November 10, 2017

Contact: Kim Walker, 704-940-3149

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

CarolinaMLS year-over-year home sales in October increased 2.6 percent, with 3,664 properties sold compared to 3,572 properties sold in October 2016. Home sales were down 7.5 percent compared to September 2017.

The average sales price in October ($267,615) increased 4.2 percent compared to October 2016 ($256,812), while the median sales price ($223,000) increased 6.2 percent compared to October 2016 ($210,000). Prices compared to the month of September were down slightly, with average sales price down 1.5 percent and median sales price down 0.9 percent.

The average list price in October 2017 ($304,443) increased 4.7 percent compared to October 2016 ($290,653), bringing the percent of original list price received measure to 96.6 percent, a slight increase of 0.4 percent compared to the same period last year. Pending sales counts rose 15.4 percent and totaled 4,173 during October 2017, compared to 3,617 pending sales last October.

“Even though our region has been challenged by prolonged low inventory, buyer demand is still strong. Pending contract numbers continue to rise, and we’re seeing increased showings per listing across the Charlotte MSA,” said 2017 Association/CarolinaMLS President Roger Parham.

New residential listings (4,336) increased 3.1 percent in October 2017 compared to the same period last year. Inventory continued to fall, with the number of homes for sale down 18.9 percent compared to October 2016. This leaves the CarolinaMLS region with 2.4 months of supply of inventory, or 9,539 properties for sale at report time. A year ago in October 2016 the region had 11,760 properties for sale, or 3.2 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 89 days, which is 15 days less time on market than October 2016. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 40 days, which is 11 days less time on market than last October 2016.

October 2017 showings across the Charlotte Metropolitan Statistical Area (MSA) totaled 59,343, a decrease of 4.3 percent compared to total showings in the MSA in October 2016. For all properties, showings per listing are up 6.8 percent compared last October, with homes averaging six showings per listing in October 2017.

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 10,000 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 11,600 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: 11/10/2017