October 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 September decreased 15.3 percent, with 3,642 properties sold compared to 4,302 properties sold in September 2017. This marks five straight months of decline in annual year-over-year sales. Compared to the previous month (August 2018), September’s sales were down 19.3 percent. Year-to-date sales for the first nine months of 2018 are down 1.8 percent compared to the first nine months of 2017.
The average sales price in September 2018 ($281,533) increased 5.2 percent compared to September 2017 ($267,496), while the median sales price ($235,000) increased 5.1 percent compared to September 2017 ($223,638). Compared to the previous month (August 2018), the average and the median sales prices decreased 4.3 percent and 3.5 percent respectively.
The average list price in September 2018 ($320,242) increased 3.7 percent compared to September 2017 ($308,848), bringing the percent of original list price received measure to 96.7 percent, which is down 0.1 percent compared to the same period last year. Pending sales in September 2018 (3,659) declined 6.6 percent compared to September 2017. Compared to the previous month (August 2018), pending sales decreased 23.3 percent.
2018 Charlotte Regional Realtor® Association/CarolinaMLS President Jason Gentry said, “Without a doubt, sales in September were affected by Hurricane Florence, as local Realtors® and community volunteers mobilized to assist homeowners who were reeling from flood and wind damage. The impact of the storm, just off the heels of weakened summer sales, helped to depress sales locally.”
Gentry adds “To assist with recovery efforts, the Carolina Multiple Listing Services, Inc. donated $100,000 to the National Association of Realtors® “Realtors® Relief Fund,” the Southern Piedmont Chapter of the American Red Cross, and other local organizations serving counites that were the hardest hit in our service area including Anson, Stanly and Union. Additionally, the Charlotte Regional Realtor® Association contributed $5,000 directly to organizations assisting with relief efforts in those counties.
New residential listings (4,333) decreased 10.5 percent in September 2018 compared to the same period last year. Compared to the previous month (August 2018), new listing counts were down 23.4 percent. Inventory continued to fall, with the number of homes for sale down 11.7 percent compared to September 2017, which left the CarolinaMLS region with 10,210 properties for sale at report time, or 2.5 months of supply of inventory. A year ago in September 2017 the region had 11,561 properties for sale, or 2.8 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 87 days, which is four days fewer than September 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 36 days, which is five fewer days than September 2017.
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 with more than 11,000 Realtor® members. 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 16,100 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: 10/11/2018