and demand. According to the Carolina Regional Realtor Association's Monthly Indicators Report, "The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for creative and diligent people prepared to put in the necessary amount of work."
Here is a closer look at what was going on in the Charlotte Real Estate Market as we closed out 2016
Need a little help breaking down the numbers? Here are a few points to consider:
- New Listings and Inventory of Homes: New listings are up only 4-5% compared to the holiday season last year, however we are still experiencing a low inventory of homes across the board, down over 25% compared to the same time last year, which makes the market pretty competitive for those looking to buy, and enticing for those looking to sell! With our local market looking pretty strong for sellers, if you have been on the fence about listing in 2017, now is a great time to take the plunge!
- Days on Market: Another sign of the low inventory and quickly moving homes is the days on market. With properties lingering on the market for just about a two months before closing, they are likely going under contract very quickly, and possibly with multiple offers, considering the low inventory levels. If you're looking to buy, make sure you have all your ducks in a row before you start house hunting, that way you don't miss out on your chance to make an offer and you can strike while the iron is hot!
- Closed Sales: Closed Sales are up just 4.5% compared to this time last year, but still pretty strong for the Holiday season. Continued growth in closed sales means that buyers are out there looking and ready to buy as soon as the right house comes along. Another great sign for those potential sellers!
"As we move forward into 2017 buyers may face limited choices, faster days on market and rising mortgage rates," CRRA President, Roger Parham said in a news release on Tuesday. "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.” (From Charlotte Business Journal) Parham also cited an 8% growth in total home sales during the 2016 calendar year as a great sign of continued market growth in the new year.