Charlotte NC Housing Monthly Review – May 2017
Lake Norman, North Carolina Real Estate for Sale
- KEY HIGHLIGHTS. The Charlotte, North Carolina housing market continued many of the positive trends exhibited recently although affordability continues to be the most substantial headwind forming. Another headwind potentially is higher interest rates as well if the Federal Reserve continues to hike rates.
- CUMMULATIVE DAYS ON MARKET. This figure now stands at 52 down from 63 a year ago, down 7 from April’s 56 and near record lows dating back to 2004. The decline continues a trend that began since 2011.
- AVERAGE SALES PRICE. This figure FELL slightly from near record levels at $274,957 in May vs April’s $275,49, but still up 6.6% year over year. The 12 month average stood at 8.6%.
- CLOSED SALES. This figure fell 0.3% year over year while year to date rose 7.0%.
- PENDING SALES. This figure rose 16.6% year over year while year to date rose 8.1%.
- MONTHS OF SUPPLY OF HOMES. This figure held steady from the prior month at 2.5 days, but fell year over year by 26.5% from 3.4. The figure remains near record lows for data since 2005.
- COMMENTARY. The recent drop in 30 year mortgage rates (according to Freddie Mac) to seven months lows remain the most significant positive development in the near-term. In addition, with the Commerce Department reporting wages rising 0.7% (above expectations) that too needs to be closely watch given the affordability issues that may thwart any further price appreciation. Over longer-term future Federal Reserve rate hikes and potential tax cuts by the Administration remain key factors in sustaining the health of the housing market.
Data Source: Charlotte REALTOR Association…for Charlotte NC Housing.
Charlotte NC Housing Real Estate Market is a huge area with may “sub-locations” to choose from while still being in the Charlotte / Mecklenburg County area. If you are interested in information pertaining to these areas, or would love information on Lake Norman Real Estate for Sale such as Huntersville, NC Real Estate, please Contact Us! … The Martin Real Estate Team of Lake Norman
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