Feb. 10, 2023
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. — Catawba Valley region home sales at yearend showed 4,297 homes were sold across the Hickory-Lenoir MSA over the course of 2022, representing a decline of 8.3 percent when compared to sales in 2021. Sales were impacted last year by rising rates and prices, which caused buyers to pullback from the market. There were nearly 400 more homes sold in 2021 than in 2022. Sales for the region/MSA during the month of December were down 26.9 percent when compared to December 2021, as 282 homes sold during the last month of the year. Sales seem to be trending back to pre-pandemic levels but are still higher than total sales in 2020.
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 at yearend showed a total of 4,193 homes went under contract last year, a decline of 12.6 percent when compared to contract activity in 2021. Contract activity during the month of December was down 18.5 percent as buyers, continued to shy away from the market.
Sellers listed 5,030 homes for sale in 2022, a decline of 4.3 percent when compared to new listing activity in 2021. New listing activity over time along with the slower pace of sales will help inventory and supply build. In December sellers listed 230 homes for sale, a year-over-year decline of 21.8 percent.
“End of year sales figures shows just how much our region grew last year even though sales were down compared to 2021” said Emily Wood, a Realtor®/broker with Better Homes and Gardens Real Estate Foothills. “I believe that we will look back on 2021 and see that it was an anomaly and certainly not a healthy sales market, which is why year-over-year change seems so significant. What we saw last year, and will likely continue to see, is a return to a healthier time and pace of sales activity this year. The slower pace of sales will help inventory to build, which will allow buyers more choices in the spring market.”
Inventory at report time, showed 555 homes for sale, which is up 24.7 percent when compared to inventory at yearend 2021. Months of supply also increased, by 45.5 percent year-over-year to 1.6 months of supply, compared to 1.1 months of supply in December 2021. This is the third consecutive month supply has increased in the region since 2014.
Prices at year end increased. The median sales price for all of 2022 was $249,000 and was 11.9 percent higher than the 2021 median sales price, while the average sales price for last year was $307,698, which is 10.9 percent higher than the 2021 average sales price. The original list price to sales price metric for all of 2021 registered 98.3 percent, showing sellers received most of asking prices for their homes last year.
Wood continued, “Though prices have risen dramatically throughout the last couple of years, we are pleased to see that prices throughout the region remained somewhat stable last year and are still relatively affordable, especially when compared to the nearby markets of Charlotte and Asheville. If supply continues to build and predictions regarding mortgage rates falling into 5 percent territory by the second half of the year hold true, then we can expect to continue to see steady buyer interest and activity in the Hickory-Lenoir area this year, as buyers continue to seek out affordability.”
The original list price to sales price measure during the month of December continued to fall into buyer’s favor, to 94.9 percent, another sign that the grip sellers had on the market has loosened a bit. Days on market until sale for the year showed homes sold quickly in 2022, averaging 22 days on market until sale compared to 23 days on market in 2021.
A closer look at sales across the four counties at yearend 2022
Alexander County had a total of 334 closed sales in 2022, a decline of 3.7 percent when compared to closings in 2021, while there were 308 pending contracts in 2022, a decline of 16.5 percent when compared to 2021. New listings for the year totaled 365, a decline of 9.2 percent versus new listings in all of 2021. Inventory at report time showed 34 homes for sale or 1.3 months of supply. The median sales price of $256,550 in 2022 is 18.2 percent higher than in 2021, while the average sales price of $298,712 is 13.7 percent higher than 2021’s average sales price. On average in 2022, sellers received 98.4 percent of asking price for their homes while days on market until sale showed homes averaged 22 days on market in Alexander County last year.
Burke County home sales in 2022 declined 8.6 percent year-over-year and showed 905 homes sold in 2022 compared to 990 in 2021. Pending contracts for the year totaled 871 which is down 12.9 percent compared to the previous year when 1,000 homes went under contract. New listing activity showed sellers listed 1,004 homes for sale which is down 7 percent year-over-year. Yearend figures showed inventory rose 5.6 percent in December to 113 homes for sale of 1.6 months of supply. At yearend 2021, there was only 1.3 months of supply. The median sales price of a home for all of 2022 was $230,000, which is 11.7 percent higher than 2021’s median sales price while the average sales price was $275,472 for all of 2022, which is 6.2 percent higher. The original list price to sales price ratio in 2022 was 97.3 percent, which is on par with 2021, and shows sellers received most of asking prices last year while home averaged 28 days on market until sale compared to 27 days in 2021.
Caldwell County home sales in 2022 totaled 821, a decline of 9.3 percent year-over-year while pending contracts showed 809 homes went under contract last year, a decline of 10 percent year-over-year. New listings for all of 2022 totaled 948 a slight drop of 2.6 percent year-over-year while. Inventory at report time showed 86 homes for sale or 1.3 months of supply compared to last year at report time when there was only 30 days of supply. The median sales price for all of last year topped $225,000, which is 12.5 percent higher than the 2021 median sales price while the average sales price for all of 2022 was $263,273, which is 12.9 percent higher than the 2021 average sales price. The original list price to sales price measure for the year showed sellers received 98.7 percent of asking prices while their homes sold faster in 2022, averaging 20 days on market until sale compared to 22 days on market this time last year.
Catawba County had 2,237 homes sold in 2022, a decline of 8.5 percent year-over-year while pending contract activity showed 2,205 homes went under contract, which is down 12.9 percent year-over-year. New listings totaled 2,713 in 2022, a decline of 3.1 percent year-over-year. Inventory at report time in December showed 322 homes for sale or 1.8 months of supply, which is up from 1.1 months of supply in December 2021. The median sales price of $265,000 for all of 2022 is 11.8 percent higher than the 2021 median sales price, while the average sales price of $338,410 is 11.6 percent higher than the average sales price in 2021. Sellers last year received 98.5 percent of asking prices on average for their homes which is down from 99.1 percent in 2021, while homes continued to sell quickly in 2022, averaging 20 days on market until sale.
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with a Realtor®/broker representing the Canopy MLS service area in the western/mountain region of North Carolina, please contact Kim Walker.
Original Publish Date: 2/10/2023