As is typical approaching the end of the year, home buying and selling slowed in preparation for the holiday season, marking the seventh straight month of year-over-year sales declines for the Charlotte region.
Overall residential sales fell by nearly 12 percent to 3,310 properties sold across the Charlotte region in November. Compared with October, sales were down 8.5 percent, according to the most recent housing activity report by the Charlotte Regional Realtor Association.
The average sales price increased 6.7 percent to $286,428, up from $268,334 in the same period of 2017. Median sales prices rose 6.3 percent to $235,000. Average and median sales prices rose 2.8 percent and 1.7 percent, respectively, from October.
Average list price increased 8.8 percent to $317,542. Pending sales for November rose by 7.3 percent to 3,523 but were down 13.9 percent from October.
“Though sales activity over the last few months seems to be slowing, we still look to finish the year with sales on par with last year. Due to Charlotte’s desirability, we expect the market to continue to be healthy and for demand from buyers to be steady throughout 2019,” said CRRA President Jason Gentry.
New residential listing increased 2.6 percent to 3,932 from November 2017. Compared with October, new listings dropped 18 percent.
Inventory for the Charlotte region continued to drop. Homes for sale fell by 7 percent to 9,701 in November, which amounts to a 2.4 months supply of inventory. The Charlote region had a 2.6 months supply of homes for sale for the same period in 2017.
Pending sales in November increased 7.3 percent from last year to 3,523 but fell 13.9 percent from October.
Here’s a look at some more localized market stats for October from across the CharlotteMLS region:
Mecklenburg County: Closed sales were down 18.7 percent to 1,297; the median sales price rose 5.1 percent to $250,000; average sales price rose 6.4 percent to $320,258; inventory was up 6.5 percent to 3,411; and months supply of inventory rose 11.1 percent to 2 months.
Union County: Closed sales were down 12.6 percent to 285; the median sales price rose 17 percent to $310,000; average sales price rose 16.5 percent to $357,988; inventory was down 5.9 percent to 850; and months supply of inventory dropped 7.7 percent to 2.4 months.
City of Charlotte: Closed sales dropped 19.2 percent to 1,033; the median sales price rose 2.6 percent to $233,000; average sales price rose 2.9 percent to $306,225; inventory was up 10 percent to 2,607; and months supply of inventory rose 17.6 percent to 2 months.
Uptown Charlotte: Closed sales dropped by 33.3 percent to 24; the median sales price rose 2.9 percent to $324,000; average sales price dropped 29.8 percent to $343,717; inventory fell by 11 percent to 73; and months supply rose by 4.3 percent to 2.4 months.