Spring market delayed across the region, sales and buyer activity increased in Town of Newton
Apr. 11, 2023
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. — Catawba Valley region home sales were down in March, falling 16.2 percent year-over-year across the four-county region, as 331 homes sold compared to 395 that sold in March 2022. Sales compared to the previous month (February) rose 35.1 percent, as buyers took advantage of rates that briefly moved into 6 percent territory in mid-March. Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.
Buyer demand, as indicated by pending contract activity was down 7 percent as 414 homes went under contract during the month compared to 445 that were under contract in March 2022. Month-over-month contract activity was up 34.4 percent. New listing activity slipped 5.5 percent year-over-year as sellers listed 448 homes during the month compared to 474 new listings during the same period last year. Month-over-month new listings were up 50.8 percent
“This year’s market is very different from the previous years, because we’re still experiencing seasonality, while also seeing how sensitive buyers are to rate changes.” said Emily Wood, a Realtor®/broker with Better Homes and Gardens Real Estate Foothills and president of Catawba Valley Association of Realtors®. “Sales and contract activity increased year-over-year in Newton, a sign that buyers are interested in amenities close to town centers. And the dip in mortgage rates in mid-March gave buyers that opportunity to capitalize on prices particularly in Newton, which softened a bit as well.”
Inventory at report time, across the four counties increased 38.7 percent year-over-year to 462 homes for sale compared to 333 homes for sale in March 2022. Months of supply increased 75 percent to 1.4 months, which means that the local market is still tight.
The median sales price of $265,000, which is the best measure of price over time, increased 9.7 percent year-over-year, while the average sales price of $296,281 declined 3.2 percent year-over-year. The average list price increased 18.2 percent over last year to $374,222, bringing the original list price to sales price measure down to 96.6 percent. This time last March, sellers held a stronger position and received 99.4 percent of asking prices.
Wood continued, “Our region continues to see consistent month-over-month listing activity, which in the long-run, will be helpful in replenishing inventory. As our market continues to normalize, sellers will need to continue to reset their expectations. Sellers may need to contemplate ways to boost buyer interest, since the buying pool is smaller and buyers are more measured than previous years. Aside from Burke County, buyer activity was concentrated in the towns of Lenoir and Newton.”
Homes spent more time on market in March. List to close increased 13.2 percent to 86 days compared to 76 days in March 2022, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, showed homes averaged 38 days on market until sale compared to 26 days on market in March 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 20 homes closed compared to 40 that closed in March 2022, a year-over-year decline of 50 percent, while pending contract activity declined 46.3 percent year-over-year to 22 homes under contract versus 41 homes under contract this time last March. New listing activity also declined 32.5 percent year-over-year as sellers listed just 27 homes for sale compared to 40 homes listed in March 2022. Inventory in early March shoed 36 homes for sale compared to 19 for sale in March a year ago, or 1.7 months of supply. In March 2022 there were roughly 18 days of supply. Still, tight inventory is causing prices to rise. The median sales price ($312,500) and the average sales price ($322,315) increased 34.4 percent and 214 percent year-over-year respectively, while the average list price increased 24.9 percent to $389,759. This brought the original list price to sales price measure to 97.3 percent while days on market showed homes averaged 33 days on market, compared to 32 days on market in March 2022.
Burke County home sales declined 7.4 percent year-over-year as 75 homes sold compared to 81 that sold in March 2022. Pending contract activity increased 3.2 percent as 96 homes went under contract versus 93 that were under contract in March 2022. New listings however declined 12.8 percent as sellers brought 95 homes to market compared to 109 that were newly listed this time last year. Inventory increased 18.1 percent to 98 homes for sale at report time or 1.4 months of supply. The median sales price of $226,650 declined 2.7 percent year-over-year while the average sales price of $266,605 increased 6.4 percent year-over-year. The average list price increased 7.9 percent to $335,979. This brought the original list price to sales price measure to 95.4 percent while days on market dropped 5.3 percent, showing homes averaged 36 days on market until sale, which is faster than last March’s 38 days on market.
Caldwell County home sales declined 5.6 percent year-over-year as 68 homes sold compared to 72 that sold in March 2022. Pending contract activity showed buyer demand down 4.5 percent year-over-year as 85 homes went under contract during the month compared to 89 under contract in March of last year. New listing activity was down 12 percent as sellers listed 81 homes for sale compared to 92 listed during the same period last year. Inventory at report time showed 79 homes for sale compared to 67 that were for sale last year, an increase of 17.9 percent, which brough months of supply up from 27 days (0.9) last year to 1.2 months of supply in March 2023. The median sales price of $250,500 increased 15.7 percent while the average sales price slipped 1.4 percent to $270,103. The average list price increased 18.5 percent year-over-year to $307,552. This brought the original list price to sales price measure down 3.2 percent to 96.2 percent compared to 99.4 percent in March 2023. Days on market showed homes averaged 34 days on market until sale compared to 22 days on market in March 2022.
Catawba County closed sales declined 16.8 percent year-over-year as 168 homes sold compared to 202 that sold in March 2022. Pending contracts or buyer activity was down 5 percent year-over-year as 211 homes went under contract during the month, compared to 222 that were under contract a year ago in March. New listing activity increased 5.2 percent year-over-year as sellers brought 245 homes to market during the month, which helped inventory increased 51.8 percent at report time to 249 homes for sale. Months of supply jumped 75 percent to 1.4 months of supply compared to 24 days (0.8) of supply during the same period last year. The median sales price of $274,700 increased 7.9 percent year-over-year, while the average sales price decreased 8.9 percent to $317,026. This brought the original list price to sales price measure to 97.3 percent while days on market showed homes averaged 41 days on market until sale compared to 22 days on market this time last year.
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.
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: 4/11/2023