August 22, 2024

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. — In July 2024, the Catawba Valley Region saw a 19.2 percent increase in pending sales, which gauge buyer demand, marking the highest number of homes under contract since March 2022. The sales data in this report is sourced from Canopy MLS and encompasses single-family homes, condos, and townhomes sold in Alexander, Burke, Caldwell, and Catawba Counties.

After a decline in May, buyer demand rebounded in June and again in July with 404 properties in under contract status. Month-over-month contract activity rose 11.6 percent over June 2024. New construction made up 16 percent of pending sales.

Home sales also rose this month, totaling 359 transactions, which represents a 14 percent increase compared to the same period last year. Sales in July also saw a 5.9 percent increase from June. New construction contributed 48 properties to this month's closed transactions.

Seller confidence in the form of new listings rose significantly by 25.9 percent in July, as sellers brought 501 properties to market. Consistent year-over-year increases in new listing activity since September 2023, has helped ease supply constraints. New construction contributed to this increase, totaling 19 percent of the newly listed properties. All four counties in the region saw growth in new listings.

“The increase in housing inventory is starting to ease some of the pressure on buyers, leading to more contract signings and less intense bidding wars. Mortgage rates moving lower in mid-July shows the impact rates have on buyers and sellers alike, attributing to higher sales this past month. This is a positive shift for those looking to enter the market.” said Karleta Sharisse Smith, a Realtor®/broker with Keller Williams Advantage and 2024 president of Catawba Valley Association of REALTORS®. 

The median sales price continued to trend upward with a slight 1.8 percent annual increase to $285,000 for the region. However, July saw a slight decline from June 2024, when the sales price was $294,500, marking a 3.2 percent decrease. The average sales price for all property types was $353,804, representing a 7.3 percent year-over-year increase. Sellers in the region continued to receive most of their asking price with the ratio of original list price to sales price averaging 95.1 percent.

Smith continued, “With inflation moving lower in July, experts are predicting a rate cut, possibly as early as September, which should bring more sellers to market, who have been reluctant to sell due to the 'lock-in' effect of their current, lower mortgage rates. More listings mean more opportunities and choices for buyers. Working with a trusted REALTOR®, can make the process more efficient and alleviate much of the anxiety on both sides of the transaction when navigating today's market.”

For the second month in a row, there were more than 900 properties in inventory, marking a significant year-over-year increase of 56.1 percent. New construction accounted for a large portion of the inventory at 29 percent or 280 properties, which is an 80 percent year-over-year increase. Consequently, the months of supply grew by 52.6 percent to 2.9 months, up from 1.9 months recorded during the same period in the previous year.

The July Showings report reveals that listings in the Catawba Valley Region averaged 3.8 showings per listing, indicating strong buyer interest throughout the month. Catawba County led the region with an average of 4.1 showings per listing. Burke County recorded 3.9 showings per listing, Caldwell County had 3.5, and Alexander County saw 3.0 showings per listing. Hickory (4.8), Newton (4.0), and Morganton (4.5) all demonstrated high buyer interest this month.

Properties in the region stayed on the market for an average of 37 days. This represents an 8.8 percent increase from July 2023. Townhomes remained on the market the longest, averaging 52 days. Single-family homes were listed for an average of 37 days, while condos sold the quickest, spending just 30 days on the market.

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 July seem extreme)

Alexander County experienced increases in all pricing metrics except the median sales price which dipped slightly 2.5 percent to $273,500. In July 2024, the average sales price of $371,828 increased by 6.2 percent compared to last year. Additionally, the average list price rose 10.8 percent to $413,897 holding the original list price to sales price measure at 95.2 percent. Days on market tightened this month by 25.5 percent, as homes averaged 41 days on market until sale.

Home sales in July experienced a 14.3 percent increase from the previous year, with 24 homes sold compared to 21 sold in July of the prior year. However, pending contract activity decreased 7.4 percent with 25 homes under contract versus 27 homes under contract a year ago. New listings rose 6.9 percent year-over-year as sellers brought 31 homes to market. Total inventory jumped to 50 percent with 69 available units compared to only 46 the previous year. This equates to 3.2 months of supply which is up compared to last year from 2.3 months of supply.

Burke County experienced increases in all metrics except for the percent of original list price received which fell to 92% this month. The median sales price ($260,000) and the average sales price ($277,024) rose this month 1.0 and 4.1 percent respectively. Closed sales increased by 20.3 to 77 properties this month. Pending contract activity rose 50.9 percent with 83 homes under contract during July. The average list price increased 24.1 percent to $398,152.

There was a substantial 64.2 percent increase in inventory with 197 properties available, equivalent to a 2.9 months supply, a 52.6 percent increase from 2023. New listings jumped 8.2 percent as sellers brought 92 homes to market compared to 85 in July 2023. Days on market reached 48 days, up from 32 the previous year.  

Caldwell County saw increases across all metrics in July 2024 except for the percent of original list price received which fell to 96.8% this month. Contract activity rose 11.3 percent year-over-year with 79 pending sales during July. Closed sales increased 19.2 percent year-over-year as 62 homes sold during the month compared to 52 in July 2023.

New listing activity was up this month with 98 properties listed. Inventory rose 14.3 percent to 144 homes for sale at report time or 2.2 months of supply. The median sales price rose 19.2 percent to $282,450 while the average sales price jumped 41.9 percent to $410,360. During July, the average list price increased 9.4 percent to $367,181. Days on market until sale showed homes averaged 39 days on market versus 25 days on market in July 2023, a 56 percent increase.  

Catawba County closed sales increased 10.1 percent in July 2024 as 196 homes sold compared to 178 that sold in July 2023. Pending contract activity increased 16.7 percent to 217 homes under contract during the month. New listings saw a 43.6 percent year-over-year climb to 280 homes listed compared to 195 that were newly listed in July 2023. Inventory jumped 70.5 percent with 544 homes for sale at report time or 3.1 months of supply.

The median sales price increased this month by 1.2 percent to $314,900 while the average sales price rose by 0.5 percent to $363,922. The average list price increased this month by 7.9 percent to $395,055. This brought the original list price to sales price measure down to 95.8 percent which was nearly flat with July 2023. Days on market tightened by 5.9 percent to 32 days in July 2024 versus 34 days on market in July 2023.

For more residential-housing market statistics, visit CarolinaHome.com and click on “Market Data.” For an interview with 2024 president of Catawba Valley Association of Realtors® Karleta Smith, Realtor®/Broker at Keller Williams Denver, 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, Asheville and Catawba Valley regions spanning across North Carolina, South Carolina and outside of the Carolinas. 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: 8/22/2024