Spring market in Charlotte remains strong

As expected, the market in the Charlotte area remains strong so far this spring with sales increasing, new listings on the rise, and inventory going fast. If you’re in the market for a new home in the Charlotte area, explore these local market statistics today.

According to the Local Market Update for April 2019, closed sales were up 0.1 percent to 4,221 compared to this time last year, a positive shift from last month’s 3,842 closed sales.  Closed sales were down 0.3 percent to 13,879 year to date.

Prices continue to climb in April, increasing 4.3% to an average sales price of $304,996 compared to last year’s average sales price of $292,297. Year to date, average sales prices climbed 3.8 percent to $288,266.  Median sales prices are also up by 5.6 percent at $253,500 compared to this time last year and 4.3% to $240,000 year to date.

Pending sales continue to climb but are slowing since last month with an 11.1 percent increase to 5,324 compared to this time last year’s 4,794 pending sales. Year to date, pending sales are up 6.4 percent to 17,905.

New listings are slightly lower than this time last year at 5,771 compared to April 2018’s 5,824 new listings. Year to date, new listings are up 0.7 percent to 20,672 quite a large increase from last month’s year to date listings of 14,884.

Inventory continues to dwindle in April with an 8.7 percent decrease compared to this time last year at 8,928 homes on the market. However, compared to last month, April has more inventory to offer with about 60 more homes on the market.

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

Mecklenburg County: Closed sales were down considerably by 3.4 percent to 1,748; the median sales price was up 6.4 percent to $267,950; the average sales price also increased by 3.7 percent to $344,088; inventory was up slightly by 0.2 percent to 3,184 homes for sale; and months supply of inventory increased by 5.9 percent to 1.9 months.

Union County: Closed sales were down 5.3 percent to 391; the median sales price decreased by 0.6% to $308,000; the average sales price increased by 1.8 percent to $368,398; inventory also declined by 17.5 percent to 780 homes for sale; and months supply of inventory decreased by 18.5 percent to 2.2 months.

City of Charlotte: Closed sales were down by 1.5 percent at 1,439; the median sales price increased by 8.3 percent to $259,999; the average sales price rose 5.8 percent to $336,744; inventory increased 0.4 percent to 2,353 homes for sale; and months supply of inventory increased 5.9 percent to 1.8 months.

Uptown Charlotte: Closed sales increased by 9.4 percent at 35; the median sales price increased by 16.1 percent to $327,500; the average sales price was up by 0.7 percent at $335,027; inventory declined by 13.8 percent to 75 homes for sale; and months supply of inventory was also down to 3.8 percent to 2.5 months.