CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CarolinaMLS) data.
Sales are up 11.4 % compared to April 2016.
CarolinaMLS April home sales rose 5 percent with 4,026 properties sold in May 2016 compared to 3,836 properties sold in May 2015.
The average sales price increased 3.2 %
The average sales price ($257,866) increased 3.2 percent compared to the average sales price in May 2015 ($249,826). The median sales price ($209,900) increased 5 percent compared to the median sales price in May 2015 ($200,000).
The average list price increased 10.7 %
The average list price in May 2016 ($321,223) increased 10.7 percent compared to May 2015 ($290,264), bringing the percent of original list price received measure to 96.8 percent, which is an increase (1.4 percent) compared to the same period last year. Preliminary pending sales counts for the month of May 2016 totaled 4,989, an increase of 21 percent over last year at this time (4,123).
Limited inventory, price increases and shortened DOM.
2016 Association/CarolinaMLS President Maren Brisson-Kuester said, “The CarolinaMLS region continues to post steady sales, despite challenges buyers face with limited inventory, price increases and shortened days on market. We are reassured by the small but steady increase in new listings over the past four months, which should help to improve the inventory picture as we head into summer.”
New residential listings increased 4.5%
New residential listings increased 4.5 percent in May 2016 compared to last May. Inventory declined 25.4 percent compared to May 2015, leaving the CarolinaMLS region with a 3.0-month supply of inventory with 10,880 properties for sale. Notably, inventory in May increased 3.5 percent when compared to the inventory at report time in April 2016, which represents four consecutive months of increases. Supply this time last year was higher with 14,582 properties for sale, or 4.4 months of supply.
The average number of days a property was on the market from the time it was listed until it closed (list to close) was 105 days, which is eleven days less time on market than May 2015. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 53 days, which is 14 days less time on market than last May.