November 10, 2016

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 home sales in October continue to hold steady, rising 3.4 percent over October 2015 sales with 3,418 properties sold compared to 3,305 properties sold in October 2015.  Sales were down 11 percent compared to September 2016.

The average sales price ($256,736) increased 7.6 percent compared to the average sales price in October 2015 ($238,518).  The median sales price ($209,690) increased 12.7 percent compared to the median sales price in October 2015 ($186,000).

The average list price in October 2016 ($295,558) increased 9.7 percent compared to October 2015 ($269,359), bringing the percent of original list price received measure to 96.2 percent, an increase of 1.6 percent compared to the same period last year. Pending sales counts rose 26.4 percent and totaled 3,984 during the month of October 2016, which compares to 3,152 pending sales last October.

2016 Association/CarolinaMLS President Maren Brisson-Kuester said, “The region continues to struggle with persistently low housing supply, which is having a direct effect on prices. Unfortunately, until we’re able to see a substantial rise in inventory levels, buyers may be challenged with limited options as we close out the year and move into 2017.”

New residential listings (4,150) increased 2.7 percent in October 2016 compared to the same period last year.  Inventory continued to fall, with the number of homes for sale down 23.1 percent compared to October 2015, leaving the CarolinaMLS region with a 2.8-month supply of inventory, or 10,570 properties for sale at report time. Supply this time last year was higher, with 13,742 properties for sale, or 4.0-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 104 days, which is 9 days less time on market than October 2015.  Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 51 days, which is 10 days less time on market than last October.

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.”  For an interview with 2016 Association/CarolinaMLS President Maren Brisson-Kuester, 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 10,300 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: 11/10/2016