When it comes to comparing the costs of buying versus renting a home, Charlotte area residents are likely to find a better value in buying, according to the results of a recent study, reported by
Charlotte Home Sales Drop Slightly In September
Continually shrinking home inventory has led Charlotte area home sales to fall across the region in September, dropping 3.9% from a year ago.
"Ultimately, low inventory across the region continued to hamper sales while also putting pressure on prices in our market," said Roger Parham to the Charlotte Business Journal. Parham is the head of the Charlotte Regional Realtor Association. "We're fortunate, however, to see strong pending contract activity, which means that future sales should be steady."
On a month-over-month basis, home sales in the Charlotte region dropped 7.8% from August to September, when 3,960 homes sold throughout the area.The Charlotte Regional Realtor Association recently released its monthly report on housing activity, which showed a 17.5% decline in the number of homes for sale across the Charlotte market from September 2016.
According to the report, the 10,140 residences listed for sale equate to a 2.5-month supply at the current sales pace. That's down from the 3.3-month supply in the previous year and is significantly lower than the six-month supply needed to represent a balanced housing market.
With the inventory continuing to shrink, Charlotte area home prices continue to rise. According to the Charlotte Business Journal, this indicates that the strong seller's market in the Queen City is unlikely to cool down anytime soon.
Meanwhile, pending sales jumped 16.4% to a total of 4,137 in September. As Parham suggested, these figures could indicate steady sales ahead for the Charlotte real estate market.
Here are a few more key findings from the report:
Charlotte homes sold nine days faster compared to September 2016, spending an average of 90 days on the market from list to close.
The average sales price in September rose 6.3% year-over-year to $271,606, while the median price rose 9.2% to $225,000.
New residential listings increased 3.3% to 4,700 with the average list price up 6.3% o $316,868.
If you're searching for a new home in the greater Charlotte area, please connect with me today. I would be glad to help you navigate the home buying process and help customize a winning strategy to help you make the most of your budget. With the area in a tight inventory crunch and prices moving up every day, it pays to work with an experienced real estate agent who knows the area well! Call me today to schedule an appointment or send me a message through my contact form: (704) 419-8644 or send a message.
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