June 2, 2022
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – Catawba Valley Region closed on 391 homes in March, a modest increase of 7.1 percent year-over-year compared to March 2021. Month-over-month sales also rose, with 118 more homes sold in March than in February, a 43 percent increase. The four- county region continues to show strong year-over-year sales and buyer demand, despite increased mortgage rates. Data by Canopy MLS shows the region’s spring market is off to a strong start as year-over-year closings continued to rise 9.5 percent in April as 426 sold homes during the month.
Though pending sales activity was up 13 percent year-over-year in March 2022, indicating substantial buyer interest, contract activity dipped by 3.1 percent year-over-year in April. Month-over-month contract activity was also down in April 2022, falling 15.6 compared to March 2022, which could mean that buyer competition is finally starting to slow as rising rates and inflation impacts future sales.
In March new listings experienced a solid year-over-year increase of 7.2 percent, with 474 homes listed for sale, while new listing activity in April was nearly on par with last year’s activity with 455 homes listed. Year-to-date April 2022 activity shows new listings are ahead of new listing activity during the first four months of the year last year, but 2.1 percent. Since February, the region has experienced steady new listing activity, that has helped to increase months of supply from 18 days of supply in March 2022 (at report time) to 1.2 months of supply at the end of April 2022.
Donna Austin, President of Catawba Valley Association of Realtors® and a Realtor®/broker with Coldwell Banker Boyd & Hassel, Inc. said, “As mortgage rates rise and economic concerns continue, buyers in the Catawba Valley area, will not only be impacted by critically low supply and the fast pace of sales, but now by the amount of mortgage their budgets can handle. Unfortunately, this does not include those first-time buyers who are starting to find themselves priced out of the market.”
Homes in the Catawba Valley region continue to sell quickly. Homes spent 26 days on the market in March 2022 and even less time in April, when homes averaged 19 days on market in April 2022. Additionally, the supply of inventory continues to fall, which impacted prices. The median sales price in April 2022 ($246,000) increased by 19.8 percent and the average sales price ($304,959) rose by 15.5 percent year-over-year, respectively. The original list price to sales price measure of 99.4 percent in March 2022 and 101.1 percent in April 2022 shows sellers receiving nearly all of asking prices.
Austin continued, “Though we’re still in a strong seller’s market, conditions continue to change quickly and consequently, home sellers will need to assess market conditions, down to the neighborhood level in order to continue attracting buyers, who are more measured now in their purchases. Realtors® are able to provide this level of market research and value to the clients.”
A closer look at sales across the four counties in April 2022
Alexander County home sales in April 2022 declined 17.9 percent year-over-year as 32 homes sold compared to 39 that sold in April 2021, while pending contracts also declined by 12.9 percent year-over-year as buyers drove 27 homes under contract during the month versus 31 in April 2021. New listing activity however increased 46.2 percent as seller confidence rose and sellers listed 38 homes for sale versus 26 listed in April 2021. Still, with inventory down to 24 homes for sale or 0.8 months of supply (24 days of supply), prices continue to rise. Both the median sales price ($329,450) and the average sales price ($377,208) rose 68.9 percent and 55.5 percent year-over-year respectively, while the average list price rose 49.8 percent year-over-year to $338,884. Sellers continued to command the market as evidenced by the original list price to sales price measure reaching 101.8 percent, with sellers receiving asking prices and more for their homes in April, while days on market until sale showed homes averaged 21 days on market during the month compared to 26 days in April 2021.
Burke County sales increased 7.6 percent year-over-year as 85 homes sold versus 79 in April 2021. Pending contract activity showed buyer demand is still strong, rising 23.4 percent year-over-year as 95 homes went under contract during the month. New listing activity showed sellers listed 90 homes for sale, which is unchanged compared to last April 2021. Inventory at report time showed 66 homes for sale compared to 106 homes for sale in April of last year or 0.8 months of supply (24 days of supply). Prices remained affordable but were mixed in April. The median sales price of $205,000 rose 2.8 percent year-over-year while the average sales price of $249,924 declined 3.8 percent year-over-year. This brought the original list price to sales price measure to 100.8 percent as sellers in Burke continue to receive all of asking price for their homes while their homes sold quickly, as indicated by homes averaging 29 days on market until sold in April versus 25 days on market in April 2021.
Caldwell County home sales activity in April 2022 was nearly on par with last April, declining1.2 percent year-over-year as 85 homes sold versus 86 homes sold last year. Pending contract activity also declined 14.9 percent year-over-year as 74 homes went under contract compared to 87 that were under contract in April 2021. New listing activity showed seller confidence declined 17.7 percent as sellers listed only 79 homes for sale compared to the near 100 homes listed this time last year. Low inventory that showed 61 homes for sale at report time and 0.8 months of supply (24 days of supply), continues to impact prices, which rose by double-digits. Both the median sales price ($240,000) and the average sales price $257,748 rose 33.7 percent and 25.1 percent year-over-year respectively, while the average list price rose 14.2 percent year-over-year to $283,267. This brought the original list price to sales price measure to 101.5 percent as sellers receive all of asking price and more in April. Homes sold quickly, averaging 18 days on market until sale versus 22 days on market in April 2021.
Catawba County home sales streak continues to buck trends as April sales rose 21.1 percent year-over-year as 224 homes sold versus 185 that sold in April 2021. Pending contract activity declined 6.1 percent year-over-year as buyers went under contract with 215 homes versus 229 under contract this time last year. New listing activity was somewhat on par with last year, declining 1.6 percent compared to April 2021, as sellers listed 248 homes for sale versus 252 listed last April. Both the median sales price ($243,750) and the average sales price ($333,437) rose 6 percent and 12.1 percent year-over-year respectively, while the average list price increased 18.2 percent to $395,557. Inventory at report time was down 30.6 percent leaving 161 homes for sale or 0.8 months of supply (24 days of supply). The original list price to sales price measure of 101 percent shows sellers receiving above asking prices for their homes in April 2022 while days on market until sale averaged 15 days versus 26 days until sale in April 2021.
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with an Asheville-area Realtor®/broker, please contact Kim Walker.
Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond. Canopy MLS, which has 21,000 subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more. Canopy MLS is used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.
Original Publish Date: 6/2/2022