Oct. 6, 2021
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – As the summer comes to an end, the Catawba Valley region’s hot home sales continue to sizzle across the four-county Hickory-Lenoir- Morganton MSA. Closed sales in August increased 24.2 percent year-over-year as 447 homes sold versus 360 that sold in August 2020. Month-over-month, sales compared to July 2021 were up 8.5 percent. Sales figures included in this report are for single family and condo/townhome data only, based on Canopy MLS data.
Pending sales or pending contracts, which are generally a good gauge of future sales, since they tend to close in 45-60 days, rose 36.2 percent year-over-year, as 497 homes went under contract during the month. Contract activity compared to the previous month (July 2021) dipped slightly, 3 percent month-over-month. However, year-over-year figures show the region’s sales should be steady headed in the fall, while year-to-date sales and contract figures show the region on pace to end the year with 2021 sales ahead of 2020.
Seller confidence as indicated by new listings continues to grow, as sellers added 495 new listings for sale, a 30.6 percent year-over-year increase compared to 379 that were listed in August 2020. Month-over-month, listing activity is down 9.7 percent. Still, the current pace of new listing activity over time should improve inventory and help buyers with more choices.
Cory Klassett, president of Catawba Valley Association of Realtors® and a Realtor®/broker with RE/MAX Legendary, said, “Our area’s quality of life, low cost of doing business and proximity to both Charlotte and Asheville, continues to make the region attractive to buyers, especially those buyers interested in the slower pace and lifestyle that smaller towns in the region provide. However, the recent uptick in mortgage rates, should help ease some of the heavy buyer competition that we’ve experienced this summer.”
Properties sold quickly in August, as indicated by days on market averaging 17 days versus 43 days during the same period a year ago. The lower supply across the region continues to highly favor sellers, who received most of asking price in August, as the original list price to sales price ratio registered 99.6 percent. Prices are rising due to pressure from low inventory, which showed 462 homes for sale at report time or 1.2 months of supply. Both the median sales price ($225,000) and the average sales price ($290,382) rose 9.1 percent and 6.5 percent year-over-year respectively. While the average list price rose by 3.5 percent year-over-year to $287,223.
Klassett notes, “Price growth or price appreciation will continue, until we’re able to see more supply added. Price appreciation tends to be good for homeowners but the extreme pace of home price appreciation has outpaced wages. Realtor® leadership, city and county policymakers and homebuilders will need to continue to work to boost supply and affordability for first-time and workforce homebuyers in our area.”
A closer look at sales across the four counties
Alexander County home sales rose 39.3 percent year-over-year as 39 homes were sold in August 2021 versus 28 that sold in August 2020. Pending contracts declined 26.8 percent, showing buyer demand falling as 30 homes went under contract versus 41 that were under contract this time last year. New listing activity also declined in August, falling 2.4 percent as sellers listed 40 homes for sale during the month, one listing short of what sellers listed in August 2020. Prices were mixed in August. The median sales price, which is the best measure of price over time, rose 24 percent year-over-year to $225,000 while the average sales price declined 14.4 percent year-over-year to $239,354. The average list price of $270,808 was 1.3 percent higher than August 2020’s average list price. Prices are being impacted by inventory which fell 19.1 percent year-over-year, leaving 38 homes for sale at report time or 1.2 months of supply at the current sales pace. Sellers in Alexander County received nearly all of asking prices in August, as indicated by the original list price to sales price measure increasing to 99.8 percent. Homes continue to sell quickly as days on market until sale showed homes averaged 12 days on market during the month of August 2021.
Burke County closed sales rose 28.8 percent year-over-year as 76 homes sold compared to 59 homes sold in August 2020. Pending sales show that buyer demand is heavy in the county, rising 49.3 percent year-over-year with 103 homes going under contract during the month compared to 69 that went under contract last year. New listing activity rose by 23.2 percent year-over-year with 101 homes newly listed versus 82 listed last August. The rise in new listings however does little to improve the current inventory situation, which declined 20.6 percent year-over-year leaving 108 homes for sale or 1.3 months of supply. Supply has improved a bit since June’s low of one month of supply. Prices were mixed. The median sales price of $196,500 declined1.5 percent year-over-year, while the average sales price increased by 5 percent year-over-year to $283,044. Buyers should have been relieved by the average list price which softened substantially in August, declining 14.8 percent to $272,993. Sellers received 97.3 percent of asking prices in August, as evidenced by the original list price to sales price ratio, while their homes sold quickly. Days on market until sale in August 2021 averaged 23 days versus 47 days this time last year.
Caldwell County increased 25.3 percent year-over-year as 94 homes sold compared to 75 that sold in August 2020. Pending contracts show buyer demand is strong and rose 27.3 percent year-over-year as 84 homes went under contract during the month versus 66 that were under contract in August 2020. New listings also increased, rising 5.1 percent year-over-year as sellers listed 83 homes for sale compared to 79 that were listed during the same period last year. Inventory at report time is low at 84 homes for sale or 1.1 month of supply, which will continue to pressure prices. Both the median sales price ($221,550) and the average sales price ($258,715) rose 19.8 percent and 20.5 percent year-over-year respectively, while the average list price rose 25.2 percent year-over-year to $234,710. This brought the original list price to sales price ratio to 99.3 percent, showing sellers getting nearly all of asking price in August. Homes sold quickly, as days on market showed homes averaged 19 days on market until sale.
Catawba County home sales in August 2021 rose 20.2 percent year-over-year as 238 homes were sold versus 198 that sold in August 2020. Pending contract activity shows an abundance of buyers, as 265 homes went under contract during the month, an increase of 48.9 percent year-over-year. New listings rose 53.1 percent year-over-year as sellers listed 271 homes for sale during the month versus 177 this time last year. This will do little to help the inventory situation which was down 21.6 percent year-over-year in August with just 232 homes for sale at report time or 1.1 months of supply. Prices continued to rise. Both the median sales price ($245,000) and the average sales price ($313,594) rose 8.2 percent year-over-year and 6.5 percent year-over-year respectively, while the average list price rose 3.6 percent year-over-year to $311,068. Sellers in Catawba received 100.5 percent asking price according to the original list price to sales price measure in August, while homes sold faster, as indicated by days on market until sale averaging 15 days during the month.
Canopy MLS, a wholly-owned subsidiary corporation of, announced the consolidation of the MLS of Catawba Valley (MLSCV), which was effective on August 31, 2020. For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with a Hickory-area Realtor®, contact Kim Walker.
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 21,000 subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more. Canopy MLS is used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.
Original Publish Date: 10/6/2021