February 28, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — The market update for January reveals a year-over-year decrease of 2.6 percent in closed sales, ending the month with 228 transactions compared to 234 in the same month last year. Additionally, the region saw a 17.1 percent drop from December 2023, accounting for 47 fewer closed sales. The sales data in this report is sourced from Canopy MLS and encompasses single-family homes, condos, and townhomes sold in Alexander, Burke, Caldwell, and Catawba Counties.

January 2024 witnessed a modest 2.9 percent uptick in new listings from the year before, with 315 properties hitting the market. This was the first January to report more than 300-plus new listings since January 2020. This month also marked the fourth consecutive year-over-year increase in new listings. Despite this annual growth in the four-county region, only Catawba County saw an increase over January 2023. When compared to the previous month of December, there was an 18.9 percent increase in new listings resulting in 50 more units.

The median sales price of $255,000 was a 3.5 percent decrease compared to January 2023. Additionally, there was a modest month-over-month decrease of 1.7 percent from December's median sales price of $259,500. The average sales price in the Catawba Region stood at $300,982, which is nearly on par, (+0.3%) with the previous year. Sellers continued to receive amounts close to their asking prices, with the ratio of the original list price to the sales price at 94.2 percent, the lowest percent seen over the past 12 months. Throughout 2023, sellers generally secured 96.3 percent of their asking price.

"While January's sales in the Catawba Valley Region were lower than last year, there was an encouraging rise in new listings and pending sales, signaling a promising spring market ahead. Both buyers and sellers are eager to participate in the market, motivated by the increasing monthly inventory and the easing of interest rates. The 2024 market is poised to be competitive, necessitating prompt action from buyers." said Karleta Smith, a Realtor®/broker with Keller Williams Denver and 2024 president of Catawba Valley Association of Realtors®. 

January saw a 4.8 percent surge in buyer demand from the previous year, with 329 properties entering into contract, marking the fourth consecutive annual increase. There was also a significant 31.6 percent jump in contracts from December, translating to 79 additional units. While contract activity rose throughout the region, Burke County saw a modest 8.7 percent downturn in comparison to January of the prior year.

According to the January Showings report the foot traffic for the Catawba Valley Region averaged 4.0 showings per listing. Catawba County had the highest buyer interest of the four counties with 4.6 showings per listing. Hickory and Newton remained at the top of buyers lists, with 4.8 and 4.5 showings per listing respectively.

Smith continued, “Alongside the increase in inventory, the region's median sales prices have shown signs of relief for the second consecutive month. After years of escalating prices, softening of prices, coupled with lower interest rates, is a crucial factor for buyers looking to secure a home.”

Days on market rose from 37 to 43 days in January 2024 when compared to the previous year. January also tacked on 10 additional days until sale when compared to December’s 33 days on market. In the four-county region, condos averaged 46 days, single-family homes averaged 32 days and selling the fastest was townhomes at 22 days on market until sale.

The month concluded with 653 properties available, marking a 22.5 percent rise from the same period the previous year, which had 533 properties on the market. This uptick represents the fifth consecutive year-over-year increase. Despite this growth, there was a slight decrease in inventory levels compared to December, which featured 739 units. It's also noteworthy that new construction accounted for 31 percent, or 203 homes, of January's market listings, with the majority being single-family homes located in Catawba County.

In January 2024, the months of supply experienced a 25 percent increase compared to the previous year, culminating in a total of 2.0 months. Examining different property types, Single-Family homes also reported a 2.0-month supply, Townhomes had a supply of 1.2 months, and Condos showed a higher supply of 2.8 months.
 

A closer look at sales across the four counties:

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Alexander County home sales in January experienced a 38.5 percent increase from the previous year, with 18 homes sold compared to 13 sold in January of the prior year. Pending contract activity slightly increased with 20 homes under contract verses 19 homes under contract a year ago.  New listing activity decreased this month by 40 percent year-over-year as sellers brought 12 homes to market. Inventory dropped to 32 units compared to 35 the previous year. This equates to 1.5 months of supply which is up from 1.4 months of supply this time last year.

The median sales price of $240,500 was down 7.5 percent year-over-year while the average sales price of $296,794 increased by 6.4 percent compared to last year. Additionally, the average list price substantially increased by 24.8 percent to $330,975 bringing the original list price to sales price measure up slightly to 94.3 percent. Days on market declined slightly by 8.6 percent, as homes averaged 53 days on market until sale.

Burke County experienced decreases in most metrics except inventory, closed sales, and the median sales price. There was a 14.4 percent increase in inventory levels, with 127 properties available, equivalent to a two-month supply. Home sales saw a 6.7 percent rise to 48 units sold in January 2024. The median sales price saw a marginal increase of 0.4 percent from the previous year to $255,000. Conversely, the average sales price fell by 11.5 percent to $277,978, and the average list price also declined by 2.0 percent year-over-year to $321,534. The ratio of the original list price to the sales price experienced a slight decrease of 0.3 percent to 94.9 percent in January, down from 95.2 percent the year before.

Pending contract activity decreased 8.7 percent with 63 homes under contract during the month compared to 69 during the same period last year. New listings dropped 10.0 percent as sellers brought 63 homes to market compared to 70 in January 2023. Days on market decreased 16.3 percent to 36 days in January compared to 43 days this time last year. 

Caldwell County saw decreases in new listings and percent of list price received this month while experiencing increases in all other areas. Pending sales rose 18.2 percent year-over-year with 65 homes in contract compared to 55 in January 2023. Closed sales rose 14.3 percent year-over-year as 48 homes sold during the month compared to 42 in January 2023.

New listing activity declined 11.1 percent with 56 properties listed, versus 63 in 2023. Inventory rose 21.4 percent to 119 homes for sale at report time or 1.9 months of supply. The median sales price increased 9.7 percent year-over-year to $236,500, the average sales price rose 17.2 percent to $303,119, while the average list price increased substantially by 34.2 percent to $346,429. This brought the original list price to sales price measure down from 96.8 percent to 95.1 percent while days on market until sale showed homes averaged 42 days on market versus 35 days on market in January 2023.

Catawba County closed sales decreased 14.9 percent in January 2024 as 114 homes sold compared to 134 that sold in January 2023, conversely pending contract activity increased 5.8 percent to 181 homes under contract during the month. New listings saw a 20.3 percent year-over-year climb to 184 homes listed compared to 153 that were newly listed in January 2023.

Inventory rose 29.8 percent with 375 homes for sale at report time or 2.2 months of supply. The median sales decreased this month by 4.3 percent to $267,000 while the average sales price held steady at $310,429. The average list price increased 11.9 percent to $387,983. This brought the original list price to sales price measure down to 93.4 percent compared to 95.6 percent in January 2023. Days on market rose 39.4 percent to 46 days in January 2024 versus 33 days on market in January 2023.

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with 2024 president of Catawba Valley Association of Realtors® Karleta Smith, Realtor®/Broker at Keller Williams Denver, please contact Kim Walker.

Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, Asheville and Catawba Valley regions spanning across North Carolina, South Carolina and outside of the Carolinas. Canopy MLS, which has 21,000 subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more. Canopy MLS is used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.

Original Publish Date: 2/28/2024