As 2019 draws to a close, home sales in the Charlotte region are slowing down overall but showing a positive trend headed into 2020, while demand remains strong amid falling inventory.
Year-over-year sales were up 2 percent, with a total of 3,878 homes sold across the Charlotte region, according to the Canopy MLS monthly report.
For the first 11 months of the year, sales rose 4.6 percent over the same 11 months in 2018. A total of 46,740 homes sold during the first 11 months of 2019. However, monthly sales dropped 15.2 percent from October, which is not uncommon heading into full swing of holiday season and vacation times.
Pending sales were also down from October, falling 17 percent in November. Compared to the year-ago period, however, pending sales rose 20.3 percent. This is a good sign and shows a positive market direction heading into the new year.
Year-over-year list prices rose 7.4 percent to $335,717. Compared to October, list prices were up 1.6 percent.
Average and median sales prices rose as well, up 7.2 percent and 8.1 percent, respectively. The average sales price rose to $306,133, while median sales prices reached $255,000 in November. That’s an increase of 0.1 percent and 0.8 percent, respectively.
“November’s housing trends, along with the rise in activity that we’ve seen in the last half of 2019, create a promising outlook for Charlotte’s housing market next year,” said Canopy MLS President Brenda Hayden. “Year-to-date November sales activity shows the market is up nearly five percent when compared to the same period last year. However, buyers will continue to face challenges with inventory and price growth, as demand is expected to outpace supply.”
Compared to November 2018, new residential listings dropped 6.3 percent, with 3,704 listed during November. New listings fell 27.7 percent when compared to October 2019.
The number of homes on the market dropped 22.6 percent year-over-year, which left the region with 8,375 homes or less than 2 months supply. One year ago, the Charlotte region had 10,817 homes for sale, which amounted to 2.7 months supply.