New Year, new listings! 2019 in the Charlotte region is starting to look up after a steady decline in home sales last year.
While residential sales are still down in January by 9 percent to 2,510 properties sold in the Charlotte region, they’re up from December by 5 percent according to the Local Market Update report by the Charlotte Regional Realtor Association.
Median sales prices have increased compared to this time last year by 5.1 percent, with average sales prices increasing by 1.9 percent. Compared with December 2018, median sales prices increased by 3.5 percent.
In a November article by the Charlotte Business Journal, Jason Gentry, president of the CRRA predicted a steady increase in the Charlotte region’s market activity in 2019. “Although the Charlotte region has experienced six months of decline in year-over-year sales; we are optimistic that sales in the market will continue at a steady pace based on positive pending sales and new listing activity” stated Gentry.
The CRRA’s prediction appears to be spot on. Pending sales are up by 14.9 percent in January compared to this time last year, with 4,010 homes pending. December 2018 pending sales were just 2,769, nearly 45 percent less than January 2019. With so many pending sales, the spring is shaping up to be a hot market as predicted.
New listings have increased by 12.9% compared to January 2018 with 4,543 homes on the market in January 2019. This is a major increase from last month’s 2,601 new listings which were down 4.4% compared to December 2017.
Inventory in the Charlotte region remains low with just 2.2 months supply. In January, inventory dropped 3.4 percent, slightly higher than December which was down 5.9%. As inventory increases, sales are likely to follow according to the CRRA.
Here’s a look at some more localized market states for January from across the Charlotte MLS Region:
Mecklenburg County: Closed sales were down 10.1 percent to 1,019; the median sales price increased by 2.2 percent to $238,000; the average sales price was decreased by 0.1% to $295,629; inventory was up by 9 percent to 2,933; and months supply of inventory increased 12.5% to 1.8 months.
Union County: Closed sales rose 4.7 percent to 202; the median sales price dropped 0.7 percent to $266,000; the average sales price declined by 3.7 percent to $320,411; inventory was down 3 percent to 784; and months supply of inventory decreased by 4.3% to 2.2 months.
City of Charlotte: Closed sales were down 9 percent to 837; the median sales price increased by 3.8 percent to $225,000; the average sales price decreased by 1 percent to $281,482; inventory was up 13 percent to 2,209; and months supply of inventory increased 21.4 percent to 1.7 months.
Uptown Charlotte: Closed sales were down 8.8 percent to 13; the median sales price decreased 15 percent to $288,000; the average sales price increased by 19.1 percent to $43,977; inventory decreased by 23 percent to 57 homes; and months supply of inventory decreased by 13.6 percent to 1.9 months.