August 11, 2020
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – After three consecutive months of year-over-year sales declines, the Charlotte region’s home sales rebounded in July. Closed sales compared to the previous year rose 11.4 percent with 5,469 properties sold across the 16-county region. Sales compared to June 2020 increased 10.8 percent as buyers purchased homes at near-record pace.
The region’s pending sales continued to show strong gains and rose 23.7 percent year-over-year as buyers added 5,895 contracts to the pipeline, even as the pandemic continues to impact the overall economy. Pending sales compared to June 2020 faltered a bit and were down 4.5 percent.
New listing activity in July 2020 was also positive year-over-year for the first time since March 2020, rising 4.1 percent compared to July 2019. Sellers added 5,868 new listings to the market, a solid sign of increasing seller confidence.
2020 Canopy Realtor® Association/Canopy MLS President John Kindbom said, “Our recovery looks strong at the moment, with sales and new listings showing major improvement this past month. We know based on pending sales activity that area buyers are eager to purchase. And certainly, the rise in new listings shows sellers have adjusted even in these uncertain times. As long as employment remains stable and mortgage rates stay at historic lows, this activity looks to be sustainable.”
Impacted by falling inventory, prices across the region continued to rise in July. The average list price ($367,414) rose 15.9 percent compared to last year and increased 0.2 percent compared to June 2020. The median sales price ($285,000) and the average sales price ($344,991) rose 7.5 percent and 10.6 percent, respectively. The original list price to sales price ratio was at 98.1 percent, showing sellers getting almost all of their asking prices.
Kindbom added, “Inventory challenges were already an issue even before the pandemic and they continue to persist. This means home prices in our market will likely continue to rise due to increased competition among buyers in a tight market.”
Inventory remains critically low and declined 47.5 percent in July with just 5,580 homes for sale, or 1.3 months of supply at report time. This time last year the 16-county market had 10,629 active listings for sale and almost three months of supply.
Homes continue to sell briskly as days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses, averaged 36 days in July 2020 compared to 38 days in July 2019. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 89 days.
The Canopy 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.
Alexander County sales and new listing activity recovered in July 2020. Closed sales increased 8.7 percent year-over-year with 25 homes sold compared to 23 sold in July 2019. Pending sales more than doubled last year’s activity, increasing 117.6 percent with 37 contracts written in July compared to 17 in July 2020. New listing activity also showed signs of recovery as sellers brought 39 properties to market in July versus 17 last year, a year-over-year increase of 30.0 percent. Prices were steady year-over-year, with the average sales price ($189,548) and the median sales price ($172,900) rising 2.2 percent and 2.9 percent, respectively. With inventory declining 50.0 percent and supply trending at 1.8 months, price increases could be on the horizon. Homes sold quickly during the month, with days on market until sale trending at 17 days versus 55 days in July 2019. Canopy MLS data.
Anson County, just east of Union County, N.C., posted nine sales during the month of July compared to 11 sales completed in July 2019, representing an 18.2 percent year-over-year decline in sales. Pending contract activity was also down, falling 16.7 percent year-over-year with 10 contracts written this past month compared to 12 written in July 2019. New listing activity contracted deeply and was down 47.1 percent year-over-year as sellers brought nine properties to market this past month compared to the 17 that were listed during July 2019. The average sales price ($106,411) rose 2.0 percent year-over-year, while the median sales price ($119,900) increased 53.7 percent year-over-year. Inventory declined 58.3 percent year-over-year with only 25 homes for sale and months of supply at 2.2 at report time. Days on market until sale averaged 95 days in July. Canopy MLS data.
Cabarrus County home sales increased year-over-year in July by 6.5 percent with 443 homes sold compared to 416 homes sold in July 2019. Pending sales activity increased 13.5 percent year-over-year with 428 properties going under contract versus 377 under contract last year. New listings were down 15.3 percent year-over-year with 398 homes listed compared to 470 new listings added to the market in July 2019. Inventory fell 56.6 percent year-over-year, which continued to impact prices. Both the median sales price ($276,000) and the average sales price ($294,690) rose 10.4 percent and 10.0 percent, respectively, over prices this time last year. There is less than a month of supply of homes for sale in Cabarrus County, with current months of supply trending at 0.9 months of supply. Going forward, extremely low inventory will continue to affect both price and overall sales dollar volume while simultaneously creating a very competitive and tight market for buyers. Homes sales were brisk in July with days on market averaging 30 days compared to 31 days last year. Canopy MLS data.
