It’s the beginning of March so we have two months of 2023 real estate under our belts and have firmly entered the spring market. So what does that mean? It’s the perfect time for a progress report, of course!
If you read Genevieve’s Market Forecast in January (read it here), you know she anticipated several key market conditions this year:
- Stabilizing market compared to the last few years
- Insufficient housing supply to meet demand
- Interest rates and inflation impacting affordability
- Charlotte’s housing market will be stronger than most
And, when we dive into the numbers for January and February, that is exactly what we are seeing so far in 2023…
We have seen historically low levels of new listings hitting the market over the last several years. So far in 2023, we are seeing even fewer properties hitting the market every week compared to this same time last year.
Pending sales, otherwise known as under contract properties, are down only slightly compared to this time last year. This shows the strength of Charlotte’s market compared to many other metros. With over 100 people moving to Charlotte every day, the demand for housing is high, but you can see the market stabilization compared to the last two years.
Inventory of Homes for Sale
While we are absolutely seeing multiple offers and a high level of buyer interest for many homes, others are seeing more days on market. While fewer new listings are hitting the market compared to this time last year, there is more inventory available due to these added days on market. With home prices, inflation, and interest rates in the minds of buyers, it is critical for sellers to properly prepare and price their home when listing.
As always, our team is here to help you make sense of the housing market, answer any questions you have, or give guidance on any of your real estate needs. We are honored to be your trusted real estate advisors. Please don’t hesitate to reach out anytime.