June 11, 2019
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – As the prime selling season truly ramps up across the Charlotte region, May home sales remained positive, rising 0.5 percent over sales in May 2018, with 4,864 homes sold in May 2019 compared with 4,841 homes sold last May. Compared to the previous month (April 2019) sales were up 15.2 percent.
Pending sales counts, which gauge buyer demand and future sales, rose 17.3 percent compared to May 2018 and rose 5.7 percent compared to the previous month (April). Pending sales have been strong in the Charlotte region dating back to May 2014.
Prices continued to increase throughout the 16-county region with both the average sales price ($309,859) and the median sales price ($ 259,900) rising 3.4 percent and 5.7 percent respectively. Though prices continue to rise, we may be experiencing some price moderation, as the increases compared to the previous month are not as steep. Both the average and median sales prices rose 1.6 percent and 2.5 percent respectively when compared to prices in April 2019.
The average list price continues to reflect confident sellers, as it increased 2.6 percent in May 2019 to $343,468. The percent of original list price received dipped slightly (0.2 percent), which brought May’s list price to sales price ratio to 97.3 percent.
“We’re pleased to see that year-to-date sales remain positive and show we are still a healthy market,” said 2019 Charlotte Regional Realtor® Association/CarolinaMLS president Brenda Hayden. “Our showings report continues to show buyers are willing to expand their home searches into the surrounding counties, with Kannapolis (10.4 showings per listing) and Concord (9.6 showings per listing) leading the way. The showing activity in combination with strong pending sales activity shows buyer interest has not waned in our region.”
New residential listings (6.587) increased 2.8 percent in May 2019, but compared to April 2019, new listings increased a phenomenal 14.1 percent, showing the growing confidence sellers have in the market. Inventory declined, with the number of homes for sale falling 10.1 percent compared to May 2018. This left the Charlotte Metro region with 9,443 properties for sale at report time, or 2.3 months of supply of inventory. A year ago in May 2018 the region had 10,506 properties for sale, or 2.6 months of supply. Supply continues to be constrained (-11.6 percent) in the single family home market, especially in the $250,000 and below price points. However, supply in the condo/townhome market rose 4.5 percent over a year ago.
The average number of days a property was on the market from the time it was listed until it closed (list to close) was unchanged compared to May 2018 at 88 days. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 41 days, which is two days more than May 2018.
The Charlotte Regional Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from the 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.
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with 2019 Association/CarolinaMLS President Brenda Hayden, please contact Kim Walker.
The Charlotte Regional Realtor®Association is a trade association that provides its more than 11,200 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 16,800 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: 6/11/2019