Charlotte Region Weekly Housing Market Activity Report:
Weeks Ended April 18 And April 25
Latest news on how COVID-19 is affecting the Charlotte region real estate market and what it means for you...
The impact of shuttered businesses and shelter at home orders due to COVID-19 became more apparent in Charlotte region's housing market activity for the weeks ended April 18th and April 25th compared with the last half of March and the first half of April.
COVID-19 impact for the weeks ended April 18th and April 25th showed continued year-over-year decreases in new listings and in inventory. 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 a market that was already low on inventory at the height of its spring selling season, continued decreases in new listings and in inventory as the impact of COVID-19 is more fully realized can be expected to put a strain on home sales.
Meantime, median home sale prices in the Charlotte region continue to increase. No doubt, part of that has to do with continued demand for homes and razor-thin inventory.
The number of homes temporarily taken off the market or withdrawn increased slightly the week ended April 25th compared with the prior week.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. In North Carolina shelter-in-place orders were extended from April 29th through May 8th. However, Charlotte-Mecklenburg recategorized real estate as an essential business to allow in-person home showings, which will hopefully help increase the number of home showings moving forward.
Weekly Market Activity Report For The Week Ended April 18:
- New Listings: decreased 24.6% year-over-year to 943
- Pending Sales: decreased 16.7% year-over-year to 946
- Inventory: decreased 20.9% year-over-year to 8,003
- Closings: 1,030 (single family and condos/townhomes)
- Temporarily Off Market: 85 (single family and condos/townhomes)
- Withdrawn: 131 (single family and condos/townhomes)
- Home Showings: 10,504 (versus 21,207 for the same week 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: 117 (single family and condos/townhomes)
- Withdrawn: 148 (single family and condos/townhomes)
Home Showings: 13,272 (versus 20,011 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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