Lack of housing supply and growing population continue to impact home sales; Charlotte region has experienced 11 months of year-over-year sales declines
April 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 the 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 March decreased 6.0 percent, with 3,842 properties sold compared to 4,089 properties sold in March 2018. Compared to the previous month (February 2019), sales increased 35.6 percent.
The average sales price in March 2019 ($289,652) increased 3.3 percent compared to March 2018 ($280,350), while the median sales price ($244,203) increased 3.9 percent compared to March 2018 ($235,000). Compared to February 2019, the average and the median sales prices increased 3.9 percent and 5.2 percent respectively.
The average list price in March 2019 ($360,475) increased 6.0 percent compared to March 2018 ($340,035), and the percent of original list price received measure was 96.6 percent, a slight decrease of 0.6 percent compared to the same period last year. Pending sales in March 2019 (5,345) rose 13.8 percent compared to March 2018. Compared to the previous month (February 2019), pending sales increased 23.4 percent.
“In March, the market had nearly 600 fewer homes for sale when compared to inventory this time last year,” said 2019 Charlotte Regional Realtor®Association/CarolinaMLS President Brenda Hayden. “We know that close to 60 people move to the Charlotte area daily, and while the population continues to grow at rapid pace, the supply of homes is not keeping up with current demand and growth. However, the exceptionally strong month-over-month new listing activity should give buyers more options and perhaps lead to stronger sales numbers in April and May.”
New residential listings (5,775) decreased 3.9 percent in March 2019 compared to the same period last year. New listing counts compared to the previous month (4,545) increased 27.1 percent. Inventory declined, with the number of homes for sale down 6.3 percent compared to March 2018. This left the Charlotte Metro region with 8,868 properties for sale at report time, or 2.2 months of supply of inventory. A year ago in March 2018 the region had 9,466 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 100 days, one less day than March 2018. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 51 days, which is one day more than March 2018.
For more residential-housing market statistics, visit www.CarolinaHome.comand click on “Market Data.” For an interview with 2019 Association/CarolinaMLS President Brenda Hayden, please contact Kim Walker.
The Charlotte Regional Realtor®Association is a trade association that provides its more than 11,300 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 16,500 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: 4/10/2019