COVID-19 Impact On Charlotte Region Home Sales: Week Ended 4-25-2020

By
Real Estate Agent with Coldwell Banker Realty
https://activerain.com/droplet/5nb5

 

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The number of homes temporarily taken off the market or withdrawn increased slightly the week ended April 25th compared with the prior week.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  • Withdrawn: 131 (single family and condos/townhomes)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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MEDIAN HOME SALE PRICE TRENDS IN THE CHARLOTTE REGION

 

 

 

 

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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.

 

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

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Nina Hollander

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 Charlotte/Ballantyne/Waxhaw/Fort Mill
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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.

 

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Rainmaker
3,327,047
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Nina, Surprised to read that in-home showings are permitted in the Charlotte region. Even though Agents are essential, we are not allowed to show any...even vacant ones. 

May 04, 2020 12:03 PM #1
Rainmaker
3,436,025
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... Charlotte and our county were the only only city and county in NC and in SC not allowing in-person showings for about a month. Then they decided to let us show vacant properties. As of May 1st we can now show all properties with appropriate safety measures.

May 04, 2020 12:23 PM #2
Rainmaker
2,170,632
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Nina Hollander - I'm glad to see you're not afraid to use the "C" word. We are all adults. Lives go on. People are interested in what's going on in the market. You do a good job reporting the news without fluff. 

May 04, 2020 12:57 PM #3
Rainmaker
3,436,025
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Patricia Feager, MBA, CRS, GRI,MRP thanks, Patricia... seriously, covid restrictions are impacting all of our lives in many ways... how could we ignore its impact on things like the housing market?

May 04, 2020 01:15 PM #4
Ambassador
3,245,251
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

That was kind of a depressing market report but what  can one expect in the middle of a national disaster. Charlotte is not alone and this prognosis...

happy Monday afternoon Nina Hollander 

May 04, 2020 03:21 PM #5
Rainmaker
3,396,997
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina and thanks for your information here with what is happening in your area.

 

May 04, 2020 05:03 PM #6
Rainmaker
3,339,090
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina we went through a phase of now showings, only through the Internet as of May 1st we are now allowed to have three people present two buyers and one agent... I guess our illustrious Mayor has not figured out that we have two agents buyer's and sellers and usually two buyers that makes it 4 people.... need to give him Math 101 just saying...Endre

May 04, 2020 10:51 PM #7
Rainmaker
3,152,164
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Nina.

That was a drastic change in your market.  Ours has slow down a little, but thankfully not that much

May 05, 2020 01:19 AM #8
Rainmaker
3,436,025
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Paul S. Henderson, REALTOR®, CRS good morning, Paul... my objective in doing these weekly reports is to provide facts... they are what they are. And while a weekly report might appear "depressing," I keep focusing on the good stuff that will come in the months ahead.

May 05, 2020 04:04 AM #9
Rainmaker
3,436,025
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Will Hamm hi Will... thanks for popping by... wishing you an excellent Tuesday and a good rest of the week.

May 05, 2020 04:05 AM #10
Rainmaker
3,436,025
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Endre Barath, Jr. hi Endre... less of an issue here in Charlotte as the listnig agent virtually never comes to a home viewing. In fact, in the 20+ years I've been a broker here, I've yet to encounter a listing agent when I came to show a home unless they were just leaving the house for some reason. In NYC, as listing agents we showed our properties so that would have been a problem to keep it down to three people.

May 05, 2020 04:07 AM #11
Rainmaker
3,436,025
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

James Dray good morning, James... we had draconian restriction in our largest market (Charlotte and Mecklenburg County where Charlotte is located) in that for some 5 weeks we could not show homes in person. That really impacted traffic and sales... and I'm not surprised... I have clients anxious to buy a home who absolutely refused to do so from pictures or virtual tours. I couldn't possibly be the only agent in the Charlotte area who has clients like this.

May 05, 2020 04:09 AM #12
Rainmaker
580,791
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

Good Morning,

The stats are very helpful to understand your local market. When there is activity, I am all for it. 

May 05, 2020 05:41 AM #13
Rainmaker
3,436,025
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Maria Gilda Racelis good morning, Maria... it's always important for us and for our clients to understand market trends... but right now, it's more important than ever. Happy Tuesday!

May 05, 2020 05:43 AM #14
Rainmaker
2,718,801
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Charlotte home buyers and sellers are sure to value your real estate market report, Nina!

May 06, 2020 01:36 AM #15
Rainmaker
3,436,025
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Myrl Jeffcoat good Wednesday morning, Myrl... nice to see your smiling face today... and wishing you a lovely day ahead.

May 06, 2020 04:17 AM #16
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