A strong seller’s market has remained the story across the Charlotte region.
Despite a local housing stock that continues to slide, Charlotte-area residential real estate experts say they see no signs of buyer’s fatigue in the market.”Normally that’s the first thing you see when inventory is low, because prices increase so rapidly,” Roger Parham, president of the Charlotte Regional Realtor Association, recently told the Charlotte Business Journal. Homes in the $200,000 to $400,000 price points are particularly generating high activity, adds Becky McGrath, of Cottingham Chalk Hayes Realtors.
Nationally, existing home sales have flattened, with the most recent report from the National Association of Realtors on Wednesday showing a 1.7% drop in the resale market from July to August (and up 0.2% over the year) — marking a a 12-month low.
The Charlotte area, too, has seen slower sales activity year over year in four of the past five months.
CLOSER LOOK: Charlotte area left with 2.6-month home supply in August
In August, the number of closed sales dropped 3.8%, but pending sales rose 15.5% from the previous year, according to the most recent housing data released by the association. Looking at the first eight months of the year, sales rose 6.3% across the region while those pending increased 7.1%.
While August represented lower sales activity, the residential market for most pockets in the Charlotte area follow a similar pattern year to date: higher pending and closed sales, rising sales prices, more new listings, shorter time on the market and plummeting inventory. Some areas show more pronounced evidence of this, although a couple of spots are bucking that trend.
CLOSER LOOK: Meck County’s priciest home sale in August? This $3.2M LKN property (PHOTOS)
The figures below, which come from the association, offer a regional breakdown of housing activity from January through the end of August, compared to the same period in 2016. The CRRA pulls Carolina Multiple Listing Services data for its housing reports. Note, some percentage changes may appear larger due to a small sampling size, so both the percent change and raw numbers are included in the list below.
City of Charlotte
Closed sales: 11,223 — up 5.9%
Pending sales: 12,208 — up 7.9%
Median sales price: $225,000 — up 10.3%
New listings: 14,519 — up 6.5%
Days on market: 30 — 8 less days
August inventory: 2,341 homes — down 21.3% (1.7-month supply)
Concord
Closed sales: 1,462 — up 10.7%
Pending sales: 1,623 — up 12.3%
Median sales price: $200,000 — up 8.1%
New listings: 1,939 — up 10%
Days on market: 35 — 14 less days
August inventory: 331 homes — down 24.4% (1.8-month supply)
Davidson
Closed sales: 307 — down 8.4%
Pending sales: 344 — up 0.9%
Median sales price: $324,000 — down 8.4%
New listings: 449 — up 2.7%
Days on market: 72 — 4 less days
August inventory: 137 homes — down 11% (3.7-month supply)
Denver
Closed sales: 524 — up 40.9%
Pending sales: 587 — up 47.5%
Median sales price: $339,950 — down 0.8%
New listings: 736 — up 22.3%
Days on market: 59 — 8 less days
August inventory: 227 homes — down 7.3% (3.4-month supply)
Fort Mill
Closed sales: 1,064 — up 3.6%
Pending sales: 1,166 — up 1%
Median sales price: $297,000 — up 4.2%
New listings: 1,446 — up 2.1%
Days on market: 49 — 1 more day
August inventory: 326 homes — down 8.2% (2.4-month supply)
Gastonia
Closed sales: 983 — up 8.4%
Pending sales: 1,053 — up 5%
Median sales price: $154,000 — up 10.1%
New listings: 1,172 — down 1.8%
Days on market: 51 — 21 less days
August inventory: 233 homes — down 42% (1.8-month supply)
Huntersville
Closed sales: 1,178 — up 17.6%
Pending sales: 1,241 — up 8.5%
Median sales price: $291,000 — up 9.8%
New listings: 1,587 — up 8.5%
Days on market: 37 — 5 less days
August inventory: 353 homes — down 10.2% (2.5-month supply)
Kannapolis
Closed sales: 515 — up 12%
Pending sales: 553 — up 9.7%
Median sales price: $132,650 — up 4.9%
New listings: 646 — up 8.8%
Days on market: 49 — 17 less days
August inventory: 127 homes — down 22.1% (2-month supply)
Lake Norman
Closed sales: 1,508 — up 13.4%
Pending sales: 1,692 — up 15.1%
Median sales price: $377,000 — up 2.4%
New listings: 2,477 — up 6.6%
Days on market: 78 — 5 less days
August inventory: 977 homes — down 12.1% (5.2-month supply)
Lake Wylie
Closed sales: 739 — up 2.4%
Pending sales: 826 — up 4.4%
Median sales price: $328,175 — down 0.4%
New listings: 1,121 —up 6.9%
Days on market: 61 — 15 less days
August inventory: 364 homes — down 12.5% (3.9-month supply)
Lincolnton
Closed sales: 273 — up 5%
Pending sales: 317 — up 11.2%
Median sales price: $155,000 — up 13.2%
New listings: 404 — up 10.1%
Days on market: 58 — 25 less days
August inventory: 128 homes — down 12.9% (3.5-month supply)
Matthews
Closed sales: 828 — up 3%
Pending sales: 909 — up 1.7%
Median sales price: $279,450 — up 8.5%
New listings: 1,161 — up 4.1%
Days on market: 34 — 1 less day
August inventory: 234 homes — down 10.7% (2.3-month supply)
Monroe
Closed sales: 681 — down 9.8%
Pending sales: 748 — down 9.2%
Median sales price: $185,000 — up 7.6%
New listings: 819 — down 14.9%
Days on market: 44 — 11 less days
August inventory: 159 homes — down 38.4% (1.8-month supply)
Mooresville
Closed sales: 1,275 — up 6.2%
Pending sales: 1,428 — up 7%
Median sales price: $285,000 — up 8.8%
New listings: 2,021 — up 10.8%
Days on market: 66 — 6 less days
August inventory: 691 homes — down 6.6% (4.3-month supply)
Rock Hill
Closed sales: 1,129 — up 1.6%
Pending sales: 1,248 — up 5.9%
Median sales price: $184,000 — up 8.9%
New listings: 1,434 — up 2.1%
Days on market: 39 — 7 less days
August inventory: 270 homes — down 29.3% (1.9-month supply)
Salisbury
Closed sales: 757 — up 4.3%
Pending sales: 594 — up 4.6%
Median sales price: $141,750 — up 3.5%
New listings: 757 — up 4.3%
Days on market: 81 — 9 less days
August inventory: 286 homes — down 12.3% (4.1-month supply)
Statesville
Closed sales: 552 — down 5%
Pending sales: 609 — down 1.6%
Median sales price: $153,000 — up 6.3%
New listings: 820 — up 2.9%
Days on market: 66 — 24 less days
August inventory: 294 homes — down 13.3% (4-month supply)
Uptown
Closed sales: 302 — up 24.3%
Pending sales: 328 — up 21%
Median sales price: $275,000 — up 7.2%
New listings: 393 — up 13.3%
Days on market: 51 — 2 less days
August inventory: 83 homes — down 12.6% (2.4-month supply)
Waxhaw
Closed sales: 871 — up 14.2%
Pending sales: 951 — up 9.6%
Median sales price: $390,260 — up 0.3%
New listings: 1,298 — up 8.6%
Days on market: 58 — 1 less day
August inventory: 371 — down 7.7% (3.6-month supply)
By Jenna Martin