Catawba County home sales in July rose 20.6 percent year-over-year with 217 homes sold compared to 180 homes sold in July 2019. Pending contracts increased 34.0 percent year-over-year as buyers brought 252 properties under contract in July 2020 versus 188 in July 2019. New listings recovered year-over-year and increased 3.0 percent, with sellers listing 241 properties for sale compared to 234 new listings last July. With inventory falling 51.0 percent to 253 active listings, both the median sales price ($210,000) and the average sales price ($264,007) rose year-over-year by 16.2 percent and 13.4 percent, respectively. The average list price jumped 18.1 percent year-over-year to $319,037 in July 2020. Catawba has 1.5 months of supply of homes for sale in July and days on market is averaging 45 days. Canopy MLS data.
Cleveland County’s market recovered in June and continued to show strength in July 2020. Home sales rose 47.2 percent year-over-year with 78 homes sold in July compared to 53 properties sold in July 2019. Pending sales increased 182.5 percent year-over-year with 113 properties going under contract last month, which shows buyer interest continuing to increase significantly. New listing activity showed sellers getting comfortable with the new normal, as year-over-year activity rose for a second month and was up 67.3 percent with 92 properties listed for sale versus 55 listed by sellers in July 2019. Prices continue to be pressured by low inventory, and the median sales price ($163,000) and the average sales price ($195,830) rose year-over-year by 10.1 percent and 14.0 percent, respectively. The average list price, which is up 7.3 percent compared to last year, was $203,177. Inventory was down 43.8 percent year-over-year with just 81 homes for sale or 1.3 months of supply. Home sales were brisk during the month with days on market averaging 36 days in July 2020. Canopy MLS data.
Gaston County’s market recovered in July 2020 with closed sales rising 12.2 percent year-over-year as 368 homes were sold compared to 328 sold last year. Pending sales, a gauge of buyer demand, rose 22.3 percent year-over-year as buyers brought 412 properties under contract. New listings showed seller confidence rising as sellers listed 415 properties, an increase of 3.8 percent over last year. Prices continued to rise due to low inventory, which fell 50.1 percent year-over-year. Both the median sales price ($215,000) and the average sales price ($244,130) rose 12.0 percent and 14.1 percent, respectively, over prices from a year ago. The average list price was $255,979, an increase of 19.1 percent over list price last July. Gaston County had 1.0 months of supply at report time, and days on market was trending at 40 days. Canopy MLS data.
Iredell County home sales bounced back in July, rising 27.5 percent year-over-year with 426 homes sold compared to 334 sold in July 2019. Pending contracts showed tremendous interest and demand from buyers, rising 40.2 percent year-over-year as 429 properties went under contract during the month. New listings continue to signal signs of increased seller confidence with listing activity nearly on par with July 2019. New listings declined 1.1 percent year-over-year as sellers listed 366 homes for sale. Prices, pressured by declining inventory, rose sharply year-over-year. Both the median sales price ($313,495) and the average sales price ($391,458) rose 18.7 percent and 23.8 percent, respectively. The average list price in July 2020 was $418,259, an increase of 15.0 percent over list prices last July. Inventory declined 51.6 percent year-over-year, leaving 483 homes for sale or 1.5 months of supply at report time. Days on market until sale averaged 51 days versus 62 days on market in July 2019. Canopy MLS data.
