Charlotte Market Update- End of June 2016

Charlotte’s real estate market continues to improve. Year to date numbers and June 2016 vs 2015 results are showing dramatic improvement:
New listings are up 2.4% year to date and 7.7% year to year
Pending sales are up 11.6% year to date and 19.3% year to year
Closed sales (+4.9%), median sales price (+5.2%), and average sales price (+5.1%) are all up year to date . While days list to close (113 OR -6.6%), percent list to close 96.1%, inventory (-23.3%) and months supply of inventory 3.0 (-31.8%), all shrink. Whats all this telling us? Supply is not keeping up with demand which is escalating pricing, and lop siding the local market to the Sellers side. Add to present conditions, Charlotte’s population growth, and it’s hard to see things changing in the next couple of years.
Still noticeably absent are first time buyers, sidelined by expensive student debt and lending uncertainty post 2008. The home ownership rate for households under 35 is at its lowest percentage in 30 years at 34%, while home ownership for households headed by those over 65 has remained steady at 80%.
(Data was made available from Charlotte Regional Realtor Association for the entire Carolina MLS Area)