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Charlotte Region Housing Market Report: May 2020 | Buyer Demand High

By
Real Estate Agent with Coldwell Banker Realty 179530

 

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.

 

 

Want to know what this would mean for your family if you decide to buy or sell a Charlotte region home?

We can help.

Call us today at 704-779-0813 or contact us here.

There’s absolutely NO OBLIGATION. A consultation with Carolinas Realty Partners is FREE

 

 

 

How The Charlotte Region Housing Market Performed In

May 2020 versus May 2019

 

 Charlotte Region Housing Market Report May 2020

 

 

 

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.

 

If you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:

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Great Homes In Charlotte

     

 

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (24)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider hi Grant... what I'm watching for is that positive indicator that sellers are ready to list... so far, no go.

Jun 09, 2020 09:34 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Roy Kelley hi Roy... thanks for popping by... trust you are having a good week so far.

Jun 09, 2020 09:34 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Another great report, Nina Hollander.  It seems that we all could use a few more (or a lot) listings in our areas.  Thank you for the update!

Jun 09, 2020 09:50 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina and you did it again with another great report for your area for the month of May!

 

Jun 09, 2020 10:31 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Raymond Henson, SRES, GRI thanks, Raymond... at this stage I'd be happy with just a few more listings, but a whole lot would be better!

Jun 09, 2020 10:58 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Will Hamm thanks, Will, for stopping by... I'm just getting started with the May month housing market updates. :)

Jun 09, 2020 10:59 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nina,

Regardless if listings are down and buyers are vying to buy, I am certain that you will find the needle in the haystack for your buyers...A

Jun 09, 2020 01:50 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ron and Alexandra Seigel hi Alexandra... one needs a ton of patience these days to wait out the market for the right home to get listed! :)

Jun 09, 2020 02:54 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Charlotte home buyers and sellers are certain to value your real estate market report, Nina.

Jun 09, 2020 03:05 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina Hollander - In the past, we have talked about how tight the market is and now it is even tighter!  It seems like a catch 22.  Sellers are afraid to list because they may not be able to find a home themselves. I think that prices will have to rise significantly in the Charlotte region for sellers to take that chance and bring balance back to the market. 

Jun 09, 2020 06:47 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Unfortunately, our bidding wars have been with us since November!

Happy Tuesday evening to you Nina Hollander 

Jun 09, 2020 09:41 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat good morning, Myrl... thanks for taking time to stop by and to leave me a comment. Happy Wednesday!

Jun 10, 2020 05:24 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Sheri Sperry - MCNE® good morning, Sheri... part of the problem is that by Charlotte standards, home prices have increased a lot. And if sellers wait, they give away any incremental profit on the next home.

Jun 10, 2020 05:25 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®, CRS good morning, Paul... our bidding wars had died down somewhat after last spring's market... but they are baaaack!

Happy Wednesday to you!

Jun 10, 2020 05:26 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Nina, With Charlotte's Region home buyer demand high, sellers should be calling you to get their homes listed so you can get them SOLD!

Jun 10, 2020 05:27 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 good morning, Sheila and Larry... yes, they should be calling... but are they calling? Not so much yet!

Jun 10, 2020 05:30 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Wednesday morning, Nina.

Take care, be safe and have a great day.

Jun 10, 2020 06:24 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, great market information for Charlotte buyers!   I just looked at our inventory end of May, and we have 6951 listings for over 3 million in the Denver metro area.

Jun 10, 2020 07:12 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Roy Kelley hi there, Roy... thanks for popping by and for the good wishes. Trust you've had a nice Wednesday yourself!

Jun 10, 2020 02:18 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... the lack of inventory in our area is truly at critical levels... never saw anything like this.

Jun 10, 2020 02:19 PM