The Helen Adams Realty Monthly Market Update. Housing Market Expected to Continue Steady for Remainder of the Year

Transcription

1 ON the MOVE The Helen Adams Realty Monthly Market Update November 2018 IN this ISSUE P2 P3 Vital Signs Why Buyers Should Continue Their House Hunt in the Fall P4 Ideas for Entertaining Out of Town Guests P5 Closing Stats Housing Market Expected to Continue Steady for Remainder of the Year Reprinted from October 2018 CRRA Monthly Indicators If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices. New Listings were up in the Charlotte region by 6.9 percent to 4,796. Pending Sales increased 5.0 percent to 4,091. Inventory shrank 8.7 percent to 10,055 units. for Sale was down 7.4 percent to 2.5 months, indicating that demand increased relative to supply. Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs. Prices moved higher as Median Sales Price was up 5.0 percent to $231,000. Months Supply of Homes BETH HAEMMERLEIN NC & SC REALTOR helenadamsrealty.com beth@helenadamsrealty.com

2 Market Updates The Vitals: A Look at Charlotte s Overall Real Estate Market Average days list to close increased 1.1 percent year over year, meaning homes are staying on the market longer than they were at this time last year. Monthly Average 30-Year Fixed-Rate Mortgage Rates as reported by New listings in the Charlotte area increased 6.9 percent proving that home owners are still confident in 4.33 putting their homes on the market. Closed sales continue to drop year over year, decreasing 9.8 percent from October As always, this is big picture data provided for the entire Carolina MLS area. Micro-markets from OCT. 17 NOV. 17 DEC. 17 JAN. 18 FEB. 18 MAR. 18 APR. 18 MAY. 18 JUN. 18 JUL. 18 AUG. 18 SEPT. 18 OCT. 18 neighborhood to neighborhood, and individual price ranges, may be seeing different results. Monthly Market Snapshot Homes on Market New Listings DOM List to Close Sold Listings Average Sales Price 10,055 4, ,617 $278, % +6.9% +1.1% -9.8% +6.0% Top data represents the most recent month s data for CMLS. Bottom data represents change in data since this time last year.

3 Why Buyers Should Continue Their House Hunt in the Fall In the real estate world, the spring and summer months are a frenzy with homes coming on the market, beautiful weather for open houses, and business booming. This doesn t mean, though, that when the fall season comes the real estate market should completely cool down. Now may be a better time than ever for buyers to go house hunting. REALTOR Magazine recently published a piece about the five reasons why clients should continue their house hunt in the fall. Since this is a nationally-focused article, it is always best to consult a real estate professional in your area for a more specific look. One benefit of looking at homes in the fall is the decreased focus on landscaping. In the warmer months, a home s lush landscaping might hide the foundation and other physical, exterior aspects that buyers need to concentrate on. A bare yard will also allow buyers to see the home s potential if they were to move in and re-landscape. Another bonus for buyers who are looking for a home during this time of year is that there is typically less pressure to act fast. In the spring and summer busy seasons, clients are often warned about multiple offer situations and potentially losing the home they desire because of increased traffic from other buyers. During the slower months, that pressure is less prominent. Less competition from other buyers can mean less stress during the home search process. In today s market, with low inventory and a large number of buyers, we are seeing multiple offer situations turn into high sales prices. During the fall, when there are less buyers in the market, is it possible to see a drop in home prices due to less competition. This means potential savings and less hassle. Buyers shouldn t be discouraged from their home search as the seasons continue to change. The slower market could help them in the long run with more available agents, less competition from other buyers, and a more realistic look at the home s outdoor spaces. If you are in the market for a new home but are unsure of where to start, call one of our real estate agents.

4 Ideas for Entertaining Out-of-Town Holiday Guests The cold weather is here & so are the holidays! This time of year can bring joyful memories, hefty plates of comfort food and guests staying for, sometimes, an extended period of time. Here are a few ideas for entertaining these out-of-town guests in a way that only Charlotte-area residents can throughout the holiday season. Carolina Panthers Games: Charlotte Hornets Games: Charlotte Checkers Games: Christmas At the Library at The Billy Graham Library: 11/29 12/22 Charlotte Ballet s Nutcracker at the Belk Theater: 12/7 12/23 Charlotte Christmas Village: 11/22 12/24 Gingerbread Lane at the Ballantyne Hotel: 12/6 12/26 Christmas Town, USA: McAdenville, NC: 11/30 12/26 Speedway Charlotte Motor Speedway: 11/18 12/31 Holidays at the Garden at Daniel Stowe Botanical Garden: 12/17 12/31 WinterFest at Carowinds: 11/18 12/ Holiday On Ice at the NASCAR Hall of Fame Plaza: 11/16 1/6

5 Closing Stats Residential Closings for the Entire CMLS Area October October ,000 4,500 4,000 3,500 3,000 $269,426 $271,567 $262,893 4,012 $256,377 $270,957 $256,736 $259,205 $258,108 $281,567 $270,112 3,485 3,407 3,076 $282,921 $279,726 3,866 $258,819 $243,383 $292,158 4,028 $299,690 4,538 $271,351 $302,177 $290,486 $294,107 $275,491 $290,067 4,7 24 4,447 4,514 $273,549 $281,533 $278,634 3,642 3,617 2,500 2,295 2,000 1,500 1, Oct. 17 Nov. 17 Dec. 17 Jan. 18 Feb. 18 Mar. 18 Apr. 18 May 18 Jun. 18 Jul. 18 Aug. 18 Sept. 18 Oct. 18 Number of Homes for Sale Select Cities, Oct 2017 vs Oct Concord Huntersville Indian Trail Matthews Mint Hill Monroe Waxhaw Fort Mill Indian Land Oct-17 Oct-18