September 23, 2020
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – Data from Canopy MLS showed August sales throughout the four-county Catawba Valley Region nearly on par with closed sales in August 2019, with sales dipping slightly by 1.9 percent year-over-year with 356 homes sold last month. Closed sales compared to July 2020 were down 6.8 percent. Pending sales, which generally are a strong indicator of future sales, rose 16.4 percent over August 2019, which shows strong buyer demand for homes within the region. These sales should close over the next 45-60 days, which means closings should be steady.
Prices are pressured by inventory, which fell 52.0 percent to 468 homes for sale at report time or 1.4 months of supply. The average list price throughout the region rose 28.8 percent year-over-year to $280,336. Prices increased sharply as a result of shrinking supply. Both the median sales price ($206,250) and the average sales price ($272,892) rose year-over-year by 22.8 percent and 31.6 percent, respectively. Sellers in the Catawba Valley market are getting close to asking price as the original list price to sales price figure increased to 97.1 percent in August. Homes are selling quickly with days on market until sale one day faster than a year ago at 43 days on market in August.
Alexander County closed sales increased 8.7 percent year-over-year with 25 homes sold compared to 23 sold in August 2019. Pending sales increased 72.0 percent with 43 contracts written in August compared to 25 in August 2020. New listings increased 25.8 percent as sellers brought 39 properties to market in August versus 31 last year. Year-to-date figures for all three indices show Alexander County well ahead of last year’s activity. Prices were a bit uneven year-over-year, with the average sales price ($279,796) rising 23.7 percent and the median sales price ($182,000) falling 5.0 percent. With inventory declining 56.3 percent and supply trending at 1.4 months, price increases and volatility will continue. Days on market until sale averaged 76 days in August 2020 versus 53 days in August 2019. Canopy MLS data.
Burke County’s sales declined year-over-year for a second consecutive month this summer, with closings falling 16.7 percent year-over-year with 60 homes sold versus 72 sold in August 2019. Because pending sales contracted nearly 20 percent in July 2020, there were not enough contracts in the pipeline to convert into closed sales in August 2020. However, buyer demand is building, and pending sales in August increased 9.0 percent with 73 homes going under contract versus 67 in August 2019. New listings increased 1.3 percent as sellers brought 80 properties to market. However, this new listing activity will quickly be absorbed as supply is critically low, with inventory down 42.3 percent to 112 homes for sale at report time, or 1.7 months of supply. Low inventory is having a significant impact on prices with the average list price ($325,715) rising 52.6 percent over this time last year, as well as the median sales price ($197,250) and the average sales price ($268,428) rising 25.3 percent and 43.3 percent year-over-year, respectively. Homes didn’t stay on market long with days on market in August 2020 averaging 46 days.
Caldwell County, west of Alexander County and just east of Burke County, had sales somewhat on par with last year. Closings were down 1.3 percent year-over-year with 74 homes sold, just one fewer home than was sold in August 2019. Pending sales, however, soared to a 24.2 percent increase from a year ago as 77 homes went under contract during the month of August compared to 62 that were under contract in August 2019. New listing activity still lags and was down 4.8 percent year-over-year with sellers listing 80 homes for sale versus 84 homes listed this time last year. Prices are being pressured by inventory, which was down 52.4 percent year-over-year at report time, leaving 1.3 months of supply of homes for sale. The average list price ($193,524) was 13.1 percent higher than it was in August 2019, while both the median sales price ($190,000) and the average sales price ($217,169) rose year-over-year by 31.1 percent and 32.1 percent, respectively. Homes are moving quickly in Caldwell County with days on market trending at 47 days in August 2020 compared to 41 days this time last year.
Catawba County home sales increased in August, rising 2.1 percent year-over-year with 197 homes sold compared to 193 homes sold in August 2019. Pending contracts increased 9.1 percent year-over-year as buyers brought 204 properties under contract in August 2020 versus 187 in August 2019. New listings decreased 20.2 year-over-year as sellers listed 178 homes for sales compared to 223 new listings offered during the same month last year. With inventory falling 54.7 percent to 229 active listings, both the median sales price ($225,000) and the average sales price ($294,306) rose year-over-year by 20.0 percent and 28.3 percent, respectively. The average list price jumped 28.7 percent year-over-year to $301,914 in August 2020. Catawba has 1.3 months of supply of homes for sale at report time and days on market is averaging 37 days. Canopy MLS data.
Canopy MLS, a wholly-owned subsidiary corporation of Canopy Realtor® Association, announced the consolidation of the MLS of Catawba Valley (MLSCV), which was effective on August 31, 2020. For more information about Canopy MLS or for residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.”
Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond. Canopy MLS, which has 19,400 Subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more, used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.
Original Publish Date: 9/23/2020