Spring has arrived and the weather isn’t the only thing warming up. The real estate market in the Charlotte Region is in good shape so far this year with an optimistic outlook for the months leading into summer.
Closed sales were down just 0.9 percent from this time last year at 2,833, a major increase from January’s 9 percent decline with 2,510 closed sales according to the Local Market Update for February 2019 published by the Charlotte Regional Realtor Association.
Median sales prices have increased by 2.3 percent compared to this time last year, with average sales prices up 4.7 percent at $278,755. Median sales prices are up 4.5 percent thru 2019, consistent with the overall CarolinaMLS area.
Just slightly below January’s increase of 14.9 percent, pending sales continue to rise. Compared to February 2018, sales have increased by 12.4 percent with 4,331 pending sales, and this time last year by 9.4 percent with 8,030 pending sales thru 2019.
Another promising area to look at this year is the 4.5 percent increase in new listings thru 2019. January accounted for about half of those new listings at 4,543 new listings and an additional 4,545 new listing added in February. While new listings have decreased by 2.9 percent compared to February 2018, January’s huge 12.9 percent increase puts the Charlotte Region new listings in the position overall for 2019.
Inventory remains down this year at -2.7 percentage with 8,680 homes for sale, which is slightly higher than January’s -3.4 percent inventory. Months supply of inventory was down 4.5 percent at 2.1 months. As inventory increases, the Charlotte Region market is likely to see a bigger spike in overall sales.
Here’s a look at some more localized market stats for January from across the Charlotte MLS Region:
Mecklenburg County: Closed sales were down 1 percent to 1,146; the median sales price was up 2.4 percent to $250,885; the average sales price also increased by 7.1 percent to $317,650; inventory was up by 11.2 percent to 3,030 homes for sale; and months supply of inventory increased by 12.5 percent to 1.8 months.
Union County: Closed sales were down 13 percent to 220; the median sales price was up 5 percent to $285,500; the average sales price decreased by 0.3 percent to $322,020; inventory also declined by 0.5 percent to 790 homes for sale; and months supply of inventory decreased by 4.3 percent to 2.2 months.
City of Charlotte: Closed sales were up 0.4 percent at 939; the median sales price increased by 2.2 percent to $235,000; the average sales price rose 8.4 percent to $305,606; inventory increased 126 percent to 2,271 homes for sale; and months supply of inventory increased 13.3 percent to 1.7 months.
Uptown Charlotte: Closed sales remained consistent with this time last year at 18, a 0 percent change; the median sales price increased by 15 percent; the average sales price was up by 3 percent; inventory declined by 8.5 percent; and months supple of inventory was up 8.3 percent to 2.6 months.