December 21, 2020
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – November data from Canopy MLS showed home sales in the Catawba Valley region continued their positive run and rose 9.0 percent compared to sales a year ago with 316 transactions throughout the region. Year-to-date (YTD) figures show the region’s sales for the first 11 months of 2020 pacing ahead of 2019 by 1.7 percent, a sign that the overall region is healthy and poised for continued growth next year.
Pending sales continue to show strong demand from buyers and rose 26.5 percent year-over-year as buyers drove 358 properties into the pipeline of sales last month versus 283 sales pending in November 2019. Year-to-date pending sales numbers show contract activity ahead of YTD contract activity last year by 5.5 percent. New listings increased slightly, rising 1.9 percent year-over-year, showing sellers within the region are continuing to gain confidence. There were 327 properties listed in November 2020 versus 321 properties listed in November 2019.
Inventory is critically low and declined 52.8 percent year-over-year to 1.3 months of supply, which will continue to pressure prices into next year. All price indices had double-digit increases, with both the median sales price ($200,500) and the average sales price ($269,368) rising 13.3 percent and 25.5 percent year-over-year, respectively. The average list price of $274,227 rose 17.2 percent year-over-year in November, and the list price to sales price ratio was 97.6 percent. This metric shows sellers in the region are getting closer to their asking prices. Buyers and sellers experienced faster days on market, with properties averaging 30 days in November 2020 versus 49 days on market in November 2019. The Catawba Valley region is poised to continue with strong seller’s market conditions, featuring high demand from buyers, increased competition and continued growth as buyers continue to signal their demand for suburban and rural living.
Alexander County continued with positive gains in home sales in November 2020 with a 25.0 percent year-over-year increase and 30 homes sold during the month. Pending sales showed buyers are still driving momentum in the market with a 47.6 percent increase in contracts written during the month compared to under contract sales in November 2019. New listings declined 9.1 percent year-over-year to 20 homes listed versus 22 listed this time last year. Prices continue to increase as a result of declining inventory, which fell 60.0 percent year-over-year, leaving a little over one month of supply at report time. Both the median sales price ($221,500) and the average sales price ($270,365) were impacted and rose 17.2 percent and 29.4 percent year-over-year, respectively. The average list price increased 27.4 percent year-over-year to $318,375. Sellers in Alexander County are inching closer to nearly all of asking price as the original list price to sales price measure rose to 96.0 percent in November, while properties averaged 47 days on market during the month. This dynamic of low supply, high demand and price increases will likely continue into 2021 as buyers continue to look to rural communities within close to the Charlotte region for increased choice and affordability.
Burke County’s home sales rose 28.6 percent year-over-year with 63 transactions in November 2020 versus 49 in November 2019, while pending sales rose 27.1 percent year-over-year as buyers drove 89 homes in to the pipeline of sales compared to 70 this time last year. Sales into the new year should be steady. New listing activity fell 9.6 percent year-over-year to 75 listings compared to 83 new listings added to the market in November 2019. All price indices increased as a result of falling inventory, which is down 52.6 percent year-over-year with 1.6 months of supply. The median sales price ($196,000) and the average sales price ($251,196) rose 13.6 percent and 18.7 percent year-over-year, respectively. The average list price in Burke increased 29.9 percent year-over-year to $261,940, and the list price to sales price measure was 96.2 percent as sellers got closer to full asking price. Days on market in November 2020 fell to 22 days versus 53 days this time last year. Because of Burke County’s location nestled in the mountains, buyers interested in the growing second home market, may be a catalyst for the county’s growth next year.
Caldwell County home sales in November fell 16.7 percent year-over-year as 55 homes were sold versus 66 homes sold last November. Year-to-date figures, however, show sales ahead of year-to-date 2019 sales by 2.1 percent with 718 homes sold already this year. Pending sales, though low, were still positive and rose 4.7 percent year-over-year as 67 homes entered the pipeline of sale, ensuring that sales should be steady over the next 45-60 days. New listings contracted 15.3 percent year-over-year as sellers brought 61 homes to market during the month versus 72 listed in November 2019. Inventory is low and fell 52.2 percent year-over-year, leaving 1.3 months of supply of homes for sale. This scenario of low supply and steady demand pressured prices in November and will continue to present challenges to buyers. The median sales price ($176,900) and the average sales price ($214,602) rose 17.0 percent and 15.2 percent year-over-year, respectively, while the average list price of $192,625 increased by 4.9 percent over last November’s list price. Still, sellers are getting closer to asking price as signaled by the percent of original list price to sale price ratio of 97.3 percent. Days on market averaged 28 days in November, showing properties are moving quickly.
Catawba County home sales increased during the month of November with closed sales, which totaled 168, increasing 11.3 percent year-over-year. Pending contracts, which indicate buyer demand and predict transactions that will close in the next 45-60 days, increased 33.6 percent year-over-year in November 2020 with 171 homes added to the pipeline of sales. New listing activity indicated strong seller confidence in November 2020, rising 18.8 percent year-over-year as sellers brought 171 homes on market in Catawba. However, this will do little to impact inventory, which fell 51.9 percent year-over-year in November to 1.3 months of supply of homes for sale. Tightening inventory will pressure prices over the next several months as both the median sales price ($218,750) and the average sales price ($293,933) increased year-over-year by 18.2 percent and 28.4 percent, respectively. The average list price of $303,563 increased 10.2 percent year-over-year, and the list price to sales price ratio was 98.6 percent in November 2020, showing sellers are getting closer to asking price. Days on market until sale averaged 31 days in November 2020, which is another indicator that favors sellers while giving buyers little time for negotiations. As Lincoln County to the south of Catawba continues to see tighter inventory over the next year, buyers will be lured by the ease of commute via U.S. Hwy. 321 north into Catawba, which is just 30 minutes north of Gastonia and I-85.
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 20,100 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: 12/21/2020