November 30, 2020
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – Data from Canopy MLS showed home sales in the Catawba Valley region rose 5.6 percent compared to sales a year ago and are up 2.3 percent when compared to September 2020 with 361 transactions. Year-to-date figures show the region’s sales for the first ten months of 2020 slightly ahead of 2019 by 1.0 percent, a sign that sales this year for Alexander, Burke, Caldwell and Catawba counties will outperform last year.
Pending sales show strong demand from buyers within the region, rising 26.9 percent year-over-year to 411 properties in the pipeline of sales last month versus 324 sales pending in October 2019. Year-to-date pending sales numbers show contract activity ahead of year-to-date contract activity last year by 4.5 percent. New listings increased yet again, rising 1.4 percent year-over-year, showing sellers within the region continuing to gain confidence. There were 432 properties listed in October 2020 versus 426 properties listed in October 2019.
Prices continue to be impacted by inventory, which fell 49.3 percent year-over-year to 504 homes for sale at report time, or 1.5 months of supply. The average list price throughout the region rose 22.8 percent year-over-year to $283,192, while the median sales price ($205,000) and the average sales price ($261,889) rose year-over-year by 19.1 percent and 19.8 percent, respectively. The original list price to sales price figure is up 2.3 percent compared to October 2019 at 97.8 percent. Homes are selling quickly, with days on market until sale falling 39.2 percent year-over-year to 31 days versus 51 days this time last year.
Alexander County saw home sales increase 32.0 percent year-over-year with 33 homes sold compared to 25 homes sold in October 2019. Pending sales increased 40.0 percent year-over-year with 35 properties under contract versus 25 that were under contract this time last year. These sales should close in the next 45-60 days, allowing sales to remain steady as we move into the close of 2020. Seller confidence continued to improve as seen via a 3.0 percent year-over-year increase in new listings, with 34 properties added to inventory in the month. Inventory is still low and fell 50.6 percent year-over-year to 43 homes for sale, nearly half of what was on market at report time in October 2019. This brings months of supply to 1.6 months, significantly lower than the 3.7 months of supply from last year at this time. Prices this past month softened a bit. Both the median sales price ($189,000) and the average sales price ($241,262) decreased year-over-year by 14.1 percent and 1.2 percent, respectively. The average list price, however, increased dramatically, rising 48.7 percent year-over-year to $341,676. Sellers in Alexander County received nearly all of their asking prices as the list price to sales price figure registered 99.6 percent in October 2020 versus 95.9 percent last year, showing little room for buyers to negotiate. Days on market until sale in October 2020 averaged 30 days compared to 43 days on market last October.
Burke County’s home sales rose 26.8 percent year-over-year with 71 transactions in October 2020 versus 56 in October 2019, while pending sales rose 39.1 percent year-over-year as buyers drove 89 homes in to the pipeline of sales compared to 64 this time last year. New listing activity fell 12.1 percent year-over-year to 94 listings compared to 107 new listings added to the market in October 2019. All price indices increased as a result of falling inventory. Inventory is down 44.6 percent year-over-year to 128 homes for sale at report time or 1.9 months of supply. The median sales price ($180,000) and the average sales price ($229,557) rose year-over-year by 1.4 percent and 11.6 percent, respectively. The average list price in Burke increased 19.1 percent year-over-year to $268,114. The list price to sales price measure was 96.9 percent. Days on market in October 2020 fell to 36 days versus 46 days this time last year.
Caldwell County home sales in October 2020 rose 8.1 percent year-over-year as 67 homes were sold compared to 62 homes sold in October 2019. Pending sales, which signal buyer demand, declined by 6.9 percent year-over-year as 67 properties went under contract during the month versus 72 that were in the pipeline of sales in October 2019. New listings also declined in October by 23.1 percent year-over-year as sellers brought 70 properties to market during the month versus 91 listed in October 2019. Prices spiked during October due to inventory, which is half of what it was last year. Inventory fell 50.0 percent year-over-year, leaving the county with 1.4 months of supply. Sellers responded to market conditions, with average list price rising 31.6 percent year-over-year to $207,051. The median sales price ($192,500) and the average sales price ($246,110) rose year-over-year by 35.6 percent and 55.8 percent, respectively. The list price to sales price ratio increased 0.7 percent to 96.8 percent, showing sellers getting closer to full asking prices. Properties sold quickly, with days on market until sale falling to 31 days versus 55 days in October 2019.
Catawba County home sales decreased in October, falling 4.5 percent year-over-year with 190 homes sold compared to 199 homes sold in October 2019. Pending contracts increased 35.0 percent year-over-year as buyers brought 220 properties under contract in October 2020 versus 163 in October 2019. New listings jumped 20.0 percent year-over-year as sellers listed 234 homes for sale compared to 195 new listings offered during the same month last year. With inventory falling 51.1 percent year-over-year to 238 active listings, both the median sales price ($215,000) and the average sales price ($283,118) rose year-over-year by 22.9 percent and 19.0 percent, respectively. The average list price increased 13.5 percent year-over-year to $303,617 in October 2020. Catawba has 1.4 months of supply of homes for sale at report time and days on market averaged 29 days in October.
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 19,900 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: 11/30/2020