Queen City home sellers maintained the upper hand during July in the Charlotte-area housing market, with year-over-year sales prices on the rise as demand rises and the housing shortage continues.
July’s median sales prices rose to $265,000, an increase of 10.4 percent from July 2018, while the average sales prices rose 7.8 percent to $313,281, according to the most recent data from CarolinaMLS.
Compared to June, median prices were nearly flat, dipping only 0.8 percent. Average sales prices dropped 3.1 percent from last month.
The CMLS monthly market report, which looks at a 16-county area in and around the Charlotte area, showed home sales to be nearly unchanged, dropping only 1.3 percent. For the first seven months of 2019, however, home sales are up 1.3 percent.
Pending sales increased nearly 16 percent over July 2018, which is a strong indicator of the market’s desirability and future sales to close. Since June, pending sales dropped 2.9 percent.
According to CarolinaMLS President Brenda Hayden, the market demand is exceeding the supply.
“This past month, inventory was down in all price points and this no doubt will continue to impact sales. However, with motivated buyers in the market we continue to see increased showings, listings and sales activity in counties as far out as Gaston County to the west, Iredell County to the north and York and Lancaster counties to the south. This is a benefit to the communities that surround Charlotte and the region,” Hayden said.
With inventory so low, sellers are increasing their asking prices. In July, the average list price rose 6.3 percent to $321,673. The percent of original asking price received was 97.1 percent.
Market inventory dropped 15.3 percent compared to July 2018, leaving the market with 9.416 homes for sale or 2.3 months of housing inventory. A year ago, there were more than 11,000 homes listed for sale and 2.7 months of inventory.
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