Monthly Market Update: February

Let’s take a look at the real estate market stats for February for the entire CarolinaMLS Area, according to the Charlotte Regional Realtor Association.

Inventory for the Charlotte region is still incredibly low, and was down 28.1% last month as compared with February 2016. However, it is worth noting that even though closed sales were only up .5% in year-over-year numbers, pending sales are up 18.4%, indicating that closed sales are going to pick, as well.

Lake Wylie’s inventory numbers are fairly similar, with a 20.6% drop in year-over-year  numbers for the months supply of inventory available. However, closed sales are down 25.4% for the area, and pending sales are only up 7.5%.

There is better news for Fort Mill and York County as a whole, though, in terms of pending sales and market activity, where February saw an increase by 44.4% and 43.3% respectively, as compared with pending sales from February 2016.

Even though sales have been slow, the notable number of pending contracts may mean there are many future sales on the horizon and more potential sellers are listing their homes. The 15% increase in listing activity this month  as compared with January is a strong indicator that sellers are gaining confidence in listing their homes.
Stay tuned for next month’s real estate stats, as the market across the entire Charlotte region continues to thrive.

Market Report: August

August’s numbers are in for the local market update from the Charlotte Regional Realtor Association, and inventory is still down while prices climb. There are more new listings, but they can’t keep up with demand.screen-shot-2016-09-24-at-4-39-20-pm

Stats for the entire CarolinaMLS area for August show signs of a very strong and active market. Year over year numbers indicate an increase in new listings, pending sales, closed sales, median sales price and average sales price. Plus, the total time that homes are spending on the market until sale has dropped. Furthermore, the months supply of inventory has dropped as well as the inventory of homes for sale.

The same trends are present in Lake Wylie, where, for example, new listings are up 12.4% from 2015 and the months supply of inventory is down 23.2% from 2015.screen-shot-2016-09-19-at-9-09-48-pm
Fort Mill is seeing similar market trends, however new listings are up a dramatic 41.1%, and pending sales are up a whopping 74.5% from 2015. Furthermore, the months supply of inventory in Fort Mill is down 19.4%, which is not nearly as significant of a drop as what we are seeing in the CarolinaMLS area as a whole, where the percentage change was approximately 30%.screen-shot-2016-09-24-at-4-48-45-pm

In general, the decreasing inventory has created a seller’s market where the average sales price continues to rise and the market is more and more active. Buyers are going to be forced to act more quickly as inventory continues to move and demand continues to grow.

We will keep an eye on the numbers and the trends with the expectation and hope that the region’s real estate market and housing landscape continue to thrive.