July 11, 2019
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – According to data from Carolina Multiple Listing Services, Inc. (CarolinaMLS), sales of homes in June across the 16-county Charlotte region fell by 6.1 percent year-over-year during what is typically prime selling season. However, overall sales year-to-date are steady, and sales during the first six months of this year are actually up 0.8 percent compared to the first six months of 2018.
June’s closed sales compared to the previous month (May 2019) were down 2.0 percent, with 97 more homes sold during May 2019 than June 2019.
Pending sales counts, which are a forward-looking indicator and predictor of future sales, rose 16.3 percent compared to last June and show that buyer demand for homes across the region remains strong. Pending sales compared to the previous month (May 2019) fell 4.7 percent.
Prices, pressured by continual inventory challenges, rose throughout the region, with both the average sales price ($323,316) and the median sales price ($267,250) rising 7.1 percent and 7.3 percent respectively. Though prices continue to increase, month-over-month increases are starting to show trends toward moderation. Both the average and median sales prices rose 4.3 percent and 2.8 percent respectively when compared to prices in May 2019.
Strong sellers’ market conditions continued in June with the average list price increasing 6.3 percent year-over-year to $335,807; however, some softening may be occurring as list prices fell 2.2 percent compared to the previous month (May 2019). The percent of original list price received in June dipped slightly (0.6 percent) to 97.2 percent.
“The Charlotte market has had inventory challenges for about three years now. Typically in markets where inventory is challenged, sales tend to be slower. However, we’re pleased to see that overall sales activity for the first half of the year is on par with last year’s activity,” said 2019 Charlotte Regional Realtor® Association/CarolinaMLS president Brenda Hayden. “One month of sales declines doesn’t necessarily point to a trend, and with steady demand from buyers in the market we should continue to see a steady flow of sales.”
New residential listings (5,819) decreased 2.7 percent in June 2019 and contracted even more compared to May, down 11.7 percent. Inventory fell 14.0 percent compared to last June with 9,407 homes for sale at report time, leaving the region with about 2.3 months of supply. A year ago in June 2018 the region had 10,935 properties for sale, or 2.7 months of supply. Supply continues to be constrained (-15.6 percent) in the single family home market, especially in the $250,000 and below price points. However, supply in the condo/townhome market rose 1.3 percent over a year ago.
The average number of days a property was on the market from the time it was listed until it closed (list to close) rose from 87 days last year to 90 days in June. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 40 days, which is four days more than June 2018.
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.
For more residential-housing market statistics, visit www.CarolinaHome.com and 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 17,000 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.
Original Publish Date: 7/11/2019