Real Estate Trends April 2018

CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Carolina Multiple Listing Services, Inc. (CarolinaMLS). The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

The Charlotte Metro region year-over-year home sales in April increased 1.6 percent, with 4,028 properties sold compared to 3,963 properties sold in April 2017. Compared to previous month (March 2018), sales rose 4.2 percent.

The average sales price in April 2018 ($292,158) increased 8.1 percent compared to April 2017 ($270,241), while the median sales price ($240,000) increased 7.4 percent compared to April 2017 ($223,498). Compared to the March 2018, the average and the median sales price increased 4.4 percent and 2.1 percent respectively.

The average list price in April 2018 ($342,606) increased 6.6 percent compared to April 2017 ($321,505), bringing the percent of original list price received measure to 97.4 percent, a slight increase of 0.2 percent compared to the same period last year. Pending sales in April 2018 (5,245) rose 10.7 percent compared to April 2017. Compared to the previous month (March 2018), pending sales increased 1.2 percent.

“It’s good to see year-over-year sales this past April increased slightly over last year’s sales; however, sales activity remains slow this spring and lagging behind previous years with tight inventory impacting home prices,” said 2018 Charlotte Regional Realtor® Association/CarolinaMLS president Jason Gentry. “The good news is that pending contract activity continues to show strong interest from buyers.”

New residential listings (5,773) increased 0.7 percent in April 2018 compared to the same period last year. Compared to the previous month (March 2018), new listing counts decreased 3 percent. Inventory continued to fall, with the number of homes for sale down 22.6 percent compared to April 2017, which left the CarolinaMLS region with 8,515 properties for sale at report time, or 2.1 months of supply of inventory. A year ago in April 2017 the region had 11,008 properties for sale, or 2.8 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 94 days, which is five days fewer than it was in April 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 44 days, which is five days fewer than April 2017.