Company: CRRA

January 10, 2017

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CarolinaMLS) data. CarolinaMLS December 2016 sales finished the year up 4.5 percent over December 2015, with 3,482 properties sold compared to 3,332 properties sold in December 2015.  Closed sales for all of 2016 totaled 44,386, an increase of 8.4 percent over the number of closings in all of 2015 (40,934).

Both the median and average sales prices were up in December, marking five consecutive years of price gains for the CarolinaMLS region. The median sales price ($209,000) was up 10.0 percent over December 2015 ($189,950), and the average sales price ($258,108) was up 8.2 percent over December 2015 ($238,548).

The average sales price across the region for the entire year of 2016 was $257,701, up 6.5 percent from 2015’s average sales price.  The median sales price for all of 2016 was $207,000, up 7.5 percent for the region compared to all of 2015. 

The average list price in December 2016 ($285,747) increased 14.2 percent over December 2015 ($250,228), bringing the percent of original list price received measure for December 2016 to 95.8 percent, an increase of 0.7 percent when compared to the same period in 2015. For all of 2016 the original list price received measure was 96.2 percent, compared with 95 percent for all of 2015. Pending sales counts for the month of December totaled 2,792, an increase of 24.9 percent over the previous period when contracts totaled 2,236. Pending contracts for all of 2016 totaled 45,764, up 10.9 percent compared to all of 2015 (41,284).

2017 Association/CarolinaMLS President Roger Parham said, “Even though our region was challenged by low inventory for much of last year and continues to experience the hallmarks of a solid seller’s market, I’m reassured with year-to-date sales up 8 percent to end 2016 on an up note.  As we move forward into 2017 buyers may face limited choices, faster days on market and rising mortgage rates. However, positive job growth over the last year and a healthy local economy continue to boost consumer spending and housing demand, which should help sales remain steady throughout 2017.”

New residential listings in the month of December totaled 2,544, an increase of 4.8 percent over December 2015 (2,427).  New listings for all of 2016 totaled 55,390, an increase of 3.4 percent over 2015 new listings (53,577).  Inventory declined 25.7 percent compared to December 2015, leaving the CarolinaMLS region with a 2.3 months supply of homes for sale at report time. In December 2015 the region had 3.4 months supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 109 days, which is a decrease of 10 days compared to December 2015.  Days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 54 days in December 2016 compared to 63 days in December 2015.

Foreclosures and short sales have returned to pre-recession levels, with the share of closed sales that were lender-mediated down 27.1 percent and accounting for 2.9 percent of closed sales for all of 2016.

Demand for homes remained high throughout the year as illustrated by the total number of showings in the CarolinaMLS market, which was up 7 percent over all of 2015.

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.”  For an interview with 2017 Association/CarolinaMLS President Roger Parham, please contact Kim Walker.

The Charlotte Regional Realtor® Association is a trade association that provides its more than 9,000 Realtor® members with the resources and services they need to conduct ethical, professional, successful and profitable businesses. The association is dedicated to being the region's primary resource for residential real estate information. The association operates the Carolina Multiple Listing Services, Inc. (CarolinaMLS), which has more than 10,600 Subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a multicounty service area, including Charlotte, the Piedmont area of North Carolina and South Carolina, and beyond.

Original Publish Date: 1/10/2017