Mar. 11, 2023
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. — Home sales across the four counties that make up the Catawba Valley region, declined again in February 2023, falling 12.8 percent year-over-year as 245 homes sold compared to 281 that sold in February 2023. Sales compared to the previous month (January 2023), increased 7.5 percent, as buyers took advantage of falling mortgage prices this past month and purchased homes.
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 or buyer demand declined 9.7 percent year-over-year as buyers drove 308 homes under contract during the month, compared to 341 in February 2022. Month-over-month contract activity is down 7.8 percent. New listing activity declined by 23.1 percent as sellers listed 297 homes for sale compared to 386 listed during the same time last month. Compared to the January 2023, new listings are down 2.3 percent.
“Though spring has officially started, the spring selling season has not truly gotten underway because our market is still susceptible to the seasonality that comes with being located in the foothills, which is normal, compared to previous years.” said Emily Wood, a Realtor®/broker with Better Homes and Gardens Real Estate Foothills and president of Catawba Valley Association of Realtors®. “When the selling season starts, buyers are still facing seller’s market conditions, although with days on market increasing and supply up in pockets, buyers and sellers will experience a less frenzied marketplace, with less competition and more time for negotiation.”
Inventory at report time, across the four counties increased 29.9 percent year-over-year to 447 homes for sale compared to 344 homes for sale in February 2022. Months of supply increased 44.4 percent to 1.3 months in February, which means that the local market is still tight and prices will continue rise due to that tight supply.
The median sales price of $245,000, which is the best measure of price over time, increased 6.1 percent year-over-year, while the average sales price of $283,531 declined 7.9 percent year-over-year. The average list price increased 11.9 percent over last year to $342,340, bringing the original list price to sales price measure down to 95 percent. This time last February, sellers held a stronger position and received 97.4 percent of asking prices.
Wood continued, “Quality of life rankings like the one this past month from Travel and Leisure magazine, continue to show our region as both beautiful and affordable, however this attention also continues to drive buyer interest and competition within the region; and buyer competition in a market like ours with tight supply, will unfortunately continue to cause prices to increase. Buyers this spring, particularly first-time buyers should use a Realtor®, who can assist with negotiating price and finding offers from lenders to help lower the rate.”
Homes spent more time on market in February. List to close increased 7.5 percent to 86 days compared to 80 days in February 2022, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, showed homes averaged 39 days on market until sale compared to 27 days on market in February 2022.
A closer look at sales across the four counties:
(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)
Alexander County had 11 closed sales in February 2023 compared to 27 in February 2022, a decline of 59.3 percent year-over-year. Pending contracts in February totaled 19 compared to 31 in February 2022, a decline of 38.7 percent year-over-year, while new listing activity showed sellers listed 19 homes for sale compared to 25 newly listed in the previous year, a decline of 24 percent year-over-year. Inventory, though increasing 60 percent year-over-year in February, is still tight with 32 homes for sale of 1.3 months of supply. Last February supply was down to 21 days (0.7 months of supply). Buyers will find that both the median sales price ($250,000) and the average sales price ($252,345) declined 17.9 percent and 19.4 percent year-over-year respectively, while the average list price increased 10.6 percent to $356,637. This brought the original list price to sales price ratio to 92.7 percent in February 2023. Last February sellers received 97.9 percent of asking prices, and held a stronger position. Days on market increased in buyers favor, rising 109.1 percent year-over-year, showing homes on market an average of 46 days this past month, compared to 22 days in February 2022.
Burke County home sales declined 24.6 percent year-over-year in February to 43 homes for sale compared to 57 homes sold in February 2022. Pending contract activity sloped 7.2 percent year-over-year as 64 homes went under contract compared to 69 homes that were under contract during the same period last year. New listings declined 11.8 percent year-over-year as sellers listed 60 homes in February 2023 compared to 68 homes listed in February 2022. Inventory and supply rose at report time. Inventory increased 31.6 percent to 100 homes for sale compared to 76 active listings in February 2022, while supply increased 55.6 percent from (0.9 months of supply) 27 days of supply last February to 1.4 months of supply. Prices increased. Both the median sales price ($255,000) and the average sales price ($300,408) rose 14.9 percent year-over-year and 13.3 percent year-over-year respectively, while the average list price increased 26.4 percent to $290,551. This brought the original list price to sales price measure to 95.1 percent, which is on par with this metric last year, while time on market increased 38.7 percent to 43 days compared to last ‘s February’s much faster market, when homes averaged 31 days on market until sale.
Caldwell County home sales surprisingly increased 7.5 percent year-over-year as 43 homes sold in February 2023 compared to 40 that sold last February. Pending contracts continued to decline by 13.4 percent year-over-year as 58 homes went under contract compared to 67 that were under contract a year ago. New listings were down 30.2 percent year-over-year as 60 homes were listed compared to 86 homes newly listed in February 2022. Still inventory, though increasing is tight. Inventory rose 24.7 percent year-over-year to 91 homes for sale at report time of 1.4 months of supply. This time last year there was just one month of supply. Prices rose slightly. Both the median sales price ($207,000) and the average sales price ($257,732) rose 3.2 percent and 0.2 percent year-over-year respectively, while the average list price increased 16 percent to $302,373. This brought the original list price to sales price measure down 2.5 percent to 96.4 percent, as sellers receive slightly less than what they received on their homes last February. Days on market show homes selling quickly still in February. Days on market increased 15.4 percent year-over-year, to 30 days on market until sale compared 26 days on market in February 2022.
Catawba County sales declined 5.7 percent year-over-year as 148 homes sold during the month compared to157 that sold in February 2022. Pending contracts slipped by 4 percent to 167 homes under contract compared to 174 that were under contract a year ago. New listings declined 23.7 percent year-over-year as sellers listed 158 homes for sale compared to 207 listed in February 2022. Still inventory thought increasing is tight and showed 224 homes for sale (a year-over-year increase of 28 percent) compared to 175 that were in active listing status last February. Months of supply is up from 24 days (0.8 months of supply) to 1.2 months of supply, a 50 percent year-over-year increase. Prices were mixed. The median sales price of $250,000 increased 6.4 percent year-over-year, while the average sales price of $288,441 declined 13.9 percent compared to last year. The average list price increased 7.9 percent year-over-year to $375,464. This brought the original list price to sales price measure to down from 97.7 percent last February to 94.7 percent in February 2023, as sellers lose ground on asking prices. Days on market increased 48.1 percent to 40 days on market, up from last year’s faster market which showed homes averaging 27 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: 3/11/2023