Sales continue at a steady pace this month in Charlotte while inventory slowly declines, making the area a competitive market for buyers this summer. With fall around the corner, buyers aren’t slowing down this month and with no new homes on the market, sellers can expect to see sales continue to increase.
According to the Local Market Update for June 2019, closed sales were down 6.1 percent to 4,767 compared to this time last year, a slight shift from last month’s 4,864 closed sales. Closed sales were up 0.8 percent to 24,025 year to date.
Prices continue to climb in June, increasing 7.1 percent to an average sales price of $323,316, a major increase compared to last year’s average sales price of $302,011 and just last month’s average of $309,859. Year to date, average sales prices climbed 4.3 percent to $299,703. Median sales prices are also up by 7.3 percent at $267,250 compared to this time last year and 5 percent to $250,000 year to date.
Pending sales continue to climb substantially but are slowing since last month with 16.3 percent increase to 5,361 compared to this time last year’s 4,610 pending sales. Year to date, pending sales are up 6.9 percent to 28,043.
New listings are slightly lower than this time last year at 5,819 compared to May 2018’s 5,980 new listings. Year to date, new listings are up 0.7 percent.
Inventory continues to decrease in June with a 14 percent decline at 9,407 homes listed compared to this time last year at 10,935 homes on the market. On the bright side for buyers, inventory from last month has not decreased much, with 9,443 homes listed in May 2019.
Here’s a look at some more localized market stats for June from across the Charlotte MLS Region:
Mecklenburg County: Closed sales were down considerably by 8.8 percent to 1,940; the median sales price was up 7.6 percent to $287,000; the average sales price also increased by 10.5 percent to $374,555; inventory was down by 4 percent to 3,498 homes for sale; and months supply of inventory remained the same at 2.1 months.
Union County: Closed sales were down substantially by 15.8 percent to 406; the median sales price decreased by 1.9% to $310,000; the average sales price increased by 1.0 percent to $363,931; inventory also declined substantially by 24.5 percent to 805 homes for sale; and months supply of inventory decreased by 26.7 percent to 2.2 months.
City of Charlotte: Closed sales were down by 8.8 percent at 1,530; the median sales price increased by 8.8 percent to $272,000; the average sales price rose 9.4 percent to $361,455; inventory decreased by 4.5 percent to 2,592 homes for sale; and months supply of inventory increased 5 percent to 1.9 months.
Uptown Charlotte: Closed sales increased by 36.7 percent at 41; the median sales price increased by 20.5 percent to $315,000; the average sales price was up by 21.99 percent at $361,423; inventory declined by 25.2 percent to 77 homes for sale; and months supply of inventory was also down by 23.5 percent to 2.6 months.