July 28, 2023
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. — Sales across the Catawba Valley region continued their downward trend in June, falling 9.3 percent compared to last year, with 381 homes sold across the region. In June 2022 the region had 39 more units sold, than in June 2023. Sales compared to the month of May 2023 increased 5 percent, as buyers continue their pursuit of homes within the four-county region. Closed sales increased in Caldwell County (+9.4%), and Lenoir (+14.7%) this past month. 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 for a second consecutive month, rising 4.1 percent year-over-year, as 378 homes went under contract, compared to 363 homes under contract during the same period last year. Contract activity compared to May 2022, was down 8.9 percent. June Showing Reports, which gauge foot-traffic, indicated that buyer interest was highest in the town of Newton (7 showings per listing), Hickory (6.8 showings per listing) and Catawba County (6.2 showings per listing).
New listings declined 18.9 percent year-over-year as sellers listed 415 homes for sale during the month compared to 512 listed in June 2022. New listings compared to May were down 3.3 percent. New listing activity had been increasing since the start of the year but have trended down since March 2023. Consistent new listing activity helps to replenish inventory, which declined slightly in June 2023.
“Contract activity over the past two months shows that buyers are still seeking affordability in homes across the region, but without consistent new listing activity, inventory will be impacted and could force prices higher, said Emily Wood, a Realtor®/broker with Better Homes and Gardens Real Estate Foothills and president of Catawba Valley Association of Realtors®. And even with more buyers seeking homes over the last two months, sellers continue to signal their disdain for the market’s higher mortgage rates, opting out of becoming ‘move-up’ buyers, even though the market still highly favors them.”
Inventory at report time was somewhat unchanged, dipping slightly, by 2.4 percent compared to inventory in June 2022. Inventory across the four-county region started increasing in October 2022 and continued through this past May, falling for the first time in June 2023 with 518 homes for sale. The region had 1.6 months of supply at report time which is up 14.3 percent over June 2022, when there was only 1.4 months of supply.
Prices rose modestly in June. Both the median sales price ($274,950) and the average sales price ($333,470) increased 6.2 percent and 1.1 percent year-over-year respectively. However, compared to May’s prices, both the median sales price and average sales price dipped, 0.7 percent and 2.3 percent respectively, giving buyers some relief. The average list price increased 7.6 percent to $375,663 in June, bringing the original list price to sales price measure to 97.6 percent, as sellers still receive nearly all of asking price for their homes.
Wood continued, “Since the pandemic, the median sales price has risen 51 percent from $181,000 in March 2020, and tight inventory and supply will continue to challenge affordability, making it difficult for both buyers and sellers in our region, particularly workforce buyers and first-time buyers. The guidance of a Realtor® is key in a difficult market.”
Homes spent more time on market in June. List to close increased 29 percent to 80 days compared to 62 days in June 2022, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, showed homes averaged 28 days on market until sale compared to 15 days on market in June 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 home sales in June were unchanged compared to last year with 32 homes sold, while pending contract activity was also flat with 26 homes under contract during the month. New listing activity was down 7.7 percent year-over-year as sellers brought 36 homes to market during the month. Inventory increased 13.9 percent to 41 homes for sale or 1.9 months of supply, compared to 1.3 months of supply this time last year. The median sales price of $260,000 declined 11.7 percent year-over-year while the average sales price increased 5.9 percent compared to last year to $324,413. The average list price however, declined 17.5 percent to $279,650, which brought the original list price to sales price measure to 99.5 percent, up from June 2022, when it was only 98.8 percent. Days on market increased 138.5 percent, as homes averaged 31 days on market until sale compared to 13 days on market in June 2022.
Burke County home sales in June declined 21.1 percent year-over-year as 71 homes sold compared to 90 that sold in June 2022. Pending contract activity jumped 20.6 percent to 82 homes under contract during the month compared to 68 during the same period last year. New listings declined 16.8 percent as sellers brought 79 homes to market compared to 95 in June 2022. Inventory at report time declined 18.6 percent to 83 homes for sale or 1.2 months of supply. In June 2022 months of supply was slightly higher at 1.3 months. Prices were mostly unchanged. Tighter inventory pushed the median slightly higher, 1.6 percent year-over-year to $245,000 while the average sales price dipped 0.2 percent to $294,693. The average list price was down 2.5 percent year-over-year to $325,164. This brought the original list price to sales price measure down 3.1 percent to 97.2 percent in June compared to 100.3 percent in June 2022. Days on market rose 16.7 percent to 28 days on market in June compared to 24 days this time last year.
Caldwell County home sales increased 9.4 percent year-over-year as 70 homes were sold compared to 64 that sold in June 2022. Pending contract activity was also positive and rose 1.5 percent year-over-year as 66 homes went under contract during the month compared to 65 in June 2022. New listing activity fell 8.9 percent as sellers brought 82 homes to market versus 90 during the same period last year. Inventory rose 8.2 percent to 105 homes for sale at report time or 1.6 months of supply. Prices increased slightly. Both the median sales price ($240,500) and the average sales price ($287,691) increased 2.1 percent and 3.6 percent year-over-year respectively, while the average list price rose 9.1 percent to $343,652. This brought the original list price to sales price measure to 99 percent, as sellers receive nearly all of asking prices for their homes, while days on market until sale showed homes averaged 25 days on market versus 18 days on market in June 2022.
Catawba County closed sales declined 11.1 percent year-over-year as 208 homes sold compared to 234 that sold in June 2022, while pending contract activity was unchanged at 204 homes under contract during the month. New listings decreased 24.3 percent year-over-year to 218 homes listed compared to 288 that were newly listed in June 2022. Inventory dipped 2.4 percent to 289 homes for sale at report time or 1.6 months of supply. In June 2022 there was 1.5 months of supply. Tighter supply forced the median sales price up 10.1 percent to $299,000, while the average sales price was mostly unchanged, rising 0.8 percent to $363,650. The average list price however jumped 15.3 percent to $422,269. This brought the original list price to sales price measure to 96.9 percent compared to 100.9 percent in June 2022. Days on market increased from 13 days in June 2022 to 28 days on market in June 2023.
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: 7/28/2023