January 10, 2019

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 December decreased 14.0 percent, with 3,176 properties sold compared to 3,692 properties sold in December 2017, marking eight months of year-over-year declines in sales. Compared to the previous month (November 2018), December’s sales were down 4.0 percent. Closed sales for all of 2018 totaled 47,745, a decrease of 2.7 percent when compared to the number of closed sales for all of 2017.

The average sales price in December 2018 ($282,894) increased 1.1 percent compared to December 2017 ($279,913), while the median sales price ($236,750) increased 1.6 percent compared to December 2017 ($233,000).  Compared to the previous month (November 2018), the average sales price is down 1.2 percent, while the median sales price increased 0.7 percent.   

For all of 2018, the average sales price for the region was $286,796, an increase of 6.4 percent when compared to the average sales price in 2017.  The median sales price for all of 2018 was $238,000, an increase of 5.8 percent when compared to 2017.

The average list price in December 2018 ($298,038) increased 4.9 percent compared to December 2017 ($283,999), bringing the percent of original list price received measure to 95.8 percent, which is down 0.5 percent compared to the same period last year. Pending sales in December 2018 (2,769) were flat (+0.0 percent) compared to December 2017. Compared to the previous month (November 2018), pending sales decreased 21.4 percent.  Pending sales activity for all of 2018 was essentially flat, down 1.9 percent compared to pending sales activity in 2017. 

2019 Charlotte Regional Realtor® Association/CarolinaMLS President Brenda Hayden said, “Even though the overall pace of sales in 2018 was slower than the previous year, we are pleased to end 2018 with sales activity nearly on the level of 2017. Looking ahead, we expect a more balanced market in Charlotte and Mecklenburg County, while the surrounding counties should continue to see increased sales because of more favorable pricing and supply. Realtors® will have to continue to help buyers and sellers, who are now conditioned by several years of rising prices and low inventory, get used to buying and selling in this new normal.”

New residential listings (2,601) decreased 4.4 percent in December 2018 compared to the same period last year.  For all of 2018, new listing activity remained essentially flat (down 0.3 percent) compared to new listing activity in 2017.

Inventory continued to fall, with the number of homes for sale down 5.9 percent compared to December 2017, which left the CarolinaMLS region with 8,718 properties for sale at report time, or 2.2 months of supply of inventory.  A year ago in December 2017 the region had 9,268 properties for sale, or 2.3 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 101 days, which is one day more than December 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 50 days, which is unchanged compared to last December.  Days on market until sale for all of 2018 averaged 42 days, which means that for all of 2018 homes spent five days less time on market than in 2017, when days on market averaged 47 days.

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

The Charlotte Regional Realtor® Association is a trade association with more than 11,300 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 16,200 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: 1/10/2019