Charlotte Region Monthly Indicators

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1 Charlotte Region Monthly Indicators A RESEARCH TOOL PROVIDED BY CHARLOTTE REGIONAL REALTOR ASSOCIATION FOR MORE INFORMATION CONTACT A REALTOR 2018 Housing markets across the nation are most assuredly active this summer, and buyer competition is manifesting itself into several quick sales above asking price. While the strength of the U.S. economy has helped purchase offers pile up, the Fed recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late Although the 30-year mortgage rate did not increase, buyers often react by locking in at the current rate ahead of assumed higher rates later. When this happens, accelerated price increases are possible, causing further strain on affordability. New Listings were up in the Charlotte region by 1.0 percent to 5,932. Pending Sales increased 7.4 percent to 5,081. Inventory shrank 17.2 percent to 9,554 units. Prices moved higher as Median Sales Price was up 2.8 percent to $248,045. Months Supply of Homes for Sale was down 20.7 percent to 2.3 months, indicating that demand increased relative to supply. Inventory may be persistently lower in year-over-year comparisons, and home prices are still more likely to rise than not, but sales and new listings may finish the summer on the upswing. The housing supply outlook in several markets is beginning to show an increase in new construction and a move by builders away from overstocked rental units to new developments for sale. These are encouraging signs in an already healthy marketplace. Quick Facts % + 2.8% % Year-Over-Year Change in Closed Sales Year-Over-Year Change in Median Sales Price Market Overview New Listings Pending Sales Closed Sales List to Close Days on Market Until Sale Cumulative Days on Market Until Sale Average List Price Average Sales Price Median Sales Price Percent of Original List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Homes for Sale Year-Over-Year Change in Homes for Sale The Charlotte Region report includes Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly and Union counties in North Carolina, and Chester, Chesterfield, Lancaster and York counties in South Carolina. Comprised of single-family properties, townhomes and condominiums combined. Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. Percent changes are calculated using rounded figures Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 1

2 Market Overview Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars YTD 2017 YTD 2018 New Listings 5,876 5, % 32,986 32, % Pending Sales 4,730 5, % 26,488 26, % Closed Sales 5,360 4, % 23,929 23, % List to Close % % Days on Market Until Sale % % Cumulative Days on Market % % Average List Price $308,305 $322, % $315,265 $331, % Average Sales Price $285,812 $302, % $268,347 $287, % Median Sales Price $241,250 $248, % $220,000 $237, % Pct. of Original List Price Received 97.5% 97.8% + 0.3% 97.0% 97.2% + 0.2% Housing Affordability Index % % Inventory of Homes for Sale 11,537 9, % Months Supply of Homes for Sale % Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 2

3 New Listings A count of the properties that have been newly listed on the market in a given month. 5,819 5,876 5,932 31, % + 1.0% + 1.0% + 2.4% + 4.6% 32,986 32, % New Listings July ,598 5, % August ,570 5, % September ,834 4, % October ,474 4, % November ,828 3, % December ,710 2, % January ,006 4, % February ,658 4, % March ,978 6, % April ,792 5, % May ,357 6, % ,932 5, % 12-Month Avg 4,978 4, % Historical New Listings by Month 8,000 7,000 6,000 5,000 4,000 3,000 2,000 Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 3

4 Pending Sales A count of the properties on which contracts have been accepted in a given month. Pending contracts include "Under Contract-Show" and "Under Contract-No Show" statuses. 4,420 4,730 5,081 25, % + 7.0% + 7.4% + 7.9% + 5.4% 26,488 26, % Pending Sales July ,398 4, % August ,440 4, % September ,917 3, % October ,886 3, % November ,283 3, % December ,761 2, % January ,485 3, % February ,850 3, % March ,720 4, % April ,821 4, % May ,915 4, % ,081 4, % 12-Month Avg 4,130 4, % Historical Pending Sales by Month 6,000 5,000 4,000 3,000 2,000 1,000 Note: CarolinaMLS did not include "Showable" Under Contract listings in the Pending Sales stats before July Listing agents report listings as "Under Contract-Show" earlier in the transaction. As a result, Pending Sales stats trend higher since July Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 4

5 Closed Sales A count of the actual sales that closed in a given month. 5,052 5,360 4,724 22, % + 6.1% % + 7.3% + 8.5% 23,929 23, % Closed Sales July ,577 4, % August ,801 4, % September ,301 4, % October ,011 3, % November ,754 3, % December ,688 3, % January ,758 2, % February ,854 2, % March ,085 4, % April ,207 3, % May ,797 4, % ,724 5, % 12-Month Avg 4,046 4, % Historical Closed Sales by Month 6,000 5,000 4,000 3,000 2,000 1,000 Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 5

6 List to Close List to Close provides the total number of days specific to the MLS number from "Listing Date" to "Sold Date." Historical List to Close by Month % - 7.9% - 8.6% -6.6% % % List to Close July % August % September % October % November % December % January % February % March % April % May % % 12-Month Avg* % * List to Close for all properties from July 2017 through This is not the average of the individual figures above Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 6

7 Days on Market Until Sale Days on Market (DOM) tracks the days on market for a property specific to the MLS number. DOM accrues for "Active" and "Under Contract-Show" statuses. DOM does not include any days that the listing is in "Under Contract-No Show," "Temporarily off Market," "Closed/Sold," "Expired" and "Withdrawn" statuses Historical Days on Market Until Sale by Month % % % % % % Days on Market July % August % September % October % November % December % January % February % March % April % May % % 12-Month Avg* % * Days on Market for all properties from July 2017 through This is not the average of the individual figures above Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 7

