Charlotte Homes Are Selling! Corona Virus Impact Lessens Significantly

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

 

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We are also not seeing any significant increases in the number of homes taken off the market temporarily or completely withdrawn from the market.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  • Withdrawn: 155 (single family and condos/townhomes)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

 

 

 

 

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.

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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:

 "The Right Broker Makes All The Difference."

 

 

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SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

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
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

Charlotte Magazine 5-Star Customer Satisfaction Award Winner Since 2007

 

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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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2020 Market Reports
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Rainmaker
4,828,042
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nina,

That was my feeling on the real estate market.  All that other doom and gloom stuff that so called experts defied common sense...LOL A

Jun 01, 2020 10:33 AM #1
Rainmaker
3,447,127
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Ron and Alexandra Seigel hi Alexandra... I'm still watching the market very carefully... the issue of unemployment needs to be resolved as it could ultimately impact demand for homes... and I just read this morning that North Carolina had among the highest unemployment claims... I just don't know how much Charltotte was affected compared with other cities in the state. I'm cautiously optimistic and watching like a hawk.

Jun 01, 2020 11:19 AM #2
Rainmaker
4,828,042
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nins,

Possibly many industries will have to retool and rethink their marketplace which may or may not affect employment numbers.  For instance, our Nordstrom's is closing in August.  Although some cite the virus as the cause, the truth is that two years ago, this discussion was taking place, as it was not a profitable store for the company.   In the meantime, they opened a 7 story  flagship luxury store in Manhattan!  That is doing well...We cannot blame the virus on everything, like the local cupcake place here in Carpinteria that did not make it, but their Santa Barbara store is thriving...

We remain on our optimistic high horse and all of our clients are too and have good sales number throughout all this...Happy Monday...A

Jun 01, 2020 11:27 AM #3
Rainmaker
3,447,127
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Ron and Alexandra Seigel I totally agree, Alexandra... blaming the virus on everything is idiotic. As I said, I remain optimistic, but I'm watchful. Clients ask lots of questions and I want to feel that I am as knowledgeable as possible to lay it out for them and not just broad brush it.

Jun 01, 2020 11:37 AM #4
Ambassador
3,981,880
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina good to hear things are picking up.  Nice touch with the background music!

Jun 01, 2020 02:05 PM #5
Rainmaker
3,447,127
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto thanks, George... all things considered we've had good sales... but now that showing restrictions have been lifted it's been a big help.

Jun 01, 2020 03:14 PM #6
Rainmaker
2,729,230
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

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

Jun 01, 2020 05:06 PM #7
Ambassador
4,207,914
Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Hi Nina:

That's some pretty good news and what I have been hearing about other areas, too. I'll be starting my May market reports in the next day or two - it will be interesting to see how things have shifted.

Jeff

Jun 01, 2020 05:23 PM #8
Rainmaker
2,142,992
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good evening Nina Hollander - I love reading this.  It is great news.

Jun 01, 2020 05:41 PM #9
Ambassador
3,257,485
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

It is such a crazy market for all of us...

You can handle any market and succeed Nina Hollander 

Jun 01, 2020 10:26 PM #10
Rainmaker
3,164,891
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Nina.

Our market started picking up around mid May.  I've been hammered, but I'm not complaining

Jun 02, 2020 01:48 AM #11
Rainmaker
3,447,127
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Myrl Jeffcoat thanks, Myrl... and thanks for stopping by. Trust you're staying well.

Jun 02, 2020 03:50 AM #12
Rainmaker
3,447,127
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jeff Dowler, CRS good morning, Jeff... our May numbers won't be out for a few days yet, but I'm anxious to see them.

Jun 02, 2020 03:51 AM #13
Rainmaker
3,447,127
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Grant Schneider good morning, Grant. I love writing this... and it is good news... let's hope the trends continue.

Jun 02, 2020 03:52 AM #14
Rainmaker
3,447,127
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Paul S. Henderson, REALTOR®, CRS good morning, Paul... I appreciate the faith you have in me! By the same token, I tell people all the time that after 26+ years in the business in two radically different markets, there's very little I haven't seen and figured out how to handle.

Jun 02, 2020 03:53 AM #15
Rainmaker
3,447,127
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

James Dray good morning, James... we didn't have our showing restriction lifted until the the end of the third week of May... so these numbers are really quite good... they show that people have positive feelings about our housing market in the Charlotte region.

Jun 02, 2020 03:55 AM #16
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