With interest rates remaining low, coupled with motivated buyers moving into the region, sales continue to be steady

September 11, 2019

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. –  With the summer selling season winding down, home sales across the Charlotte region were mostly unchanged in August, decreasing 2.9 percent with 4,735 homes sold, according to data from Canopy MLS (formerly CarolinaMLS).  Sales rose 2.3 percent compared to July 2019, and year-to-date sales are 1.6 percent higher than at the same point in 2018.

Pending sales counts, which gauge buyer demand, remained high and increased 18.5 percent compared to August 2018, but they were down 2.1 percent compared to the previous month (July 2019).

Strong seller’s market conditions continued in August as list prices rose 6.5 percent year-over-year to $329,260.  The average sales price rose 5.5 percent over last August to $310,691, while the median sales price, a better measure of prices over time, rose 5.2 percent to $257,850.  Compared to the previous month (July 2019), both indices decreased by 0.8 percent and 2.7 percent respectively.

2019 Charlotte Regional Realtor® Association/Canopy MLS President Brenda Hayden noted, “Interest rates continue to hover at near historic lows, which creates a favorable and stable lending environment. With motivated buyers moving to the region and seeing Charlotte as highly desirable, sales should continue to be steady as we head into the fourth quarter.”

There were 5,621 new residential listings in August 2019, which was a 1.4 percent decrease year-over-year but a 0.7 percent increase compared to July 2019. Inventory fell 17.5 percent compared to last August with 9,412 homes for sale at report time, leaving the region with 2.3 months of supply.   In August 2018, the region had 11,413 properties for sale, or 2.8 months of supply. 

Single family home supply continues to be challenged and was down 18.6 percent year-over-year with 8,363 total properties for sale, while condo-townhome supply is down 7.9 percent year-over-year with 1,049 properties for sale across the region.

With selling conditions remaining largely unchanged compared to July, homes continue to sell quickly. The average number of days a property was on the market from the time it was listed until it closed (list to close) was unchanged at 87 days, while days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses, was also unchanged compared to last year at 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 Canopy MLS. 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/Canopy MLS President Brenda Hayden, please contact Kim Walker.

The Charlotte Regional Realtor® Association is a trade association that provides its more than 11,500 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 Canopy MLS (formerly CarolinaMLS), which has more than 17,300 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: 9/11/2019