April 11th, 2017
Signs of a Strong Charlotte Real Estate Market Ahead: Part Two
As we started to discuss last week, the Charlotte real estate market is preparing for another strong year. This is the second part of a three part blog series about what home owners, renters and buyers can expect from our local real estate market in the coming months.
According to the Charlotte Regional Realtor Association, the number of pending sales as of February 28, 2017 was at 61,399 sales. This number is about a 10 percent increase compared to the same time last year. You can find more about year-to-year comparisons for this time of the year by reading our monthly market update newsletter.
“An increase in pending sales indicates a strengthening market. There is not a better signal,” said Jeff Adams, President of Helen Adams Realty. “There is not a better 90 to 120 indicator of the direction of our market than pending sales.”
The CRRA average sales price chart, seen below, also indicates that for the 12 months ending February 2015, 2016 and 2017, prices increased 4.5 percent from 2015 to 2016 and 6.8 percent from 2016 to 2017. This is an aggregate price increase of 11.3 percent which comes on top of annual home price increases in Charlotte going back to similar to what they were in 2010.
“You cannot help but realize that investing in a home in Charlotte is a very sound bet,” said Adams.
The average days on market have decreased when comparing to this time last year, represented in the chart below, which is also a significant sign of a strong real estate market. When the time to sell a home shortens, this typically encourages more sellers to enter the market.
These statistics mentioned continue to signal a strong future for the Charlotte real estate and economy. Sellers should know that this is a beneficial time to list their house, with lower days on the market and homes average sales prices gradually increasing.
Stay tuned to the Helen Adams Realty blog next week for the final part of this three part market update. Clients of ours as well as other Charlotte area residents are encouraged to use the research materials on our website to stay updated on market trends and developments.