November 12, 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 October decreased 9.8 percent, with 3,617 properties sold compared to 4,012 properties sold in October 2017. This marks six months of decline in annual year-over-year sales. Compared to the previous month (September 2018), October’s sales were down 0.7 percent. Year-to-date sales for the period January through October 2018 are down 2.1 percent compared to the same period in 2017.
The average sales price in October 2018 ($278,634) increased 6.0 percent compared to October 2017 ($262,893), while the median sales price ($231,000) increased 5.0 percent compared to October 2017 ($220,000). Compared to the previous month (September 2018), the average and the median sales prices decreased 1.0 percent and 1.7 percent respectively.
The average list price in October 2018 ($313,655) increased 5.6 percent compared to October 2017 ($296,928), bringing the percent of original list price received measure to 96.2 percent, which is down 0.5 percent compared to the same period last year. Pending sales in October 2018 (4,091) increased 5 percent compared to October 2017. Compared to the previous month (September 2018), pending sales increased 11.8 percent.
2018 Charlotte Regional Realtor® Association/CarolinaMLS President Jason Gentry said, “It’s typical to see sales decline in areas that have experienced prolonged inventory shortages. Although the Charlotte region has experienced six months of decline in year-over-year sales, we are optimistic that sales in the market will continue at a steady pace based on positive pending sales and new listing activity.”
New residential listings (4,796) increased 6.9 percent in October 2018 compared to the same period last year. Compared to the previous month (September 2018), new listing counts rose 10.7 percent. Inventory continued to fall, with the number of homes for sale down 8.7 percent compared to October 2017, which left the CarolinaMLS region with 10,055 properties for sale at report time, or 2.5 months of supply of inventory. A year ago in September 2017 the region had 11,009 properties for sale, or 2.7 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 91 days, which is one day more than October 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 41 days, or one more day than October 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 16,000 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.