2016 Market Predictions

Here we are at the start of a new year wondering what is ahead, but before we jump a quick review:

2015 was by and large a good year in real estate nationally and definitely in Charlotte. Increased employment, higher wages and low fuel prices prompted improved housing. For 2015 in the Charlotte Market

new listings were up 1.1%,                                                                                                         pending sales increased 15.1%,                                                                                                     closed sales were up 11.7% days on the market or list to close dropped from 125 days to 116 days,

average sales price increased 4.5%, and months of supply of homes on the was down 33% to 3 months.

Looking ahead in 2016, real estate industry economists are predicting                           home prices to continue to increase between 3.5 and 4.5%,                                              interest rates are expected to increase but remain historically low,                                      and first time homebuyers will likely continue to be older aging from a 2015 record of about 33 years and in concert rental prices will continue to grow to new records.

China will be a challenge for the stock market and  internationally, but low oil and gas prices will buoy local consumer markets!

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