Slowing Sales; Higher Prices

Sales may be slowing but prices are rising.  The Charlotte Region spring market is hot, and sellers are prepared to wait it out as we lead up to summer months.

According to the Local Market Update for March 2019, closed sales in March were down 6 percent from this time last year to 3,842 which is a steep decline compared to last month’s slight decrease of 0.9 percent.  Year to date, closed sales are down just 2.3 percent.

Meanwhile, prices are climbing.  Median sales prices for March were up 3.9 percent at $244,203.  Compared to last month, this is more than a $10,000 jump in the median sales prices.  Year to date, median prices have increased 3.5 percent to $235,000, just under $10,000 more than 2017 median prices.

As expected, pending sales have increased in March by 13.8 percent compared to this time last year.  Year to date, pending sales are up by 7.8 percent at 12,978, slightly lower than last month’s 9.4 percent jump but still climbing.

New listings are down 3.9 percent compared to last year, likely due to the influx of spring sellers this time of year.  Year to date, new listings remain up by 1.2 percent totaling 14,884 new listings as of March 2019.  Pending sales are up by 13.8 percent compared to this time last year and 7.8 percent year to date!

Inventory remains low in the Charlotte Region with just 8,868 homes for sale, down by 6.3 percent compared to this time last year.  Such a low inventory may be the cause of rising prices and is sure to impact the competitive market this spring season.

Here’s a look at some more localized market stats for January from across the Charlotte MLS Region:

Mecklenburg County: Closed sales were down considerably by 9.1 percent to 1,593; the median sales price was up 4.5 percent to $262,340; the average sales price also increased by 4.4 percent to $331,217; inventory was up slightly by 1.1 percent to 3,092 homes for sale; and months supply of inventory increased by 5.6 percent to 1.9 months.

Union County: Closed sales were down 0.6 percent to 313; the median sales price remained the same at $299,900; the average sales price decreased by 4.2 percent to $337,643; inventory also declined by 11.6 percent to 768 homes for sale; and months supply of inventory decreased by 12.0 percent to 2.2 months.

City of Charlotte: Closed sales were down by 11.2 percent at 1,281; the median sales price increased by 4.4 percent to $248,000; the average sales price rose 5.5 percent to $327,085; inventory increased 1.7 percent to 2,296 homes for sale; and months supply of inventory increased 6.3 percent to 1.7 months.

Uptown Charlotte: Closed sales decreased substantially by 57.1 percent at just 18; the median sales price increased by 21.1 percent to $291,500; the average sales price was up by 20.4 percent at $359,869; inventory declined by 3.6 percent to 81 homes for sale;  and months supply of inventory was up 7.7 percent to 2.8 months.