CHARLOTTE, N.C. – Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CarolinaMLS) data.
Sales Prices Up
Both the median and average sales prices were up in December, marking four consecutive years of price gains for our region. The median sales price ($190,000) was up 2.8 percent over December 2014 ($184,900), and the average sales price ($241,094) was up 3.4 percent over December 2014 ($233,242).
The average sales price across the region for the entire year of 2015 was $242,168, an increase of 4.5 percent over 2014’s average sales price. The median sales price for all of 2015 was $192,500, an increase of 6.3 percent for the region compared to all of 2014.
List Price Up
The average list price in December 2015 ($254,018) increased 7.0 percent over December 2014 ($237,436), bringing the percent of original list price received measure for December 2015 to 95.0 percent, an increase of 1.3 percent when compared to the same period in 2014. For all 2015 the original list price received measure was 95.0 percent, compared with 94.1 percent for all of 2014. Preliminary pending sales counts for the month of December totaled 2,540, an increase of 14.1 percent over the previous period when contracts totaled 2,226. Pending contracts for all of 2015 totaled 41,875, up 15.1 percent compared to all of 2014 (36,396).
Solid Buyer Demand
2016 Association/CarolinaMLS President Maren Brisson-Kuester said, “At the beginning of 2015 I noted that inventory was going to be a challenge in 2015, and looking ahead, inventory will probably still be challenging in 2016. However, even with our low inventory, sales were still up nearly 12 percent in 2015 over all of 2014. We’re continuing to see solid buyer demand in our region because of our growing job market and strong local economy, and I’m reassured that the region will continue to see steady sales as we move ahead into 2016.”
New residential listings in the month of December totaled 2,396, an 11.7 percent decrease over December 2014 (2715). New listings for all of 2015 totaled 53,412, a slight increase of 1.1 percent over 2014 new listings (52,841). Inventory declined 24.2 percent compared to December 2014, leaving the CarolinaMLS region with a 3.0 months supply of homes for sale. In December 2014 the region had 4.5 months supply.
Sales in December were down slightly 2.6 percent over last year, with 3,007 properties sold last month compared with 3,088 properties sold in December 2014. Closed sales for all of 2015 totaled 40,463, an increase of 11.7 percent over the number of closings in all of 2014 (36,227).
Days on Market
The average number of days a property was on the market from the time it was listed until it closed (list to close) was 119 days, which is a decrease of 9 days compared to December 2014. Days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 64 days in December 2015 compared to 76 days in December 2014.
Foreclosures and short sales have returned to pre-recession levels, with the share of closed sales that were lender-mediated down 27.1 percent and accounting for 4.3 percent of closed sales for all of 2015.