October 12, 2020
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – As the not-so-typical summer-selling season comes to an end, home sales across the 16-county Charlotte region continue to exhibit strength. According to data from Canopy MLS, closed sales in September 2020 increased 11.8 percent year-over-year to 4,877. Year-to-date sales figures show that despite the pandemic, there have been more closings so far this year than during the first nine months of 2019. Year-to-date closed sales in September 2020 were up 1.6 percent compared to this time last year.
Pending contracts, which signify buyer demand, rose a significant 28.1 percent year-over-year as buyers went under contract with 5,428 properties in September 2020. These properties in the pipeline will eventually convert to closed sales, typically in 45 to 60 days. While pending sales compared to the previous month (August 2020) were down 8.2 percent, year-to-date figures show overall buyer demand remains strong with pending sales in the first nine months of 2020 up 7.2 percent compared to pending sales activity during the same period last year (January-September 2019).
Sellers responded more favorably to the market in September, bringing 5,514 new listings to market, an 11.0 percent increase over new listings in September 2019. This should help give buyers more choice; however, year-to-date figures show new listing activity is still challenged and is down 4.9 percent year-to-date when compared to activity during the same period in 2019.
2020 Canopy Realtor® Association/Canopy MLS President John Kindbom said, “The pandemic has continued to impact the market, as we are now seeing more people working from home, and this trend will likely continue. Consumers are also using this opportunity to relocate as well, and this continues to drive sales and new listing activity. These are all positive signs for the remainder of the year. Properties are moving quickly under contract, so the increase in new listing activity should give buyers more choice.”
Prices across the region continued to be pressured by tightening inventory. The average list price ($362,516) rose 11.9 percent compared to a year ago, while both the median sales price ($289,900) and the average sales price ($349,041) rose 11.5 percent and 16.0 percent, respectively. Prices are flat compared to the previous month (August 2020). The original list price to sales price ratio was 98.6 percent, meaning sellers are getting almost all of their asking prices.
Strong sales numbers in September continue to show buyers are seeking homes in the surrounding 16 counties that make-up the Charlotte region. Nearly all areas and counties reported positive, double-digit year-over-year closed and pending sales figures as more buyers are looking for homes in the suburbs and traditionally rural areas.
Inventory remains critically low throughout the region, with 5,095 active listings or 1.1 months of supply. This will continue to present challenges for buyers. This time last year the 16-county market had 10,467 active listings for sale and 2.5 months of supply.
Homes continue to sell quickly. Days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses, averaged a record low 29 days in September 2020 compared to 39 days in September 2019. This is the shortest time on market since Canopy MLS began tracking this statistic. The average number of days a property was on the market from the time it was listed until it closed (list to close) also decreased. List-to-close totaled 83 days in September 2020 compared to 90 days in September 2019.
Kindbom notes, “The brisk pace of sales we’re experiencing means that buyers will see increased competition from other buyers, price increases in some highly desirable neighborhoods along with multiple offer situations. Pre-approval best positions buyers for this type of strong sellers’ market.”
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 N.C. and four counties in S.C.
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 12,700 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 19,300 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: 10/12/2020