June 11, 2018
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Carolina Multiple Listing Services, Inc. (CarolinaMLS). The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.
Charlotte Metro region year-over-year home sales in May decreased 4.2 percent, with 4,538 properties sold compared to 4,737 properties sold in May 2017. However, total home sales activity year-to-date (January through May 2018) is only down 0.9 percent compared to the same period in 2017 (18,397 home sales vs 18,569 home sales). Home sales increased 12.7 percent compared to the previous month (April 2018).
The average sales price in May 2018 ($299,690) increased 10.7 percent compared to May 2017 ($270,787), while the median sales price ($245,000) increased 9.5 percent compared to May 2017 ($223,750). Compared to the previous month (April 2018), the average and the median sales prices increased 2.6 percent and 2.1 percent respectively.
The average list price in May 2018 ($341,052) increased 6.9 percent compared to May 2017 ($319,024), bringing the percent of original list price received measure to 97.5 percent, a slight increase of 0.2 percent compared to the same period last year. Pending sales in May 2018 (5,320) rose 9.7 percent compared to May 2017. Compared to the previous month (April 2018), pending sales increased 1.4 percent.
"Though May sales are down year-over-year, we are pleased to see that sales activity for the first five months of the year is almost on par with year-to-date sales activity in 2017," said Association/CarolinaMLS President Jason Gentry. "Limited inventory continues to pressure prices and will be a challenge to buyers, who need to be prepared to act quickly and for multiple offer situations. However, the current housing climate in Charlotte is not isolated, as other major markets in the state are also experiencing limited inventory and price increases that are impacting affordability."
New residential listings (6,350) increased 3.3 percent in May 2018 compared to the same period last year. Compared to the previous month (April 2018), new listing counts increased 10.0 percent. Inventory continued to fall, with the number of homes for sale down 20.0 percent compared to May 2017, which left the CarolinaMLS region with 9,106 properties for sale at report time, or 2.2 months of supply of inventory. A year ago in May 2017 the region had 11,381 properties for sale, or 2.9 months of supply.
The average number of days a property was on the market from the time it was listed until it closed (list to close) was 87 days, which is 10 fewer days than May 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 38 days, which is eight fewer days than May 2017.
About Carolina Multiple Listing Services, Inc. (CarolinaMLS):
The Carolina Multiple Listing Services, Inc. (CarolinaMLS) is a wholly-owned subsidiary corporation of the Charlotte Regional Realtor® Association. The Association provides more than 10,600 Realtors® 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 CarolinaMLS, which has more than 15,400 subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a multicounty service area, including Charlotte, the Piedmont and Mountains areas of North Carolina and South Carolina, and beyond.
The following counties are considered a part of the Charlotte Metro region core service area, although CarolinaMLS does includelistings from other counties: Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanlyand Union counties in North Carolina; Chester, Chesterfield, Lancaster and York counties inSouth Carolina.
The following counties are considered a part of the Asheville region core service area: Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties in North Carolina.
CarolinaMLS also serves as the wholesale MLSvendor for the Multiple Listing Service of Catawba Valley (MLSCV) and provides core services as well as training and support to its 600 subscribers; however, the MLSCV still serves as the primary MLS in the Hickory/Catawba County and Lenoir/Caldwell County areas of western North Carolina.
For more residential-housing market statistics, visit www.CarolinaHome.comand click on “Market Data.” For an interview with 2018 Association/CarolinaMLS President Jason Gentry, please contact Kim Walker.
The Charlotte Regional Realtor® Association is a trade association that provides its more than 10,600 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 the Carolina Multiple Listing Services, Inc. (CarolinaMLS), which has more than 15,400 Subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a multicounty service area, including Charlotte, the Piedmont and Mountains areas of North Carolina and South Carolina, and beyond.
Original Publish Date: 6/11/2018