Dec. 16, 2022
Kim Walker, 704-940-3149
CHARLOTTE, N.C. — The Charlotte region’s home sales continued their downward trajectory in November, falling 35.9 percent year-over-year, as 3,113 homes sold across the 16-county region. November marks 11 months of sales declines and the steepest year-over-year decline this year. November sales compared to October were also down 12.8 percent as home buyers are impacted by rising prices, mortgage rates and tight inventory.
At the close of November, year-to-date sales across the region indicated a little more than 47,000 units have been sold to date, showing the region on pace to close 50,000 homes in 2022, similar to yearend 2019. Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.
Pending sales declined 36.1 percent year-over-year as 2,868 homes went under contract. The steep decline in contract activity means that future sales will continue to be weak and could trend lower over the winter selling season. Month-over-month contract activity is down 14.9 percent.
New listings showed that seller confidence continues to fall. Sellers across the region listed 3,350 homes for sale in November, a 27 percent year-over-year decline, while month-over-month, new listing activity is down 20.7 percent.
“When we look back at 2021 housing market numbers, what we saw was an anomaly compared to previous years, which makes the year-over-year declines that we’re currently experiencing appear significant, said Lee Allen, Canopy Realtor® Association/Canopy MLS president and Realtor®/broker with RE/MAX Executive Albemarle. “Sales are still occurring, just not at the pace or volume of last year and the slower pace of sales, allows time for inventory and supply to build. We’re entering the time of year that is typically a quieter time for home sales, which means that buyers who strategize now, will probably have more options available for purchase during next year’s spring market.”
Inventory increased by 48.8 percent year-over-year to 7,326 homes for sale at report time, while supply increased 80 percent to 1.8 months of supply. This time last year the 16-county region had only one month of supply. The market is still a long way from being a balanced market with six months of supply, which is why prices continued to rise in November.
Both the median sales price ($381,000) and the average sales price ($443,290) rose 8.1 percent and 8.6 percent year-over-year respectively, while the average list price increased 10.9 percent to $441,158. The original list price received to sales price measure dropped 4.5 percent to 95.7 percent in November, as sellers still receive top dollar for their homes in the Charlotte area. Buyers will be relieved to see prices are starting to soften a bit; this past month Cleveland, Lincoln and Chester Counties along with Matthews and Waxhaw had median sales prices dip slightly, year-over-year, as more inventory came online.
Allen continued, “Sellers looking to list their homes in the next few months should work with a Realtor®, who can provide real-time access to market conditions and price trends on the neighborhood level, while developing a strong and tailored market strategy so that the home attracts buyers, sells quickly and with fewer price reductions.”
Time on market across the region increased in November, but still shows homes selling at a rapid pace, leaving buyers little time for negotiation. List to close which totaled 75 days in November 2021, increased to 89 days in November 2022, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, showed homes averaged 34 days on market until sale, which is an increase from 21 days on market in November 2021.
Canopy Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte region based on data from Canopy MLS. The Charlotte region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.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.
Canopy Realtor® Association owns and operates Canopy MLS, the region’s primary source for accurate and timely property data in a multicounty service area including the Charlotte MSA, Asheville MSA and Catawba Valley region spanning across North Carolina and South Carolina to outside the Carolinas. Canopy MLS provides the latest technology, tools and analytics that Realtors® utilize to support consumers with their residential real estate transactions.
Original Publish Date: 12/16/2022