A Quarterly Report on Housing Activity and Price Levels in the Piedmont Area
Entire Carolina MLS
How long can the residential real estate market go on like this? We are about two years into a national trend of dropping housing supply and increasing median sales prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.
New Listings were up in the Charlotte region 5.9 percent to 5,427. Pending Sales increased 16.1 percent to 4,724. Inventory shrank 19.8 percent to 10,174 units.
Prices moved higher as Median Sales Price was up 9.8 percent to $236,000. Months Supply of Homes for Sale was down 25.7 percent to 2.6 months, indicating that demand increased relative to supply.
Although the unemployment rate remains unchanged at its favorable national 4.4 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.
2017 2nd Quarter Count Overview
2017 2nd Quarter York Count, SC
Area Median Sales Price
Historical Median Sales Price