March 17, 2022

CHARLOTTE, N.C.— Home sales activity across the Charlotte region declined again in February, falling slightly, 1.6 percent year-over-year, as 3,626 homes were sold in February 2022.  In February 2021 there were 59 more homes sold than in February 2022.   Even though sales activity in both January and February of this year was roughly on par with sales activity during the same period, February’s decline represents a second consecutive month of year-over-year declines at the start of 2022.  Month-over-month, February sales however are up 3 percent over January, an indication that sales activity may be slowly ramping up just ahead of the spring selling season. Data included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.

Pending sales, which are a count of the properties on which contracts have been accepted in a given month, signaled yet another month of year-over-year declines. Contract activity declined 4.4 percent year-over-year as 4,390 properties went under contract during the month of February versus the nearly 4,600 homes under contract this time last year. February contract activity compared to January 2022 increased less than a percent (0.6 percent) month-over-month, as buyer demand stalls, which could impact the number of closed sales in the coming months. 

2022 Association/Canopy MLS President Lee Allen said, “Given the present market situation of rising rates and home costs along with critically low inventory, buyers are having a difficult time finding homes, so it’s not a surprise to see a retreat in housing demand at this time. The National Association of Realtors® recently acknowledged volatility in economic conditions in the coming months would affect both buyer and investor activity, and we see that playing out, as consumer sentiment has fallen steadily since December.” 

Seller activity in the form of new listings also had a second consecutive month of year-over-year declines. New listings in February fell 11.8 percent year-over-year as sellers brought 4,088 homes to market during the month compared to the more than 4,600 new listings added in February 2021. Month-over-month new listing activity increased 5 percent, a small but welcome sign for buyers.

Allen continued, “Fortunately, new listing activity has increased consistently month-over-month since December, which over time helps to increase inventory. However, our days on market figures show the current pace of sales is moving so fast that buyers are essentially seeing homes purchased as quickly as they’re being listed. Realtor® representation is key in fast-moving and difficult markets.” 

Inventory remains critically low falling 45.9 percent year-over-year, leaving 2,283 homes for sale at report time or 0.5 months of supply, which means there is roughly 15 days of supply left at the current sales pace. Last year there was a little over 4,200 homes for sale across the 16 counties, or 0.9 months of supply.  The relationship between supply and demand indicates that prices across the region are now seeing larger year-over-year changes, as sales continue to be focused, particularly for single family homes, in the $350,000 and up price ranges. While condo-townhome property types still show some sales activity in the $190,000 to $250,000 price range, the majority of sales activity for this property type is still concentrated in the $250,000 and up price ranges.

Both the median sales price ($360,000) and the average sales price ($407,812) rose 22 percent and 19.6 percent year-over-year respectively, while the average list price rose 15.2 percent to $437,216 in February 2022.  Across the 16-county region, sellers are clearly in command of the market as indicated by the original list price to sales price ratio, of 100.6 percent, indicating that sellers received over asking prices in February.  

Homes were not on market long, as the average number of days a property was on market from the time it was listed until it closed (list to close) fell to 79 days compared to 89 days in February 2021. Days on market, the metric that accrues for “Active” and “Under Contract-show” statuses, averaged 23 days, which is even faster than February 2021 when homes averaged 32 days on market until sale. 

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.

The Canopy Realtor® Association is a trade association that provides its more than 16,000 Realtor® members with the resources and services they need to conduct ethical, professional, successful and profitable businesses. The Association is dedicated to being the region's primary resource for residential real estate information. The Association operates Canopy MLS, which has more than 21,000 subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a 16-county service area, including Charlotte, 13 counties in the mountains of North Carolina as well as the Rock Hill area of South Carolina.

Original Publish Date: 3/17/2022