Real Estate Trends May 2018

Charlotte Metro region year-over-year home sales in May decreased 4.2 percent, with 4,538 properties sold compared to 4,737 properties sold in May 2017. However, total home sales activity year-to-date (January through May 2018) is only down 0.9 percent compared to the same period in 2017 (18,397 home sales vs 18,569 home sales). Home sales increased 12.7 percent compared to the previous month (April 2018).

The average sales price in May 2018 ($299,690) increased 10.7 percent compared to May 2017 ($270,787), while the median sales price ($245,000) increased 9.5 percent compared to May 2017 ($223,750). Compared to the previous month (April 2018), the average and the median sales prices increased 2.6 percent and 2.1 percent respectively.

The average list price in May 2018 ($341,052) increased 6.9 percent compared to May 2017 ($319,024), bringing the percent of original list price received measure to 97.5 percent, a slight increase of 0.2 percent compared to the same period last year. Pending sales in May 2018 (5,320) rose 9.7 percent compared to May 2017. Compared to the previous month (April 2018), pending sales increased 1.4 percent.

“Though May sales are down year-over-year, we are pleased to see that sales activity for the first five months of the year is almost on par with year-to-date sales activity in 2017,” said Association/CarolinaMLS President Jason Gentry. “Limited inventory continues to pressure prices and will be a challenge to buyers, who need to be prepared to act quickly and for multiple offer situations. However, the current housing climate in Charlotte is not isolated, as other major markets in the state are also experiencing limited inventory and price increases that are impacting affordability.”

New residential listings (6,350) increased 3.3 percent in May 2018 compared to the same period last year. Compared to the previous month (April 2018), new listing counts increased 10.0 percent. Inventory continued to fall, with the number of homes for sale down 20.0 percent compared to May 2017, which left the CarolinaMLS region with 9,106 properties for sale at report time, or 2.2 months of supply of inventory. A year ago in May 2017 the region had 11,381 properties for sale, or 2.9 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 87 days, which is 10 fewer days than May 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 38 days, which is eight fewer days than May 2017.