The weather isn’t the only thing cooling off a bit in September, the Real Estate market also seems to be getting back to a more normal state in and around Charlotte. According to the Canopy MLS Statistical Analysis of the Charlotte Region, months inventory remained level at 0.9 months for the second consecutive month and has only wavered between 1 month and .9 months over the past four months.
The most important number that has continued to increase is the number of homes for sale. There has been a large increase since March 2021 when listings were down 6.5% from pre-pandemic levels. As of August 2021 listings were actually up 3.5% versus pre-pandemic levels, and up 10% from March 2021.
A number of other factors have also leveled off. The surge of buyers viewing each home as stabilized over the last three months at 14.5 per listing. The number of closed sales per month remains flat over the last three months as well.
New construction single-family options are popping up in the $400,000+ range. There also are some townhome opportunities in the $300,000+ range that are becoming available.
If you have delayed your home search until the market craziness has calmed down, this may be the correct time to start looking again. Please contact us today as we would love to help with your home search.
With the last days of summer on the horizon, experts are expecting an unusually busy fall market, as sellers continue putting more homes on the market, hoping to take advantage of record-high sales prices and strong buyer demand.
The National Association of REALTORS® reports the median existing home price was up 17.8% year-over-year, and new listings were up 7.3% in July compared to June, defying seasonality trends typically seen in the fall. In the Charlotte region, for the week ending August 21:
• New Listings increased 8.6% to 1,421 • Pending Sales increased 6.6% to 1,294
Below is your local market weekly update including all data from June 2021 from the Canopy MLS System.
Summer’s here and buyers continue to flood the market in search of their next home, with rock bottom inventory and record high sales prices reported throughout much of the country. Although closed sales were down nationally, overall demand for housing remains high, in part due to attractively low interest rates, offering buyers some relief and affordability in a fiercely competitive market. For the 12-month period spanning July 2020 through June 2021, Pending Sales in the Charlotte region were up 14.2 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 42.4 percent.
The overall Median Sales Price was up 13.2 percent to $300,000. The property type with the largest price gain was the Single-Family segment, where prices increased 13.8 percent to $312,000. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 17 days; the price range that tended to sell the slowest was the $100,000 and Below range at 37 days.
Market-wide, inventory levels were down 51.8 percent. The property type that lost the least inventory was the Condo-Townhome segment, where it decreased 42.4 percent. That amounts to 0.7 months supply for Single-Family homes and 0.8 months supply for Condos-Townhomes.
Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows.
Nationwide, inventory remains much lower than it was at the same time last year, and sales prices are surging as a result. While the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time in most market segments.
For the 12-month period spanning June 2020 through May 2021, Pending Sales in the Charlotte region were up 16.8 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 45.3 percent. The overall Median Sales Price was up 12.4 percent to $295,000. The property type with the largest price gain was the Single-Family segment, where prices increased 12.9 percent to $306,500.
The price range that tended to sell the quickest was the $150,001 to $200,000 range at 17 days; the price range that tended to sell the slowest was the $100,000 and Below range at 39 days.
Market-wide, inventory levels were down 62.0 percent. The property type that lost the least inventory was the Condo-Townhome segment, where it decreased 52.8 percent. That amounts to 0.6 months supply for Single-Family homes and 0.7 months supply for Condos-Townhomes.
This week's Charlotte Market Report from My Charlotte Real Estate Agents at Fathom Realty includes a special report for clients looking to purchase a home under $300,000, as well as weekly sales numbers from the Canopy MLS system.
With the Real Estate Market moving so quickly, I wanted to provide some context on what we are seeing especially under $300,000 in the Charlotte Area. This data below is from the CANOPY MLS system and includes all single-family home closings of resale properties in Charlotte, NC in the last 15 days under $300,000. During that time period, there were 128 homes that officially closed in the MLS.
Of the 128 homes that closed, 102 (80%) went under contract within the first seven days on market. Of those 102 homes that went under contract, 80 (78.4%) of the homes CLOSED over list price. The average home closed$11,100 (4.7%) over list. Additionally, five homes closed at list price, and 17 homes closed under list price.
Of the 128 homes on the market, 21 (16%) additional homes went under contract between eight and 30 days on market. Of those homes, seven (33%) closed above the list price, four closed at list, and 10 closed under list. The remaining five homes that sold between 31 and 62 days on market had one close at list, and the remaining four under list price.
What Does This Data Tell Us?
If a home goes under contract the first week on the market, there is an 80% chance it will go over list price. With the average sale closing 4.7% over listing, buyers need to be prepared to factor that into their offer in order to be competitive.
Even if a home does not go under contract during week one, there is still a 33% chance the home will sell over list price during the first month on the market.
Can I Still Buy a Home?
Absolutely. By knowing what is happening in the market, you are better prepared for what to expect. There are a number of things a homebuyer can do to strengthen their offer beyond just purchase price to help win in multiple offers. We would be happy to walk through those scenarios with you at your convenience.
In the Charlotte region, for the week ending March 20: • New Listings decreased 18.6% to 1,197 • Pending Sales increased 26.3% to 1,278 • Inventory decreased 64.1% to 3,100
The attached article from the National Association of Realtors®: Realtors Magazine goes into detail on what to expect in 2021 with new home sales. It details why inventory is low, and also provides detail on increasing house prices as well as details for cities across the nation.
