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Charlotte housing market finishes strong in 2017; sales and contracts activity increased compared to 2016

CarolinaMLS finished the year with December 2017 sales down 8.4 percent compared to December 2016, with 3,407 properties sold compared to 3,720 properties sold in December 2016. Closed sales for all of 2017 totaled 47,353, an increase of 5.9 percent over the number of closings in all of 2016 (44,734).

Both the median and average sales prices rose in December, marking six consecutive years of price gains for the CarolinaMLS region. The median sales price ($235,000) was up 11.9 percent over December 2016 ($210,000), and the average sales price ($281,567) was up 8.4 percent over December 2016 ($259,648).

The average sales price across the region for all of 2017 was $272,900, up 5.8 percent from 2016’s average sales price of $257,884. The median sales price for all of 2017 was $226,000, up 9.2 percent for the region compared to 2016’s median sales price of $207,000.

The average list price in December 2017 ($291,401) increased 3.8 percent over December 2016 ($280,750), bringing the percent of original list price received measure for December 2017 to 96.3 percent, an increase of 0.5 percent when compared to the same period in 2016. For all of 2017 the original list price received measure was 96.9 percent, compared with 96.2 percent for all of 2016. Pending sales counts for the month of December totaled 2,936, an increase of 17.3 percent over the previous period when pending contracts totaled 2,503. Pending sales for all of 2017 totaled 48,100, up 6.3 percent compared to all of 2016 (45,263).

2018 Association/CarolinaMLS President Jason Gentry said, “Even though sales declined in December, it’s reassuring to see overall sales and contracts for the year outpace 2016 sales, especially given the inventory shortages we faced in 2017 and expect to continue into 2018. Looking ahead buyers will continue to face the same headwinds of limited inventory for homes priced below $300,000, as well as price increases, faster days on market and the possibility of rising mortgage rates. However, positive job growth over the last year and a healthy local economy continue to boost consumer spending and housing demand from young professionals, which should help sales remain steady throughout 2018.”

New residential listings in December 2017 totaled 2,633, an increase of 1.7 percent over December 2016 (2,588). New listings for all of 2017 totaled 58,378, an increase of 5.0 percent over 2016 new listings (55,589). Inventory in December 2017 declined 19.4 percent compared to December 2016, leaving the CarolinaMLS region with 2.0 months of supply of homes for sale at report time. In December 2016 the region had 2.6 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 99 days, which is a decrease of 12 days compared to December 2016. Days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 47 days in December 2017 compared to 54 days in December 2016. For all of 2017, properties across the region averaged 45 days on market.

December 2017 showings across the Charlotte MSA totaled 41,341, a decrease of 3.6 percent compared to total showings last December. Showings per listing are up 9.4 percent compared to last December, with homes averaging six showings per listing in December 2017.

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