Charlotte Region Weekly Housing Market Activity Report:
Weeks Ended May 16 And May 23
Latest news on the Charlotte region real estate market and how corona visus is affecting the market and what it means for you...
Corona virus impact for the weeks ended May 16th and May 23rd appears to have abated in the past two weeks. HOMES ARE SELLING and pending sales are up year-over-year for both weeks. The number of homes showings in each of these two weeks also increased year-over-year -- no doubt due to pent-up demand from March and April when it was extremely hard to show homes. At this point, the impact of corona virus on home showings has more to do with how we keep our clients safe when showing homes. But there's no doubt that home buyers are out and looking to purchase homes.
Inventory remains tight and both new listings and inventory are down year-over-year. As we have seen this lack of inventory now for several years, it's hard to say the lack of inventory in May is solely a consequence of the pandemic restrictions.
Since there is typically a four to six week lag from when a home goes under contract to when it closes, I would expect closings to gradually increase in the coming weeks given the increase in pending sales in the past several weeks.
We are also not seeing any significant increases in the number of homes taken off the market temporarily or completely withdrawn from the market. It's hard to measure how many home sellers are holding off from listing their homes as a result of the pandemic or how soon they will decide to list. However, it's probably fair to say that the Charlotte region is a home seller's market given the razor-thin inventory, high buyer demand, and increasing home prices.
Weekly Market Activity Report For The Week Ended May 16:
- New Listings; decreased 19.6% year-over-year to 1,188
- Pending Sales: increased 22.3% year-over-year to 1,371
- Inventory: decreased 25.7% year-over-year to 7,702
- Closings: 853 (single family and condos/townhomes)
- Temporarily Off Market: 50 (single family and condos/townhomes)
- Withdrawn: 155 (single family and condos/townhomes)
- Home Showings: 20,609 (versus 22,446 for the comparable week one year ago)
Weekly Market Activity Report For The Week Ended May 23:
- New Listings: decreased 20.6% year-over-year to 1,179
- Pending Sales: increased 17.4% year-over-year to 1,447
- Inventory: decreased 28.5% year-over-year to 7,544
- Closings: 909 (single family and condo/townhomes)
- Temporarily Off Market: 84 (single family and condos/townhomes)
- Withdrawn: 121 (single family and condos/townhomes)
- Home Showings: 21,760 (versus 21,262 for the comparable 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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