There is a lot of talk about the housing market in Charlotte, NC. and whether it is improving or if the rise in interest ratesÂ has caused the market to slow down and prices to lower while inventory creeps back up . A monthly analysis versus the previous year and two years ago during the same month allows me to compare and see where the trends are and how they are impacting the housing market in Charlotte, NC.Â Here are the stats forÂ December 2013:
First, let's look at inventory of available homes buyers have to choose from in the Charlotte, NC. . In 2011 there wereÂ 7319 homes for sale in December. In 2012 there wereÂ 5203 homes for saleÂ . Â Last month there were 3975 homes for sale. That is a decline of 53% in two years of available homes buyers have to choose from.Â Â Â
Second, the average sale price of homes in the Charlotte, NC. forÂ December 2011 was $199,108. In 2012 the average sale price was $212,223 and last month the average sale price was $233,395. That is an increase ofÂ 14% in the average sale price in the Charlotte, NC. market over the past two years during the month of December.
Third, letâ€™s look at days in inventory. How long are houses sitting on the market? In 2011 the average home sat on the market for 10.7 months before being soldÂ inÂ December. In 2012 the number improved to 6.4 months and last month it improved to 3.9 months. That is a dramatic drop in inventory of over 65% in two years for the average homes is on the market that sold.
What the trends are showing is that the housing market is out of the recession and available homes for sale have decreased to the lowest levels we have seen in over 5 years coupled with prices slowly creeping back up and more buyers out there than homes available and you have signs of a robust market in Charlotte, NC. heading into the New Year.
Â However;Â in comparison to last couple of months the trend is showing that the housing market has stabilized and some prices are remaining stable for the past few months with slight increases being seen.Â GenerallyÂ in December we start to see homesÂ slowly decline a little bit asÂ sellers are taking their homes off the market with the holiday's.Â Yes there are fewer buyers now but it still is a great time to sell your home and buy a home.Â As a seller you have less competition with existing homes and buyers have less competiton when looking at a home and are not feeling as rushed to buy a home in fear that someone else may scoop it up first.Â The out look is looking good for both sellers and buyers as interest rates are still at historic lows and affordability is high and sellers are taking advantage of the limited inventory to get their homes sold. And buyers are taking advantage of aggressive rates right now before the spring market when it is expected rates will start to increase.
Helen Adams Realty