8 Cumulative Days on Market Until Sale Cumulative Days on Market (CDOM) functions like DOM; however, CDOM tracks the days on market for a property over multiple listings on the property. When a new listing is entered, the CDOM only resets to zero if the previous listing closed (as in sold) or if the previous listing has been off market (expired or withdrawn) for more than 90 days Historical Cumulative Days on Market Until Sale by Month % % % % % % Cumulative Days on Market July % August % September % October % November % December % January % February % March % April % May % % 12-Month Avg* % * Cumulative Days on Market for all properties from July 2017 through This is not the average of the individual figures above Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 8

9 Average List Price Average list price for all homes that have been newly listed on the market in a given month. $290,477 $308,305 $322,255 Historical Average List Price by Month $300,695 $315, % + 6.1% + 4.5% + 8.2% + 4.8% $331, % Average List Price July 2017 $302,261 $289, % August 2017 $292,037 $277, % September 2017 $309,031 $291, % October 2017 $296,546 $284, % November 2017 $291,902 $268, % December 2017 $284,517 $270, % January 2018 $313,041 $298, % February 2018 $324,821 $311, % March 2018 $341,805 $326, % April 2018 $339,056 $321, % May 2018 $338,380 $318, % 2018 $322,255 $308, % 12-Month Avg* $315,798 $300, % * Average List Price for all properties from July 2017 through This is not the average of the individual figures above. $350,000 $325,000 $300,000 $275,000 $250,000 $225,000 $200,000 $175,000 Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 9

10 Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $275,487 $285,812 $302,177 Historical Average Sales Price by Month $250,034 $268, % + 3.7% + 5.7% + 5.4% + 7.3% $287, % Average Sales Price July 2017 $276,434 $264, % August 2017 $270,228 $267, % September 2017 $267,538 $252, % October 2017 $262,859 $252, % November 2017 $268,362 $254, % December 2017 $279,765 $256, % January 2018 $263,287 $256, % February 2018 $266,124 $241, % March 2018 $280,299 $267, % April 2018 $292,131 $270, % May 2018 $299,711 $270, % 2018 $302,177 $285, % 12-Month Avg* $278,679 $263, % * Average Sales Price for all properties from July 2017 through This is not the average of the individual figures above. $320,000 $300,000 $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 10

11 Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $222,000 $241,250 $248,045 Historical Median Sales Price by Month $199,750 $220, % + 8.7% + 2.8% + 6.0% % $237, % Median Sales Price July 2017 $235,000 $212, % August 2017 $225,350 $215, % September 2017 $223,645 $201, % October 2017 $220,000 $205, % November 2017 $221,000 $205, % December 2017 $232,500 $206, % January 2018 $215,000 $200, % February 2018 $226,995 $199, % March 2018 $235,000 $219, % April 2018 $240,000 $223, % May 2018 $245,500 $223, % 2018 $248,045 $241, % 12-Month Avg* $231,500 $215, % * Median Sales Price for all properties from July 2017 through This is not the average of the individual figures above. $260,000 $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 $120,000 Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 11

12 Percent of Original List Price Received Percentage found when dividing a property s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 96.8% 97.5% 97.8% Historical Percent of Original List Price Received by Month 96.0% 97.0% 97.2% + 1.1% + 0.7% + 0.3% + 1.3% + 1.0% + 0.2% Pct. of Orig. Price Received July % 96.7% +0.5% August % 96.6% +0.6% September % 96.2% +0.6% October % 96.2% +0.5% November % 96.1% +0.4% December % 95.7% +0.6% January % 95.9% +0.1% February % 96.3% +0.3% March % 96.8% +0.4% April % 97.2% +0.2% May % 97.3% +0.3% % 97.5% +0.3% 12-Month Avg* 97.0% 96.6% +0.4% * Pct. of Orig. Price Received for all properties from July 2017 through This is not the average of the individual figures above % 98.0% 96.0% 94.0% 92.0% 90.0% 88.0% 86.0% Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 12

13 Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability % - 5.5% - 8.7% -3.2% -6.6% % Affordability Index July % August % September % October % November % December % January % February % March % April % May % % 12-Month Avg % Historical Housing Affordability Index by Month Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 13

14 Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 12,995 11,537 9, % % % Homes for Sale July ,692 13, % August ,720 12, % September ,526 12, % October ,938 12, % November ,341 11, % December ,165 10, % January ,885 10, % February ,734 10, % March ,177 10, % April ,380 11, % May ,833 11, % ,554 11, % 12-Month Avg 10,079 11, % Historical Inventory of Homes for Sale by Month 40,000 30,000 20,000 10,000 0 Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 14

15 Months Supply of Homes for Sale The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months % % % Historical Months Supply of Homes for Sale by Month Months Supply July % August % September % October % November % December % January % February % March % April % May % % 12-Month Avg* % * Months Supply for all properties from July 2017 through This is not the average of the individual figures above Note: CarolinaMLS did not include "Showable" Under Contract listings in the Pending Sales stats before July Listing agents report listings as "Under Contract-Show" earlier in the transaction. As a result, Months Supply of Homes for Sale stats trend lower since July Current as of July 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 15