HOME SALES PICK UP, BUT INVENTORY STILL LOW. Now is a great time to get the selling ball rolling........

While sales numbers in year-over-year numbers only rose by 0.5% for February, there was a 3.2% increase last month in home sales as compared with January 2017, according to the monthly report from the Charlotte Regional Realtor Association. With so little available on the market, home sales activity tends to be rather slow. Even still, there was a slight increase in the number of home sales in February as compared with 2016. Inventory throughout the Charlotte region has been at historic lows, and it doesn’t seem to be increasing, at least at a pace to keep up with demand.

Even though sales overall have been slow, there are a large number of pending contracts, which means there are many future sales on the horizon and more potential sellers are listing their homes. The 15% increase in listing activity this month as compared with January is a strong indicator that sellers are gaining confidence in listing their homes.  Furthermore, pending sales are up 18.4% as compared with February 2016.
There has also been an increase in the average sales price of homes when comparing year-over-year numbers, which revealed a 5.9% jump and currently reflects an average sales price of $243,383. Unfortunately, though, mortgage rates have also been on the rise, and they reached new heights last week for the 2017 year.

For more details on the February real estate market stats for the Charlotte region, be sure to take a looks at the full article at CharlotteObserver.com.

---