June 22, 2023
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. — Home sales across the Catawba Valley region in May declined 7.2 percent year-over-year as 363 homes sold across the four-county region compared to 391 that closed a year ago in May. Sales compared to April increased 10.7 percent as buyers continued to navigate a market with rising but still tight inventory and a higher mortgage rate environment. Housing statistics included in this report are completed transactions that include single-family and condo/townhomes only, according to data from Canopy MLS.
Pending sales or contracts, however increased 6.4 percent year-over-year as 415 homes went under contract compared to 390 under contract last May. Month-over-month contract activity rose 11.9 percent. This is a potentially positive sign that the Catawba housing market is stabilizing, as contract activity is generally a good gauge of future home sales, since they tend to close 45-60 days later.
New listings however declined 16.7 percent an indication that seller confidence was down in May, as sellers listed 429 homes for sale compared to 515 listed a year ago last May. Month-over-month, new listings were down 4 percent.
“May’s sales activity continues to reflect just how sensitive today’s buyers are to rates.” said Emily Wood, a Realtor®/broker with Better Homes and Gardens Real Estate Foothills and president of Catawba Valley Association of Realtors®. “Buyers continue to signal their desire to live in the region and even though the market is more complex than a year ago, our stable and affordable prices continue to draw newcomers. Even as supply and inventory increase, we’re still in a tight seller’s market, where the help of a Realtor® is essential to help buyers purchase or to help sellers arrive at a price reflective of today’s market.”
Inventory at report time, increased 14.2 percent to 506 homes for sale at report time or 1.5 months of supply. Months of supply is up 36.4 percent from last May’s 1.1 month of supply. The region had more supply and inventory in April, when there were 531 homes for sale and 1.6 months of supply.
Prices continued to increase, as supply still reflects a tight seller’s market. Both the median sales price ($277,000) and the average sales price ($341,493) increased 10.6 percent and 10 percent year-over-year respectively. The average list price of $276,850 increased 4.5 percent year-over-year, which brought the original list price to sales price measure to 97.6 percent as sellers still receive nearly all of asking prices for their homes in May.
Wood continued, “Our region continues to receive high marks for affordability, and rankings like the one at the beginning of April from Travel & Leisure’s Ten Most Beautiful and Affordable Places to Live in the US, nearly ensure that we continue to receive national attention. Our proximity to both Charlotte and Asheville, along with affordable home prices, make the region highly desirable for young families, ensuring continued growth. This means the continued normalization of the market, growth in supply and stabilization of prices will be key this year in helping buyers moving into the region.”
Homes spent more time on market in May. List to close increased 12.5 percent to 72 days compared to 64 days in May 2022, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, showed homes averaged 30 days on market until sale compared to 18 days on market in May 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 sold in May, compared to 32 in May 2022, a year-over-year decline of 37.5 percent, while pending contracts increased 11.1 percent to 30 homes under contract compared to 27 under contract in May 2022. New listings were down 33.3 percent as sellers brought 26 homes to market compared to 39 during the same period last year. Inventory increased slightly and showed 33 homes for sale or 1.5 months of supply. Prices rose. Both the median sales price ($252,750) and the average sales price ($320,045) rose 5.7 percent and 19.1 percent year-over-year respectively while the average list price rose 29.4 percent to $399,620. This brought the original list price to sales price measure to 95.6 percent while days on showed homes averaged 27 days on market until sale compared to 14 days on market in May 2022.
Burke County home sales in May declined 9.9 percent year-over-year as 82 homes sold compared to 91 that sold in May 2022. Pending contracts continued to fall, dropping 22.9 percent year-over-year as 64 homes went under contract compared to 83 under contract a year ago in May. New listings fell 21.3 percent year-over-year as 74 homes went on market compared to 94 homes listed in May 2022. Inventory and supply are increasing. Inventory rose 7.2 percent to 82 homes for sale or 1.3 months of supply. Last May, there was only one month of supply. Prices increased. Both the median sales price ($275,000) and the average sales price ($340,725) increased 10.9 percent and 6.7 percent year-over-year respectively, while the average list price increased 7.2 percent to $343,972. This brought the original list price to sales price measure to 97.4 percent in May compared to 100.1 percent that sellers received last May. Time homes spent on market continued to increase as well, rising 78.9 percent to 34 days on market until sale compared to 19 days on market in May 2022.
Caldwell County home sales in May declined 13.9 percent as 62 homes sold compared to 72 that sold during the same period last year. Pending contracts however increased 16.4 percent as 78 homes went under contract compared to 67 that were under contract a year ago in May. New listing were down 5.2 percent as sellers listed 92 homes for sale compared to 97 a year ago in May. Inventory and supply are increasing. Inventory rose 5.8 percent to 91 homes for sale or 1.4 months of supply. Both the median sales price ($247,500) and the average sales price ($316,721) rose 6.5 percent and 21.8 percent year-over-year due to still tight inventory in the county. The average list price increased 3.1 percent year-over-year to $312,752. This brought the original list price to sales price measure to 95.9 percent compared to 97.9 percent in May 2022, while days on market until sale increased 70.6 percent, showing homes averaging 29 days on market compared to 17 days on market in May 2022.
Catawba County closed sales rose 1.5 percent year-over-year as 199 homes sold compared to 196 in May 2022. Pending contracts were also positive and rose 14.1 percent year-over-year as 243 homes went under contract during the month. New listings however were down 16.8 percent in May as 237 homes were listed during the month. Inventory increased 21.1 percent year-over-year to 293 homes for sale or 1.6 months of supply. Both the median sales price ($313,900) and the average sales price ($351,684) increased 18.5 percent and 6.1 percent year-over-year respectively, while the average list price increased 2.2 percent to $409,595. This brought the original list price to sales price measure to 98.5 percent while days on market increased 61.1 percent and showed homes on market 29 days compared to 18 days on market last May.
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: 6/22/2023