August 8, 2019
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – July housing data from Carolina Multiple Listing Services, Inc. (CarolinaMLS) showed home sales across the 16-county region were roughly unchanged compared to last year, dipping 1.3 percent when compared to housing activity in July 2018. Overall, year-to-date sales still remain positive and are up 1.3 percent in 2019 compared to sales during the first seven months of 2018.
July 2019’s closed sales compared to June 2019 were down 2.9 percent.
Pending sales counts continue to show the overall desirability of the Charlotte region with buyers, increasing 15.9 percent over July 2018 pending sales counts. Pending sales are homes with a signed purchase agreement that have yet to close, and they are generally a strong indicator of future sales. Pending sales compared to June 2019 fell slightly by 2.9 percent.
2019 Charlotte Regional Realtor® Association/CarolinaMLS President Brenda Hayden notes, “This past month, inventory was down in all price points and this no doubt will continue to impact sales. However, with motivated buyers in the market we continue to see increased showings, listings and sales activity in counties as far out as Gaston County to the west, Iredell County to the north and York and Lancaster counties to the south. This is a benefit to the communities that surround Charlotte and the region.”
Prices continued to increase year-over-year, with the median ($265,000) and average ($313,281) sales prices increasing 10.4 and 7.8 percent respectively. Compared to June 2019, prices softened a bit, with the median mostly flat (down 0.8 percent) and the average sale price down 3.1 percent. Sellers continue to show the strength of the market with the average list price rising 6.3 percent to $321,673, and the percent of original list price received measure was 97.1 percent.
New residential listings (5,583) decreased slightly year-over-year (0.6 percent) in July 2019 and were down 4.1 percent compared to June 2019. Inventory fell 15.3 percent compared to last July with 9,416 homes for sale at report time, leaving the region with 2.3 months of supply. A year ago, in July 2018, the region had 11,123 properties for sale, or 2.7 months of supply. Supply continues to be constrained, with single-family home supply down 16.2 percent and condo/townhome supply down 7.1 percent compared to July 2018. That amounts to 2.4 months of supply for single-family homes and 1.7 months of supply for condo/townhomes.
The average number of days a property was on the market from the time it was listed until it closed (list to close) increased by one day to 85 days in July 2019 compared to a year ago. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, rose year-over-year by three days to 38 days.
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 17,100 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: 8/8/2019