Dec. 16, 2022
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. — Catawba Valley region home sales declined further in November, falling 29.7 percent year-over-year as 284 homes sold across the four counties. Buyer uncertainty due to the rapid rise in mortgage rates has continued to slow the market. Sales compared to the previous month (October 2022) were down 16 percent, while year-to-date figures showed a little over 4,000 homes have sold so far this year and the market down by 6.8 percent when compared to year-to-date 2021. The region is on pace to end the year with sales on par with yearend 2020, as it cycles back to pre-pandemic levels.
Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.
Pending contract activity, which signals buyer demand, declined 23.1 percent in November, as 276 homes went under contract compared to 359 homes under contract during the previous year. Contract activity was down 19 percent when compared to contracts in October 2022, which means year-over-year sales will continue to be unsteady.
New listing activity continued slowing due to higher mortgage and inflation rates compared to last year, with a 13 percent decline from 384 homes newly listed in November 2021, to 334 during the same period this year. When compared to October 2022 new listing activity experienced a 19 percent decline in November.
“It’s important to remember that sales now reflect only those serious buyers and sellers in the market as well as a return to seasonality, and that’s typical at this time of year for our area,” said Donna Austin, president of Catawba Valley Association of Realtors® and a Realtor®/broker with Coldwell Banker Boyd & Hassel, Inc. “With less demand, time on market starting to increase along with inventory, buyers who plan and work with a Realtor® to strategize their financing and down payment options, will be better positioned for the spring market next year.”
Inventory at report time, showed 646 homes for sale, which is up 28.4 percent when compared to inventory this time last year. Months of supply also increased, by 38.5 percent year-over-year to 1.8 months of supply, compared to 1.3 months of supply in November 2021. This is the second consecutive month supply has increased in the region since 2014.
Prices continued to rise in the region due to low inventory, both the median sales price ($250,000) and the average sales price ($305,398) rose 7.4 percent and 4.2 percent year-over-year respectively. The average list price rose 13.2 percent year-over-year to $332,710.
Austin continued, “As the market continues to work its way back to pre-pandemic normal, some pockets across the region may see some price softening, however buyers and sellers shouldn’t expect to see dramatic drops in prices. Realtors® have access to real-time market and price data to help sellers determine pricing strategies to price homes competitively, so it attracts buyers, can sell quickly, and with fewer price reductions.”
The original list price to sales price measure in November recorded a slight dip in the buyer’s favor, to 95.5 percent, as sellers no longer receive all their asking price like they did during the latter half of 2021. Days on market until sale however increased, showing homes on market a bit longer in November, to 27 days from 23 day on market in November 2021.
A closer look at sales across the four counties in November 2022
Alexander County closed sales decreased 14.3 percent year-over-year as 24 homes sold compared to 28 in November 2021. Pending contracts where down 46.2 percent as 14 homes went under contract versus 26 this time last year. New listings declined 29.6 percent as 19 homes were listed versus 27 in November 2021. Inventory increased 10 percent year-over-year and showed 44 homes for sale at report time or 1.6 months of supply, which is up 23.1 percent compared to last year. Both the median sales price ($314,000) and the average sales price ($377,046) increased 26.1 percent and 12.2 percent year-over-year respectively, while the average list price increased 29.4 percent to $3434,711. This brought the original list price to sales price measure to 96.2 percent in November, a 2.5 percent decline. Days on market until sale showed properties averaging 32 days on market until sale compared to 21 days this time last year.
Burke County home sales decreased 47.1 percent year-over-year as 45 homes sold versus 85 homes sold this time last year. Pending contract activity dipped 15.8 percent year-over-year as 64 homes went under contract versus 76 this time last year. New listings decreased 4.3 percent to 67 homes in November 2022, from 70 last year. Inventory at report time increased 4.3 percent year-over-year leaving 121 homes for sale or 1.6 months of supply. This time last year supply in Burke County hovered at 1.4 months of supply. Both the median sales price ($230,000) and average sales price ($264,811) increased by 9.5 percent and 9.6 percent year over year, respectively. The average list price also rose (+19.5 percent) to $310,400. This brought the original list price to sales price measure to 96.4 percent, a 1.9 percent increase in November 2022. This time last year the metric was 94.6 percent. Days on the market increased 42.3 percent in November 2022, showing homes averaging 37 days on market until sale compared to 26 days on market this time last year.
Caldwell County closed sales in November fell 23.3 percent year-over-year as 56 homes sold, versus 73 homes that sold in Caldwell County last November. Pending contract activity dropped 10.2 percent year-over-year, as 57 homes went under contract, compared to 64 under contract this time last year. New listing activity decreased 13.2 percent year-over-year as sellers listed 59 homes for sale compared to 68 homes added in November 2021. Inventory at report time showed 103 homes for sale an 18.4 percent increase and 1.5 months of supply versus 1.2 last November. Both the median sales price ($235,450) and the average sales price ($276,041) increased 26.6 percent and 19.5 percent year-over-year, respectively. This brought the original list price to sales price measure down from 97 percent in November 2021, to 96 percent this past November. Homes continue to sell quickly, but time on market increased 10 percent in November, as homes averaged 22 days on market until sale compared to 20 days on market in November 2021.
Catawba County home sales fell 27.1 percent year-over-year as 159 homes sold versus 218 that sold in November 2021. Pending sales declined 26.9 percent as 141 homes went under contract compared to 193 that were under contract a year ago. New listing activity showed sellers listing 189 homes for sale, a 13.7 percent year-over-year decline compared to 219 new listings entering the market in November 2021. Inventory at report time increased 45.4 percent year-over-year, leaving 378 homes for sale or 2.0 months of supply. A year ago, there were 260 homes for sale at 1.3 months of supply. Still, the uptick in inventory has had little effect on price growth. The median sales price ($253,000) increased 1.2 percent and the average sales price ($316,479) declined 3.8 percent year-over-year. While the average list price increased 12.1 percent to $350,380. This brought the original list price to sales price metric to 95 percent in November which is down 2.0 percent from last November at 96.9 percent. Homes continue to sell quickly as homes averaged 25 days on market until sale compared to 23 days this time last year.
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with 2022 Association/Canopy MLS President Lee Allen, Realtor®/Broker-in-charge with RE/MAX Executive, please contact Kim Walker.
Original Publish Date: 12/16/2022