August 24, 2023
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. — Sales across the four-county Catawba Valley Region continued to trend down in July, falling 14.3 percent year-over-year as 306 homes sold across the region. A little more than 50 closings separated sales this past July from sales during the same period a year ago. Sales compared to June 2023 were down 19.7 percent as the number of units sold in July 2023 (306) retreated to the level of sales at the end of 2020. Sales included in this report are according to data from Canopy MLS and include single family, condo and townhome sales in Alexander, Burke, Caldwell and Catawba Counties.
In July 2023, there was a decrease of 6.3 percent in new listings, as sellers listed 389 homes for sale, compared to June's count of 415. New listings were down 16.2 percent year-over-year. While the year began with a rise in new listing activity, there has been a gradual downturn since March. Notably, among the four counties in the region, Alexander County stood out with a positive year-over-year increase in new listings, showing growth at 11.1 percent.
Buyer demand has seen a steady climb with a 2.2 percent increase in pending sales as 367 homes went under contract, compared to 359 homes under contract during the same period last year. July Showing Reports, which gauge foot-traffic, indicated that buyer interest was highest in the towns of Newton (7.6 showings per listing), and Hickory (6.8 showings per listing) as well as Catawba County in general (6.4 showings per listing).
“Despite buyers’ frustration with rising mortgage rates, the decrease in closed sales from June to July, doesn't overshadow the Catawba Valley Region’s overall activity, which still reflects a healthy volume of completed transactions.” said Emily Wood, a Realtor®/broker with Better Homes and Gardens Real Estate Foothills and president of Catawba Valley Association of Realtors®.
In terms of pricing, the median sales price climbed from $274,950 in June to $279,000 in July. Both the median sales price ($279,000) and the average sales price ($330,285) increased 16.2 percent and 4.2 percent year-over-year respectively, indicating that property values are holding up. The percent of original list price received experienced a slight decrease, going from 97.6 percent in June to 96 percent in July, which indicates homes are still selling close to asking price.
Market timing metrics also revealed notable trends in favor of buyers. Days on market until sale increased from 28 days in June to 34 days in July. A year ago, the market moved much faster, with homes averaging 19 days on market until sale. All four counties saw a substantial increase in days on market year-over-year with Alexander County and Catawba Counties seeing the largest increases of 72.7% and 126.7% respectively.
Wood continued, “The evolving market dynamics have resulted in a more measured pace for buyers, as days on market continue to extend, nurturing a more deliberate decision-making process. Nonetheless, sellers are consistently receiving offers near their asking price, underscoring the normalization of home values in the Catawba Valley region.”
While July’s average list price of $359,466 was down compared to June’s $375,663, the average list price year-over year continued to increase at 10.9 percent.
Furthermore, there was a 3.1 percent uptick in the inventory of homes for sale compared to last month (June), reaching 534 at report time in July. However, compared to last year, inventory is down 8.1 percent. If this trend continues, prices will continue to increase. The month-over-month rise indicates a steady influx of properties accessible to potential buyers. This trend corresponded with a consistently maintained months’ supply of inventory at 1.6 months, signaling potential normalizing in the market's conditions.
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 July decreased 23.1 percent year-over-year as 20 homes sold compared to 26 that sold a year ago in July. However, pending contract activity saw a modest increase with 32 homes under contract verses 27 homes under contract a year ago. New listing activity also increased by 11.1 percent year-over-year as sellers brought 30 homes to market during the month. Inventory increased 17.6 percent to 40 homes for sale or 1.9 months of supply, compared to 1.2 months of supply this time last year. The median sales price of $276,000 climbed by 12.5 percent year-over-year while the average sales price increased 28.1 percent compared to last year to $352,596. The average list price saw an uptick by 15.4 percent to $375,023, which brought the original list price to sales price measure to 95.1 percent, down from 97 percent in 2022. Days on market increased 72.7 percent, as homes averaged 57 days on market until sale compared to 33 days on market in July 2022.
Burke County home sales in July increased 3.2 percent year-over-year as 64 homes sold compared to 62 that sold in July 2022. Pending contract activity declined 21.9 percent to 57 homes under contract during the month compared to 73 during the same period last year. New listings also declined by 15.6 percent as sellers brought 81 homes to market compared to 96 in July 2022. Inventory at report time declined 6.0 percent to 109 homes for sale or 1.7 months of supply. In July 2022 months of supply was slightly lower at 1.5 months. The median sales price increased 16.0 percent year-over-year to $257,500 while the average sales price decreased 6.1 percent to $266,215. The average list price was up 10.4 percent year-over-year to $328,583. This brought the original list price to sales price measure down 0.9 percent to 94.9 percent in July compared to 95.8 percent in July 2022. Days on market rose 3.2 percent to 32 days in July compared to 31 days this time last year.
Caldwell County home sales decreased 27.1 percent year-over-year with 51 homes sold compared to 70 that sold in July 2022. However, pending contract activity rose 6.6 percent year-over-year as 81 homes went under contract during the month compared to 76 in July 2022. New listing activity fell 7.3 percent as sellers brought 89 homes to market versus 96 during the same period last year. Inventory increased 4.8 percent to 110 homes for sale at report time or 1.7 months of supply. Prices saw a modest increase this month. Both the median sales price ($239,000) and the average sales price ($293,259) increased 20.5 percent and 17.7 percent year-over-year respectively, while the average list price substantially rose 39.0 percent to $347,513. This brought the original list price to sales price measure to 96.9 percent while days on market until sale showed homes averaged 25 days on market versus 15 days on market in July 2022.
Catawba County closed sales declined 14.1 percent year-over-year as 171 homes sold compared to 199 that sold in July 2022, while pending contract activity increased by 7.7 percent to 197 homes under contract during the month. New listings decreased 22.9 percent year-over-year to 189 homes listed compared to 245 that were newly listed in July 2022. Inventory dipped 15.6 percent to 275 homes for sale at report time or 1.5 months of supply. In July 2022, there was 1.6 months of supply. Tighter supply forced the median sales to increase again this year by 20.0 percent to $300,000, while the average sales price was mostly unchanged, rising 1.7 percent to $362,828. The average list price increased 3.2 percent to $364,097. This brought the original list price to sales price measure to 96.3 percent compared to 98.9 percent in July 2022. Days on market increased from 15 days in July 2022 to 34 days on market in July 2023.
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with 2023 president of Catawba Valley Association of Realtors® Emily Wood, Realtor®/Broker at Better Homes and Gardens Real Estate - Foothills, 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: 8/25/2023