Even as August sees a year-over-year increase in new listings, we are still experiencing an inventory shortage across the Charlotte Metro area. Experts are hopeful that the increase in inventory will stimulate more buyer interest as we move into the latter part of 2017. "While inventory remains lower than the previous year, we're not experiencing the same downward trend in contract activity that's being reported nationally," said CRRA President Roger Parham, to the Charlotte Business Journal. "Also, the recent uptick in new listings that's occurred over the last four months should help fuel buyer interest."
Here's a snapshot of what has been going on in the Charlotte area during the month of August.
Need a little help breaking down the numbers? Here are a few points to consider:
- SUPPLY & DEMAND: As inventory levels remain low, with just a 2.6 month supply of homes, media sales prices continue to climb. The inventory of homes for sale has dropped over 18% since last August which is leading to more multiple offer situations and leaving more and more buyers discouraged as they search for the perfect place to call home.
- CLOSINGS DOWN: With less inventory to shop, many buyers are either looking for housing elsewhere (either renting or building) OR they are choosing to stay put, which might be a reason we are seeing a slight increase in the number of closings year-over-year.
- DAYS ON MARKET: Days on market has decreased a bit, but we are still seeing the same 1-2 month time frame from the time of listing to closing, which, again, points to the fact that many sellers are likely accepting offers within the first few days of listing, especially in some of the highly sought after areas around town.