November 12, 2019
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – As fall and cooler weather settled across the Charlotte region, October home sales continued to sizzle, rising 10.8 percent year-over-year, with 4,284 homes sold according to data from Canopy MLS. Sales compared to the previous month (September 2019) rose 2.9 percent, with 122 more homes sold in October than September.
Pending sales counts still showed the large push from buyers for homes within the region, rising 25.9 percent compared to a year ago. Compared to the previous month (September 2019), contracts were up 2.5 percent. Pending sales or pending contracts gauge buyer demand and are generally seen as a good predictor of future sales.
2019 Charlotte Regional Realtor® Association/Canopy MLS President Brenda Hayden noted, “Throughout the last year or so, buyers in our region have grown accustomed to this new normal of finding a home amidst ever-decreasing supply. Fortunately, low rates and the steady uptick in new residential listings over the last few months, though not enough to significantly impact inventory, have provided just enough activity to keep buyers interested in our high-growth region.”
Sellers across the region continued to flex their muscle, with the average list price rising 7.1 percent year-over-year to $330,490; compared to September 2019, list prices were up 0.9 percent. Both the average sales price ($305,890) and the median sales price ($253,000) rose as well, up 9.7 percent and 9.3 percent, respectively. The median sales price did soften a bit compared to October’s median, decreasing 2.5 percent. The original list price to sales price measure rose 0.3 percent to 96.5 percent, showing sellers in the region are getting even closer to asking price.
New residential listings rose for the second consecutive month, increasing 5.9 percent with 5,122 homes listed during the month of October. The measure also increased 4.8 percent when compared to the new listing activity in September 2019, as sellers continue to gain confidence across the region. Inventory will continue to pressure prices for the foreseeable future, falling 19.5 percent across the 16-county region, leaving the area with 9,094 homes for sale and 2.1 months of supply. A year ago the region had 11,291 homes for sale and 2.8 months of supply.
With selling conditions remaining largely unchanged compared to the prime selling months, 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 91 days, while days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses, decreased by two days to 40.
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 11,600 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, which has more than 17,400 Subscriber, and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a 25-county service area, including Charlotte, the mountains area of North Carolina and South Carolina, and beyond.
Original Publish Date: 11/12/2019