Just under two hours away from Charlotte as well, Pinehurst is the North Carolina Golf Capital with over 40 courses in the area. The most famous of course is Pinehurst #2 but the area is filled with wonderful golf courses.
The Village of Pinehurst, which is not just about golf, is a treasure to visit for the whole family. You can sit on the wrap-around porch at the Famous Carolina Hotel, or have dinner in the historic Magnolia Inn in their fantastic Italian Restaurant the Villaggio Ristorante (my personal favorite).
This week's Charlotte Market Report from My Charlotte Real Estate Agents at Fathom Realty includes detail on the following:
Charlotte's Weekly Sales Update from the Week of February 20, 2021
FAQ: Essential Homebuyer Tips
Our Best of Charlotte Series featuring The Best Restaurant You May Not Know
For the week ending February 20, 2021:
From the CANOPY MLS: Freddie Mac reported this week the average 30-year fixed-rate mortgage interest rate rose to 2.81%, its highest point since mid-November, but still far lower than the 3.49% average from the same time last year. Interest rates may rise further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.”
In the Charlotte region, for the week ending February 20: • New Listings decreased 7.6% to 1,040 • Pending Sales increased 17.2% to 1,188 • Inventory decreased 59.9% to 3,280
For the month of January: • Median Sales Price increased 12.9% to $285,000 • List to Close decreased 16.0% to 84 • Percent of Original List Price Received increased 2.9% to 98.9% • Months Supply of Homes for Sale decreased 57.9% to 0.8
The Best Restaurant You May Not Know
Michael’s Pick: Tacos El Regio 8829 E W.T. Harris Blvd Charlotte, NC 28227 tacoselregionc.com
Authentic and fantastic tacos in Charlotte, NC. That is the entire pitch.
Currently the restaurant is not open Monday-Wednesday. They have dine-in and takeout available, and also are on the GrubHub app.
This is by far Michael's favorite restaurant in Charlotte. James Beard Award Nominee Paul Verica's farm-driven restaurant in Elizabeth is known for its mixture of crafted small plates and special entrees and a killer cocktail bar.
The atmosphere is warm, the menu changes constantly, and reservations are absolutely a necessity.
Alexander Michael's makes for the cutest pit-stop that I take almost all my out-of-town guests to. I am in Real Estate, and the little area of Fourth Ward has some of the prettiest homes in all of Charlotte. Guests love to see the history, and they love that in a city, there can be such a cute community tucked away in the middle. Alexander Michael's is cozy, warm, and the perfect stop for lunch or dinner while showcasing Charlotte.
We took turns going first when picking our best-of items, and Frank picked first here. But his answer was the ONLY right answer. With that said, my pick is a combo wing and chicken tender review.
Tavern on the Tracks serves great wings. They are a Buffalo bar, they should. But what they knock out of the park are their buffalo chicken tenders. They have a thick buffalo sauce that is perfect. The chicken is crispy but not all breading. The tenders are one of the best items served in any bar in Charlotte.
Frank’s Pick: The Wing King Cafe 200 N Dobys Bridge Road #164 Fort Mill, SC 29715 thewingkingcafe.com
This was the easiest answer for us. There is no better wing place around Charlotte than the Wing King Cafe.
Their traditional wings are perfect, but I love their grilled wings with buffalo sauce as well. One of the things that is the icing on the cake for me at Wing King is their blue cheese that they serve with the wings. It is that thick chunky kind that you need with spicy wings.
They have two locations, and they are both awesome. I prefer the location listed above because they have better parking.
Realtor.com named their top projected housing markets in 2021 this week. Charlotte Ranked #3 on their list behind only Sacramento and San Jose, CA. Realtor.com estimated Charlotte would see a 13.8% increase in sales year-over-year and 5.2% increase in price growth year-over-year. For the full article, click here.
For the week ending December 5:
New Listings increased 7.6% year-over-year to 929
Pending Sales increased 43.4% year-over-year to 975
Inventory decreased 49.8% year-over-year to 4,755
New Listings were up in the Charlotte region by 7.9 percent to 4,036. Pending Sales increased 26.4 percent to 4,509. Inventory shrank 52.4 percent to 4,554. Prices moved higher as Median Sales Price was up 13.7 percent to $290,000. Months Supply of Homes for Sale was down 54.5 percent to 1.0., indicating that demand increased relative to supply.
Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.
Le's Sandwiches has been a favorite of Michael's for years. This is his top stop for the best bahn mi in Charlotte.
His order is simple: A #6 grilled pork with double meat extra spicy. Oh, and he often orders two of them.
Located in the Asian Corner Mall, if you haven't been there before Le's can be tough to find. It is located inside the mall behind the International Supermarket. Watch out for the pot holes outside, the parking lot is one of the worst in Charlotte. It is totally worth it though for this amazing sandwich shop.
Frank's pick for the best sandwich in Charlotte is "The Bodega Cuban".
This isn't a traditional Cuban sandwich, it is a jalapeno pale ale braised pork shoulder with ham, white American cheese, pickled red onions, and chipotle honey mustard sauce on a pressed baguette. Unfortunately, this is NOT a regular item. The NoDa Bodega only serves it as a special mostly on Tuesdays each week.
Frank also highly recommends a bag of their Zapp's VooDoo chips with the sandwich as well.