Charlotte, North Carolina Region Real Estate Report:
May 2020
Latest news on the Charlotte, North Carolina region housing market and what it means for you...
Charlotte region remained a seller’s market in May 2020 with housing inventory remaining extremely tight, dropping 37% compared with May 2020. At what should be the height of our spring home selling season, we had only 6,712 homes listed for sale at the end of May.
Buyers have been quicker to return to the housing market once corona virus restrictions were lifted/eased than home sellers, who have shown more reluctance to return to the market by listing their homes for sale. Buyer demand is clearly outpacing supply of homes.
We've seen a definite jump in both buyer interest and home showings in May. This has to do with pent-up demand, as well as with record-low mortgage rates which buyers would like to lock in.
As a result, bidding wars, which had virtually disappeared before the pandemic, are back. Nationally, 41% of homes sold in the four weeks ending May 10th experienced a bidding war according to Redin compared with just 9% in January. Bidding wars in Charlotte have abounded, as well.
Lack of inventory and new listings resulted in higher home list and sale prices year-over-year, and year-to-date. Average sale prices increased 0.2% and median sale prices increased 1.9% year-over-year. Year-to-date average sale prices increased 5.9% to $311,381 and median sale prices by 7.5% to $265,000. Meantime, average list prices increased 11.2% to $375,709 year-over-year and by 2% to $350,344 year-t-date.
Closed sales were down 30.4% due to lack of inventory and corona virus showing restrictions in March and April and through much of May, but pending sales were up 14.8% year-over-year. Year-to-date. closed sales are down 6.4% and pending sales down 0.4%.
Homes continue to sell quickly with average days on market 35, down 16.7% from 42 days in May 2019. Year-to-date, days on market until sale are also down to 43 days from 48 days one year ago.
The housing affordability index continued to decrease, as well -- down 2.2% year-over-year and 7.3% year-to-date.
Months supply of homes remained very low at 1.6 months, down 38.5% from 2.6 months year-over-year.
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How The Charlotte Region Housing Market Performed In
May 2020 versus May 2019
MEDIAN HOME SALE PRICE TRENDS IN THE CHARLOTTE REGION
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This monthly Charlotte, NC region housing market update is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Charlotte metro area residential real estate experts serving Charlotte area home buyers and sellers for 20+ years.
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