Lincoln County sales increased 30.5 percent year-over-year in July 2020 with 154 homes sold versus 118 homes sold in July 2019. Pending contract activity increased 51.3 percent year-over-year as buyer interest and demand brought 174 properties under contract in July compared to the 115 that were under contract in July 2019. New listing activity still lags and was down 8.9 percent year-over-year with sellers listing 153 properties for sale compared to 168 properties listed in July 2019. Year-to-date figures, however, show new listing counts ahead of last year by 1.5 percent as sales get back on track with 1,095 properties listed over the last seven months of 2020. Even though inventory is down 37.1 percent year-over-year with 259 properties on market, prices are relatively stable. Both the median sales price ($299,900) and the average sales price ($352,413) rose slightly year-over-year by 1.0 percent and 1.3 percent, respectively. The average list price rose 8.2 percent year-over-year to $355,131 in July 2020. Months of supply trended at 2.1 months in July, while days on market until sale averaged 61 days. Canopy MLS data.
Mecklenburg County sales and listing activity has recovered. Sales rose 12.3 percent year-over-year with 2,220 homes sold compared to 1,976 homes sold in July 2019. Pending contract activity, which has been strong, rose 20.4 percent year-over-year, showing significant buyer interest and demand amidst tightening supply. There were 2,340 pending sales during the month compared to 1,943 that were under contract in July 2019. In a strong display of seller confidence, new listing activity was positive and rose 11.6 percent year-over-year as sellers brought 2,521 new listings to market in July versus 2,258 listed in July 2020. With inventory falling 42.4 percent year-over-year and just 2,265 homes for sale, prices continued to increase. Both the median sales price ($304,999) and the average sales price ($384,839) rose year-over-year by 8.3 percent and 10.3 percent, respectively. The average list price rose 17.9 percent year-over-year to $417,613 in July 2020. With months of supply at 1.3 months, sales were brisk as properties averaged 29 days on market in July 2020 compared to 33 days on market last year. Sellers across Mecklenburg County are seeing a list price to sales price ratio of 98.4 percent, which shows they are getting most of their asking price. Buyers may encounter price increases and multiple offer situations in highly-desirable areas. Canopy MLS data.
Rowan County’s sales in July rose 21.1 percent year-over-year with 195 properties sold compared to the 161 sold in July 2019. Pending contract activity remains strong and rose 20.3 percent year-over-year as 219 properties went under contract, a distinct rise over contract activity this time last year. New listing activity was down 8.1 percent year-over-year as sellers listed 193 properties for sale versus the 210 listed in July 2019. With inventory down 47.9 percent year-over-year and 1.4 months of supply, prices rose sharply. The average list price of $215,489 rose 7.8 percent year-over-year and both the median sales price ($193,777) and the average sales price ($218,982) rose year-over-year by 18.6 percent and 15.0 percent, respectively. Properties are selling quickly in Rowan, with days on market until sale averaging 31 days this past month compared to 35 days in July 2019. Canopy MLS data.
Stanly County sales and new listings completely recovered in July. Closed sales increased 51.6 percent year-over-year as 94 properties were sold versus 62 properties sold in July 2019. Buyer activity, as measured through pending sales, was also strong. Pending contracts rose 28.1 percent year-over-year as 82 properties went under contract during the month. In a strong display of seller confidence, new listing activity increased 26.6 percent year-over-year, with sellers bringing 81 new listings to market compared to the 64 new listings in July 2019. Buyers will be impacted by ever-tightening supply in Stanly. Inventory fell sharply by 59.2 percent year-over-year, leaving 93 homes for sale or 1.4 months of supply at report time. This time last year Stanly County had 228 homes for sale. Buyers may face price increases in the coming months if the inventory situation worsens. The average list price was down 6.6 percent year-over-year to $228,729. The median sales price ($186,750) fell slightly and was down 2.2 percent compared to last year, while the average sales price ($220,440) rose 8.8 percent over July 2019. Days on market until sale averaged 50 days versus 52 days in July 2019. Canopy MLS data.
Union County’s sales and new listings recovered in July. Closed sales increased 2.5 percent over last July, with 488 properties sold compared to 476 sold in July 2019.
Pending sales activity rose 13.2 percent year-over-year as 516 properties went under contract versus 456 properties that were under contract this time last year. New listing activity showed seller confidence is growing, as 566 properties were added to the market, an increase of 6.8 percent over July 2019. Though the average list price rose 13.2 percent year-over-year to $416,029, prices overall held steady. Both the median sales price ($339,900) and the average sales price ($401,096) rose year-over-year by 3.7 percent and 3.8 percent, respectively. Inventory has been cut nearly in half, down 44.8 percent year-over-year with only 496 properties for sale or 1.3 months of supply at report time. In July 2019 there were 898 homes available for sale or 2.5 months of supply. Homes are selling quickly as days on market until sale averaged 34 days in July 2020 versus 37 days in July 2019. Canopy MLS data.
