Holidays Look Promising for Charlotte Area Home Sales
Information is written & provided by: Charlotte Regional Realtor® Association
November home sales positive heading into Holidays; 2020 outlook looks promising
November home sales were positive across the Charlotte region headed into the holidays, rising 2.0 percent year-over-year with 3,878 homes sold, according to data from Canopy MLS. Sales compared to the previous month (October 2019) were down 15.2 percent, but year-to-date sales were up 4.6 percent with 46,740 homes sold over the 11-month time period.
Pending sales counts rose 20.3 percent compared to a year ago, but were down 17.0 percent compared to October 2019. Pending sales or pending contracts are a forward-looking indicator and predictor of future sales.
The average list price across the region rose 7.4 percent year-over-year to $335,717. Compared to October 2019, list prices were up 1.6 percent. Both the average sales price ($306,133) and the median sales price ($255,000) rose as well, up 7.2 percent and 8.1 percent, respectively. Compared to the previous month, both indices were up 0.1 percent and 0.8 percent, respectively. The original list price to sales price measure rose 0.3 percent to 96.2 percent, showing sellers in the region are getting even closer to asking price.
2019 Charlotte Regional Realtor® Association/Canopy MLS President Brenda Hayden noted, “November’s housing trends, along with the rise in activity that we’ve seen in the last half of 2019, create a promising outlook for Charlotte’s housing market next year. Year-to-date November sales activity shows the market is up nearly five percent when compared to the same period last year. However, buyers will continue to face challenges with inventory and price growth, as demand is expected to outpace supply.”
New residential listings decreased 6.3 percent with 3,704 homes listed during the month of November. New listings were down 27.7 percent compared to October 2019’s activity. Inventory will continue to pressure prices for the foreseeable future, with the number of homes falling 22.6 percent year-over-year across the 16-county region, leaving the area with 8,375 homes for sale and only 1.9 months of supply. A year ago, the region had 10,817 homes for sale and 2.7 months of supply.
With selling conditions remaining largely unchanged compared to the prime selling months, homes continue to sell quickly. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 91 days, while days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses, averaged 42 days compared to 44 days last November.
The Charlotte Regional Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Canopy MLS. The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.