Rising home prices and decreased inventory continued to take its toll on the Charlotte residential sales market in August, the third month of year-over-year declines in real estate closings.
Sales in the Charlotte MLS market dropped to 4,514 homes sold in August, a 6 percent drop from the same period a year ago.
CMLS President Jason Gentry cited “limited inventory and waning inventory” for the market’s cooling effect in what is usually a prime selling season in the Charlotte market. There is still buyer activity in the market, however, as pending contracts rose 10 percent for homes priced in the $200,000 to $300,000 range, according to Gentry.
Inventory took the biggest hit with a 14.3 percent decrease from August 2017, with only 10,052 properties for sale in August. That is only 2.4 months of market inventory. The market had a nearly 3 months supply in the same period a year ago.
August sales rose 1.5 percent from July when sales totalled 4,447 homes. Looking at the year-to-date figures, the sales figures are nearly unchanged from a year ago with only a 1 percent drop compared to the first eight months of 2017.
The average sales price of a home in the region increased 8.8 percent to $270,274, while the median sales price rose 8 percent from $225,425 in August 2017.
Continuing the familiar seller’s market trend, the average list price for August increased 7.8 percent to $292,100. Sales prices month to month also continued to climb. The average and median sales prices increased 1.2 percent and 1.5 percent, respectively.
The percent of original list price remained nearly unchanged from August 2017 at 97 percent.
Year-over-year pending sales were up 7.4 percent to 4,771, while pending sales from July dropped 3.6 percent. New listings rose 1.5 percent for year-over-year as well as from July.
Localized stats from around the region:
Mecklenburg County year-over-year sales dropped 12.6 percent to 1,752; average sales price rose 11.5 percent to $323,727; market inventory down 8.6 percent to 3,406, which represents 2 months of market inventory.
City of Charlotte year-over-year sales were down 14.9 percent to 1,349; the average sales price increased 11.2 percent to $309,299; market inventory dropped 6.7 percent to 2,570, which represents 1.9 months supply.
Uptown year-over-year sales increased 5.9 percent to 36 sales in August; the averagesales price rose 22.1 percent to $364,486; market inventory dropped 7.5 percent to 86 listings, which represents 2.8 months supply.