The cooler winter weather might be keeping more of us indoors this season and less of us buying new homes in Charlotte. Real estate sales in the Charlotte region continue to decline for the eighth consecutive month as we close out the 2018 year.
Compared to the same period in December 2017, sales declined in the Charlotte region by 14 percent and more than 4 percent from last month’s reported sales according to the recent Local Market Updates by the Charlotte Regional Realtor Association (CRRA).
According to CRRA reports, new listings in the Charlotte region have declined by 4.4 percent to 2,601 listings during the same period in 2017. There has been no change to the amount of days real estate in the Charlotte region has remained on the market compared to same period in December 2017 although the amount of days has increased by 12 percent compared to last month’s report.
Similarly, while there was no change in pending sales during the same period in 2017, pending sales have declined by more than 21 percent from November to 2,769 pending sales in December. Inventory has declined by 5.9 percent during the same period in 2017.
December real estate statistics for the Charlotte region weren’t completely in the negative though. Both median and average sales prices increased more than a percent. Compared to the same period in 2017, median sales prices have increased by 1.6 percent to $236,750 with average sales prices increasing by just 1.1 percent to $382,894. Median sales prices have continued to slowly increase since 2012, mirroring the entire Carolina MLS area.
Based on 2016-2017 reports by the CRRA, we can hope to see an increase in sales in the Charlotte region around February and then again in April.
Here’s a look at some more localized market statistics for December across the Charlotte MLS area based on the same period last year:
City of Charlotte: Similar to the rest of the Charlotte region, closed sales decreased by 17 percent to 1,042; median sales prices increased by just 0.6 percent to $234,500; average sales prices decreased by just 0.6 percent to $297,791; inventory rose by 13.9 percent to 2,256; and month’s supply of inventory was up 21.4 percent to 1.7 months.
Uptown Charlotte: Good news for Uptown, closed sales rose a whopping 62.5 percent to 26; median sales prices decreased by just 0.7 percent to $257,225; average sales prices increased by 16.7 percent to $342,647; inventory was down by 11 percent to 65; and month’s supply of inventory increased by 4.8 percent to 2.2 months.
Mecklenburg County: Closed sales declined by 17.9 percent to 1,296; median sales prices dipped 1.2 percent to $248.995; average sales prices decreased by just 0.1 percent to $310,996; inventory increased 10.1 percent to 2,975; and month’s supply of inventory rose 12.5 percent to 1.8 months.
Union County: Closed sales decreased by 16 percent to 257; median sales prices declined by 8.6 percent to $284,500; average sales prices also declined by 7.1 percent to $327,847; inventory dipped 9.9 percent to 759; and month’s supply of inventory decreased by 8.3 percent to 2.2 months.