From September, pending sales under contract increased 2.5 percent. Closed sales also saw a nearly 11 percent from October 2018, with 4,284 home sold, according to the most recent market data from Canopy MLS.
Pending sales on the rise is generally a good sign in that it signifies promising future sales figures. Low mortgage rates and a slight increase in new listings for the region in the past few months are keeping buyers looking.
“Throughout the last year or so, buyers in our region have grown accustomed to this new normal of finding a home amidst ever-decreasing supply. Fortunately, low rates and the steady uptick in new residential listings over the last few months, though not enough to significantly impact inventory, have provided just enough activity to keep buyers interested in our high-growth region,” according to Canopy MLS President Brenda Hayden.
The new residential listings Hayden spoke of amounted to an increase of nearly 6 percent year-over-year with 5,122 homes listed in October. From September, new listings rose 4.8 percent.
Overall inventory was down 19.5 percent in the 16-county MLS region, which amounted to only 9,094 homes for sale and 2.1 months of supply. For the same period in 2018, the Charlotte region had 11,291 homes for sale and 2.8 months supply.
Knowing buyers are eager to find homes in the Charlotte area, sellers are able to raise asking prices and get closer to full price. The percent of original list price to sales price rose 0.3 percent to 96.5 percent.
The average list price of a home in region rose 7.1 percent over the same period in 2018, to $330,490. Compared to September, list prices were up nearly 1 percent.
Year-over-year average sales and median sales prices also rose to $305,890 (9.7 percent) and $253,000 (9.3 percent), respectively. From last month, median sales prices were down 2.5 percent.
As to be expected, homes that came on the market sold quickly. The average number of days on the market from list to close was 91 days; from list to under contract decreased to 40 days.