Charlotte Region Weekly Housing Market Activity Report:
Weeks Ended April 25 And May 2
Latest news on the Charlotte region real estate market, how COVID-19 is affecting the market and what it means for you...
COVID-19 impact for the weeks ended April 25th and May 2nd showed continued year-over-year decreases in new listings and in inventory. On the "good news" side, both pending sales and closed sales increased year-over-year and week-over-week. Home showings were also down significantly in each of these weeks year-over-year. (More information on the COVID-19 impact on Charlotte region home showings in April 2020.)
Meantime, inventory remained tight with less than two months supply of homes for sale for the month of April. For a market that was already low on inventory at the height of its spring selling season, continued decreases in new listings and in inventory can be expected to put a strain on home sales. Demand for homes and razor-thin inventory saw both average and median home sale prices in the Charlotte region were higher in April year-over-year and year-to-date.
The number of homes temporarily taken off the market or withdrawn increased slightly the week ended May 2nd compared with the prior week. It's probably fair to assume that home sellers who were inclined to take their homes off the market did so relatively quickly once shelter-in-place orders were put in place, especially in Mecklenburg County where person-to-person showings were prohibited until May 1st. In North Carolina stay-at-homee orders were extended from April 29th through May 8th. Charlotte-Mecklenburg recategorized real estate an essential business to allow in-person home showings as of May 1st and we saw a small increase in home showings in the week ended May 2nd compared with the week ended April 25th. Nonetheless, home showings in both weeks were considerably lower than for the same weeks one year ago.
Weekly Market Activity Report For The Week Ended April 25:
- New Listings: decreased 22.8% year-over-year to 962
- Pending Sales: increased 1.5% year-over-year to 1,090
- Inventory: decreased 20.5% year-over-year to 8,071
- Closings: 797 (single family and condos/townhomes)
- Temporarily Off Market: 85 (single family and condos/townhomes)
- Withdrawn: 148 (single family and condos/townhomes)
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Home Showings: 13,272 (versus 20,011 for the same week one year ago)
Weekly Market Activity Report For The Week Ended May 2:
- New Listings: decreased 24.3% year-over-year to 1,162
- Pending Sales: increased 3.3% year-over-year to 1,258
- Inventory: decreased 21.5% year-over-year to 7,993
- Closings: 1,279 (single family and condos/townhomes)
- Temporarily Off Market: 98 (single family and condos/townhomes)
- Withdrawn: 164 (single family and condos/townhomes)
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Home Showings: 16,560 (versus 22,068 for the same week one year ago)
Charlotte Region 1-Minute Housing Market: Video
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This weekly Charlotte, NC region weekly housing market update is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Charlotte metro area residential real estate experts serving Charlotte area home buyers and sellers for 20+ years.
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