What’s happening in the Charlotte real estate market as we enter the spring season? A lot happened in 2017, and the 2018 market has not slowed down.
Today, we’ll examine a few key indicators in Mecklenburg County and Union County. First, what’s happening with inventory?
In Mecklenburg County, there are 2.2 months of inventory, and in Union County, there are 3.8 months of inventory. That means that if buyers were to purchase all of the homes in the market, we would be out of inventory in 2.2 or 3.8 months.
Ultimately, you want six months of inventory for a balanced market. As inventory goes up, like it did in the recession, the market favors buyers. As inventory drops into that 2.2 to 3.8 range, the market certainly favors sellers.
Right now, we have 3,906 single-family homes on the market in Mecklenburg County, which is a 13.9% drop. There are 1,390 homes on the market in Union County, which is a 10.1% drop in active inventory.
In Mecklenburg County, the average days on market is 35. In Union County, homes spend an average of 54 days on the market.
“Inventory is tight right now, which is great news for home sellers.”
The average sales price in Mecklenburg is $297,765. Union County’s average sales price is a little higher, at $324,287.
In 2017, the average sales price in Mecklenburg County went up by 7.2%, and it’s already up 5,6% this year. In Union, prices went up by 10.6%, which is a huge jump. So far this year, prices have increased by 4.5%.
What does all of this information mean for you?
Inventory is tight, which is great news for sellers. You can sell your home for a great price fairly quickly. If you are a buyer, you might need to plan a longer time frame for your home purchase, as the market is a bit tougher for you right now.
If you have any questions about your home buying or selling plans for 2018, just give us a call or send us an email. My team and I would be happy to help you!