“How’s the market?”
2017 seems to have come and gone in a flash as we’re nearly three weeks into 2018 already. While everyone is busy making resolutions this time of year, at Nest, we’re busy answering one question, “How’s the market?” This is a question often posed to us as real estate Brokers and we understand the importance of providing our clients with the insight to make confident, informed decisions.
We are excited to release our 2017 Annual Report. This report provides a comprehensive look at how our local market performed not only last year, but in year’s past as well. Whether you’re considering selling your current home, buying a home, or just interested in learning more about our local real estate market, we hope this report serves as a valuable tool.
The Charlotte Metro Area extended it’s streak of strong performances in 2017. For the fourth year in a row, total sales increased year-over-year. Total sales volume broke the $10 billion threshold totaling more than $10,600,000,000. Sales weren’t the only thing on the rise in our marketplace last year as the median and average sales price rose more than 10% and 6% respectively.
As we’ve seen in recent years, inventory continued to decline in 2017. The declining inventory situation is one we are monitoring closely as it is important to the health and stability of our market. Depressed inventory levels are the primary factor leading to rising prices as sellers are able to command higher prices knowing that buyers have fewer options. As evidenced by the growth in sales along with the decline in days on market, buyer demand remains strong despite rising prices. With slightly more than three months of inventory available at year’s end, the market strongly favors sellers as six months of inventory is widely considered to be a sign of a balanced market.
The towns of Concord, Cornelius, and Huntersville all posted total sales gains of more than 10% compared to 2016. The growth in these towns are among the largest in the greater Charlotte area. Harrisburg was one of the few areas to experience a decline in total sales in 2017.
Historically, median prices in Harrisburg are well below the $300,000. The nearly 12% year-over-year increase to $302,000 was a primary factor leading to the decline in sales experienced there this year. The North Charlotte area was one of the fastest moving areas in the greater Charlotte area this past year. On average, homes here sold in just 21 days, which is 10 days faster than 2016.
Be sure to read the full 2017 Lake Norman/Greater Charlotte Annual Report below to learn more about how the Lake Norman/Greater Charlotte market performed in 2017. Have questions? Contact your Nest broker today to find out what this report means for you and to discuss your real estate goals. We’re happy to help you Live Where You Love, and MOVE Boldly in 2018.
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