Home sales are up for the second month in a row for May amid still-low inventory levels, according to the monthly Charlotte Regional Realtor Association report.
Across the entire Carolina MLS region, home sales rose 5% to 4,026 properties sold compared to year-ago May figures and rose 11.4% from April 2016. Average sales prices across the entire CMLS region increased 3.2% to $257,866.
In the Lake Norman region, the average sales price was nearly unchanged from year-ago figures at $460,553. Year-over-year inventory levels for Lake Norman dropped 7.3% to 6.6 months of inventory but were actually up when compared to 6.1 months of inventory on the market in April 2016.
Already-low inventory across the CMLS region dropped from year-ago levels to 10,880, a 25% decrease, bringing inventory levels to 3 months for the entire CMLS region. In May 2015, inventory levels were at about 4.4 months, slightly closer to a balanced market.
Though the year-over-year inventory dropped, monthly inventory gained 3.5% in May from April’s level.
Six months of inventory represents a balanced market, where neither the buy or seller is at an advantage. Such low inventory levels puts the ball fully in the seller’s court.
As such, the average list price is up from year-ago levels to $321,223, an increase of 10.7%.
Mecklenburg Co. inventory is at just 2.1 months, a drop of more than 34% from May 2015 with only 3,308 properties on the market in May.
Not surprising, days on market and days from listing to close both dropped in the CMLS market areas as supply struggles to meet market demand.
Here is a quick overview of lake-area towns of interest.
- Davidson: Average sales price down 2.7% to $393,692; year-over-year inventory down 30.1%, 4.4 months
- Denver: Average sales price down 10% to $295,000; year-over-year inventory 18.5%, 5.1 months
- Huntersville: Average sales price up 7.1% to $296,197; year-over-year inventory unchanged at 2.6 months
- Mooresville: Average sales down 1.9% to $352,144; year-over-year inventory down 13.4%, 4.4 months
