Fall is finally upon us and the third quarter of 2018 is in the rearview mirror. We are excited to release the Q3 Lake Norman/Greater Charlotte Market Report. Although the Greater Charlotte market still remains strong, we are starting to see a continued shift in the market. This doesn’t seem to be a market downturn, but a long needed correction that should ease the escalating home prices that we have seen consistent over the past few years.
Inventory levels to continue to rise in most smaller areas, but are stable in Charlotte as a whole. The third quarter has also presented us with more days on market and decrease in total sales. This should be a normal time of year for these numbers to change, but it is an adjustments for the extremely strong market that we have had over the last few years.
The Charlotte area as a whole is continuing to see less unemployment, and more folks are moving to our area at a rapid rate. The local economy remains strong which in turn should continue to help us have a strong and stable housing market as we prepare for the coming year.
Continue reading for highlights of the third quarter performance.
QUICK TAKEAWAYS FROM OUR LAKE NORMAN AREA
- The overall, median sales price in Huntersville bumped up $3,500 in Q3 2018 after holding steady
around $315,000 for the first two quarters of the year.
- The price per square foot of single family homes continues to steadily increase throughout 2018. This past quarter price per square foot was $130, a 4.8% year-over-year increase.
- Days on market continues to shrink throughout 2018 and sits at 41.
- Cornelius is seeing a 11.5% increase in median sales price; a significant jump from Q3 2017.
- Inventory is up 3% from Q3 2017, yet has experienced a steady decline since its peak in May 2018.
- Homes in the townhome/condo segment sold at an exceptionally fast pace this past quarter,
averaging just 19 days on market while the average price per square foot also increased more than 14%.
- Inventory is on the rise in Davidson, climbing to 7.26 months of inventory at the end of this past
quarter. This is up from 5.35 months in Q3 2017.
- Significant increase in average days on market and median sales price for single family homes. It’s
just the opposite for the townhome/condo segment.
- A total of $63.1M of real estate changed hands in Q3 2018 in the Davidson area.
- Total number of sales is up 5% year-over-year in Mooresville, and at its highest point in five years.
- Months of inventory is up by half a month compared to the end of Q3 2017, totaling 5.7 months at
the end of this past quarter.
- The average days on market decrease to just 56 days compared to 83 days in Q1 2018
- A staggering $2.26B of residential real estate was sold during Q3 2018. That’s up 2.7%
year-over-year and 8.6% from Q3 2016 in the Greater Charlotte area.
- Months of inventory levels have been climbing all year and is up almost a full month from this time
last year, indicating that the market is returning to a more balanced state.
- Total sales has declined in both the single family and townhome/condo segments; 4.12% and 5.41% respectively.
Be sure to read the full 2018 Lake Norman/Greater Charlotte Q3 Market Report for more insight.
Have questions about this report, or our local market in general? Contact your Nest Broker today to find out how your home fits into the current market.