Charlotte Region Weekly Housing Market Activity Report:
Weeks Ended May 2 And May 9
Latest news on the Charlotte region real estate market, how corona visus is affecting the market and what it means for you...
Corona virus impact for the weeks ended May 2nd and May 9th showed continued year-over-year decreases in new listings, in inventory, and closed sales. On the "good news" side, pending sales increased 14%year-over-year. Home showings were also down in each of these weeks year-over-year. However, home showings increased week-over-week and that is a good sign. The increase more than likely is due to the lifting of in-person showing restrictions in Mecklenburg County as of May 1st.
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The number of homes temporarily taken off the market or withdrawn decreased the week ended May 9th compared with the prior week.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.
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- Withdrawn: 164 (single family and condos/townhomes)
- Home Showings: 16,560 (versus 22,068 for the same week one year ago)
Weekly Market Activity Report For The Week Ended May 9:
- New Listings: decreased 18.5% year-over-year to 1,234
- Pending Sales: increase 14% year-over-year to 1,332
- Inventory: decreased 23.4% year-over-year to 7,782
- Closings: 851 (single family and condo/townhomes)
- Temporarily Off Market: 81 (single family and condos/townhomes)
- Withdrawn: 146 (single family and condos/townhomes)
- Home Showings: 19,374 (versus 21,831 for the same week one year ago)
Charlotte Region 1-Minute Housing Market Update: 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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