September 11, 2018

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – The Charlotte Regional Realtor^® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Carolina Multiple Listing Services, Inc. (CarolinaMLS). The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

Charlotte Metro region year-over-year home sales in August decreased 6.0 percent, with 4,514 properties sold compared to 4,800 properties sold in August 2017. This marks the third straight month that annual year-over-year sales were down. Compared to the previous month (July 2018), August’s sales were up 1.5 percent. Year-to-date sales for 2018 are nearly unchanged (down 1.0 percent) compared to the first eight months of 2017.

The average sales price in August 2018 ($294,107) increased 8.8 percent compared to August 2017 ($270,274), while the median sales price ($243,500) increased 8.0 percent compared to August 2017 ($225,425).  Compared to the previous month (July 2018), the average and the median sales prices increased 1.2 percent and 1.5 percent respectively.

The average list price in August 2018 ($314,796) increased 7.8 percent compared to August 2017 ($292,100), bringing the percent of original list price received measure to 97.0 percent, which is down 0.2 percent compared to the same period last year. Pending sales in August 2018 (4,771) rose 7.4 percent compared to August 2017. Compared to the previous month (July 2018), pending sales decreased 3.6 percent.

2018 Charlotte Regional Realtor® Association/CarolinaMLS president Jason Gentry said, “With three months of year-over-year declines in closings during prime selling season, we can see the cooling effect limited inventory and waning affordability are having on the Charlotte market.  Yet with pending contracts up 10 percent in homes priced $200,000-$300,000, and with properties averaging seven showings per listing, buyer activity continues to be steady.

New residential listings (5,660) increased 1.5 percent in August 2018 compared to the same period last year.  Compared to the previous month (July 2018), new listing counts were up 1.5 percent as well. Inventory continued to fall, with the number of homes for sale down 14.3 percent compared to August 2017, which left the CarolinaMLS region with 10,052 properties for sale at report time, or 2.4 months of supply of inventory.  A year ago in August 2017 the region had 11,736 properties for sale, or 2.9 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 85 days, which is five fewer days than August 2017.  Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 38 days, which is five fewer days than August 2017.

About Carolina Multiple Listing Services, Inc. (CarolinaMLS):

The Carolina Multiple Listing Services, Inc. (CarolinaMLS) is a wholly-owned subsidiary corporation of the Charlotte Regional Realtor® Association. The Association provides more than 10,800 Realtors® with the resources and services they need to conduct ethical, professional, successful and profitable businesses.  The Association is dedicated to being the region’s primary resource for residential real estate information. The Association operates CarolinaMLS, which has more than 15,900 subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a multicounty service area, including Charlotte, the Piedmont and Mountains areas of North Carolina and South Carolina, and beyond.

The following counties are considered a part of the Charlotte Metro region core service area, although CarolinaMLS does include listings from other counties: Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanlyand Union counties in North Carolina; Chester, Chesterfield, Lancaster and York counties in South Carolina. 

The following counties are considered a part of the Asheville region core service area: Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties in North Carolina.

CarolinaMLS also serves as the wholesale MLS vendor for the Multiple Listing Service of Catawba Valley (MLSCV) and provides core services as well as training and support to its 600 subscribers; however, the MLSCV still serves as the primary MLS in the Hickory/Catawba County and Lenoir/Caldwell County areas of western North Carolina.

 For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.”  For an interview with 2018 Association/CarolinaMLS President Jason Gentry, please contact Kim Walker.

The Charlotte Regional Realtor^® Association is a trade association that provides its more than 10,800 Realtor^® members with the resources and services they need to conduct ethical, professional, successful and profitable businesses. The association is dedicated to being the region's primary resource for residential real estate information. The association operates the Carolina Multiple Listing Services, Inc. (CarolinaMLS), which has more than 15,900 Subscribers and is the private cooperative Realtors^® use for access to tens of thousands of residential listings in a multicounty service area, including Charlotte, the Piedmont and Mountains areas of North Carolina and South Carolina, and beyond.

Original Publish Date: 9/11/2018