Chester County, S.C., home sales increased 29.4 percent year-over-year with 22 homes sold in July 2020 compared to 17 homes sold in July 2019. However, pending sales slipped 5.6 percent year-over-year as 17 properties went under contract compared to the 18 that were under contract this time last year. New listing activity is unchanged compared to last year with 23 properties listed during the month of July. However, prices are up sharply year-over-year. The average list price rose 16.3 percent to $241,839 year-over-year and both the median sales price ($168,750) and the average sales price ($187,323) rose 41.9 percent and 28.4 percent, respectively, compared to last July. Inventory fell 47.4 percent year-over-year, leaving 30 homes for sale at report time, which represents 1.7 months of supply. Days on market averaged 60 days compared to 67 days on market in July 2019. Canopy MLS data.
The Chesterfield County, S.C., housing market experienced a second month of positive recovery in key indices. Home sales in Chesterfield rose 28.0 percent year-over-year in July with 64 homes sold compared to 50 homes sold in July 2019. Both pending sales and new listing activity remained positive in July. Pending contract activity rose 45.1 percent year-over-year with 74 contracts written, and new listing activity rose 44.9 percent year-over-year with 100 new listings coming to market. July’s median sales price of $143,000 increased 5.5 percent year-over-year, while the average sales price decreased 7.8 percent year-over-year to $133,190. Chesterfield County had approximately 33 homes for sale at report time and an increase of 26.9 percent year-over-year in inventory, leaving the county with 7.1 months of supply and a market that remains highly favorable to buyers. In July 2019 Chesterfield County had 5.9 months of supply. Canopy MLS data.
Lancaster County, S.C.’s housing market recovered in June and all key indices remained strong and positive in July. Closed sales, which totaled 205, rose 9.6 percent year-over-year compared to July 2019. Pending contracts, which are typically seen as a good measure of future sales, rose 49.7 percent year-over-year with 259 contracts written in July 2020 compared to 173 written in July 2019. New listing activity rose 6.3 percent year-over-year in July, showing steady seller confidence with sellers listing 220 properties for sale compared to 207 last year. Meanwhile, prices increased as inventory declined 47.5 percent year-over-year, leaving just 231 homes for sale and 1.3 months of supply. Both the median sales price ($335,000) and the average sales price ($354,521) rose year-over-year by 21.8 percent and 25.5 percent, respectively. Sellers are getting closer to asking prices with the list price to sales price ratio ticking up a percentage point to 98.0 percent in July. Properties moved at a moderate pace, with days on market averaging 57 days. Lancaster County’s home sales market is highly favorable to sellers, and thus buyers may encounter price increases and multiple offer situations in highly desirable areas amidst low supply. Canopy MLS data.
York County, S.C., home sales declined 7.8 percent year-over-year in July 2020, and inventory fell 57.9 percent year-over-year to 454 homes for sale. Months of supply hit a critically-low level of 1.0 months of existing homes left on market for sale. With new listing activity down 8.1 percent year-over-year and days on market averaging 39 days during the month of July, homes are selling nearly as quickly as they are listed. Pending sales or pending contract activity, which represent buyer demand, increased 12.2 percent year-over-year to 598 contracts written in July compared to 533 contracts written in July 2019. The median sales price ($303,500) and the average sales price ($338,665) increased year-over-year by 9.3 percent and 9.6 percent, respectively. The average list price in York County rose 13.9 percent to $333,328 in July. York County is currently a tight market and buyers will experience frequent price increases and multiple offer situations in highly desirable areas. Canopy MLS data.
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with 2020 Association/Canopy MLS President John Kindbom, please contact Kim Walker.
Canopy Realtor® Association is a trade association that provides its more than 12,500 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, which has more than 18,000 subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a 24-county service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond.
Original Publish Date: 8/11/2020