Home sales dropped again in October, marking the sixth straight month decline in year-over-year sales for the Charlotte metro area.
Sales decreased 9.8 percent for year-over-year figures to 3,617 properties sold in October. Compared to September, sales in October fell 0.7 percent, according to the most recent report of the Charlotte Regional Realtor Association.
A Fall/Winter slowdown is not atypical, and the lack of market inventory has not been helping sales figures in the Charlotte market.
“We are optimistic that sales in the market will continue at a steady pace based on positive pending sales and new listing activity,” CarolinaMLS President Jason Gentry said.
In fact, new residential listings were up nearly 7 percent in October to 4,796 from year-ago figures and up nearly 11 percent compared to September. Inventory, however, continued its decline in October by 8.7 percent with 10,055 homes for sale and only 2.5 months of market inventory.
Even though current conditions are nowhere near six months of market inventory that is considered a balanced market, it is better than levels that hovered around 2 months in the first quarter 2018.
The average list price of a Charlotte-area home was up 5.6 percent to $313,655 compared to the year-ago period. Year-over-year pending sales increased 5 percent, while pending sales were up nearly 12 percent from September.
Average and median home prices were up from the same period in 2017 but declined from September, which could be a sign the market is going to start working toward balancing out.
The average sales price in October jumped 6 percent to $278,634, and the median sales price rose 5 percent to $231,000. Average and median sales prices dropped 1 percent and 1.7 percent, respectively, from September 2018.
Here’s a look at some more localized market stats for October from across the CharlotteMLS region:
Mecklenburg County: Closed sales were down 13.6 percent to 1,428; the median sales price rose 7.3 percent to $250,000; average sales price rose 8.1 percent to $310,219; inventory was up 1.8 percent to 3,500; and months supply of inventory rose 5 percent to 2.1 months.
Union County: Closed sales were down 0.3 percent to 304; the median sales price rose 5.7 percent to $285,450; average sales price rose 5.3 percent to $327,170; inventory was down 7.3 percent to 895; and months supply of inventory dropped 10.7 percent to 2.5 months.
City of Charlotte: Closed sales dropped 16.2 percent to 1,137; the median sales price rose 7.9 percent to $232,500; average sales price rose 8.1 percent to $300,352; inventory was was 4.2 percent to 2,653; and months supply of inventory rose 11.1 percent to 2 months.
Uptown Charlotte: Closed sales rose by 32 percent to 33; the median sales price dropped 17.2 percent to $264,900; average sales price dropped 1.2 percent to $331,827; inventory fell by 7.3 percent to 76; and months supply rose 8.7 percent to 2.5 months.