June 8, 2017

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CarolinaMLS) data.

CarolinaMLS year-over-year home sales in May decreased slightly (0.3 percent), with 4,278 properties sold compared to 4,290 properties sold in May 2016. Home sales were up 18.1 percent compared to April 2017.

The average sales price ($274,957) increased 6.6 percent compared to the average sales price in May 2016 ($257,940). The median sales price ($226,500) increased 7.9 percent compared to the median sales price in May 2016 ($210,000).

The average list price in May 2017 ($328,259) increased 4.5 percent compared to May 2016 ($314,132), bringing the percent of original list price received measure to 97.3 percent, a slight increase of 0.5 percent compared to the same period last year. Pending sales counts rose 16.6 percent and totaled 5,218 during May 2017, compared to 4,477 pending sales last May.

2017 Association/CarolinaMLS President Roger Parham said, “Our market has been dealing with low inventory for the past two years, and typically in prolonged low inventory situations we expect sales to be slower. However, pending contract activity is still steady and positive, which tells us that buyers are definitely in the market and ready to purchase.”

New residential listings (5,941) increased 4.6 percent in May 2017 compared to the same period last year. Inventory continued to fall, with the number of homes for sale down 20.2 percent compared to May 2016, leaving the CarolinaMLS region with 2.5 months of supply of inventory, or 9,795 properties for sale at report time. A year ago in May 2016 the region had 12,268 properties for sale, or 3.4 months of 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 95 days, which is 11 days less time on market than May 2016. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 44 days, which is 10 days less time on market than last May.

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 9,500 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 11,200 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: 6/8/2017