Charlotte Region Housing Supply Overview

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1 Charlotte Region Housing Supply Overview November 2018 Home prices have continued to increase, but price drops are becoming more of a reality as affordability concerns are keeping showings down and some nervous buyers at bay. Meanwhile, year-over-year inventory levels are edging closer to even in several markets across the U.S. For the 12-month period spanning December 2017 through November 2018, Pending Sales in the Charlotte region were down 1.0 percent overall. The price range with the largest gain in sales was the range, where they increased 10.7 percent. The overall Median Sales Price was up 7.0 percent to $237,500. The property type with the largest price gain was the segment, where prices increased 8.3 percent to $189,500. The price range that tended to sell the quickest was the range at 23 days; the price range that tended to sell the slowest was the range at 63 days. Market-wide, inventory levels were down 7.0 percent. The property type that gained the most inventory was the segment, where it increased 8.4 percent. That amounts to 2.5 months supply for homes and 1.8 months supply for Condos-Townhomes. Quick Facts % - 0.1% - 0.3% Price Range With the Strongest Sales: Bedroom Count With Strongest Sales: Pending Sales List to Close Days on Market Until Sale Cumulative Days on Market Until Sale Median Sales Price Percent of Original List Price Received Inventory of Homes for Sale Months Supply of Homes for Sale Additional Price Ranges Property Type With Strongest Sales: 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 December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 1

2 Pending Sales A count of properties on which offers have been accepted. Based on a rolling 12-month total. 13,078 14,025 14,581 16,142 23,564 23,258 18,818 18,663 41,697 41,556 4,610 3,560 7,480 5,899 9,229 8,884 6,596 6,589 7,281 6, % % - 3.7% + 7.2% % -0.1% -1.3% -0.8% -0.3% -4.5% All Properties Change Change Change 4,610 3, % 3,848 3, % % 7,480 5, % 5,699 4, % 1,781 1, % 9,229 8, % 7,416 7, % 1,813 1, % 13,078 14, % 11,144 11, % 1,934 2, % 14,581 16, % 13,590 15, % 991 1, % All Price Ranges 48,978 48, % 41,697 41, % 7,281 6, % Change Change Change 6,596 6, % 2,860 2, % 3,736 3, % 3 Bedrooms 23,564 23, % 20,341 20, % 3,223 3, % 4 Bedrooms or 18,818 18, % 18,496 18, % % All Bedroom Counts 48,978 48, % 41,697 41, % 7,281 6, % Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 2

3 List to Close A count of the days between the date listed and the date closed for all properties sold. Based on a rolling 12-month average % - 4.9% - 7.8% - 5.6% - 6.3% % -6.7% -1.8% -5.1% % All Properties Change Change Change % % % % % % % % % % % % % % % All Price Ranges % % % Change Change Change % % % 3 Bedrooms % % % 4 Bedrooms or % % % All Bedroom Counts % % % Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 3

4 Days on Market Until Sale Average number of days between when a property is first listed and when an offer is accepted. Based on a rolling 12-month average % % % % - 7.4% % % - 5.2% % % All Properties Change Change Change % % % % % % % % % % % % % % % All Price Ranges % % % Change Change Change % % % 3 Bedrooms % % % 4 Bedrooms or % % % All Bedroom Counts % % % Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 4

5 Cumulative Days on Market Until Sale Cumulative Days on Market (CDOM) functions like Days on Market (DOM), but CDOM tracks DOM for a property over a period of multiple listings. When a new listing is entered, CDOM resets to zero only if the previous listing closed (sold) or if the previous listing has been off the market (expired, withdrawn) for more than 90 days. Based on a rolling 12-month average % % % % - 8.1% % % - 4.2% % % All Properties Change Change Change % % % % % % % % % % % % % % % All Price Ranges % % % Change Change Change % % % 3 Bedrooms % % % 4 Bedrooms or % % % All Bedroom Counts % % % Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 5

6 Median Sales Price Median price point for all closed sales, not accounting for seller concessions. Based on a rolling 12-month median. $134,500 $145,000 $180,000 $199,000 $317,000 $335,000 $222,000 $237,500 $232,995 $249,500 $175,000 $189, % % + 5.7% + 7.0% + 7.1% + 8.3% All Properties All Properties Change Change Change $134,500 $145, % $99,900 $115, % $161, % 3 Bedrooms $180,000 $199, % $178,000 $195, % $204,000 $220, % 4 Bedrooms or $317,000 $335, % $318,900 $337, % $241,981 $254, % All Bedroom Counts $222,000 $237, % $232,995 $249, % $175,000 $189, % Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 6

7 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, not accounting for seller concessions. Based on a rolling 12-month average. 97.9% 98.1% 97.7% 98.1% 97.6% 97.6% 96.6% 96.6% 97.3% 97.5% 98.0% 98.2% 96.7% 96.6% 91.2% 91.5% 95.5% 95.8% 96.6% 96.7% + 0.3% - 0.2% 0.0% 0.0% 0.0% + 0.3% + 0.2% - 0.1% + 0.1% + 0.2% All Properties Change Change Change 91.2% 91.5% + 0.3% 90.4% 90.8% + 0.4% 94.9% 95.3% + 0.4% 97.9% 97.7% - 0.2% 97.7% 97.4% - 0.3% 98.6% 98.5% - 0.1% 98.1% 98.1% 0.0% 98.1% 98.0% - 0.1% 98.4% 98.3% - 0.1% 97.6% 97.6% 0.0% 97.5% 97.4% - 0.1% 98.3% 98.6% + 0.3% 96.6% 96.6% 0.0% 96.5% 96.5% 0.0% 98.3% 98.6% + 0.3% All Price Ranges 96.8% 96.9% + 0.1% 96.6% 96.7% + 0.1% 98.0% 98.2% + 0.2% Change Change Change 95.5% 95.8% + 0.3% 92.8% 93.6% + 0.9% 97.5% 97.7% + 0.2% 3 Bedrooms 97.3% 97.5% + 0.2% 97.1% 97.2% + 0.1% 98.7% 98.9% + 0.2% 4 Bedrooms or 96.7% 96.6% - 0.1% 96.6% 96.6% 0.0% 97.7% 98.0% + 0.3% All Bedroom Counts 96.8% 96.9% + 0.1% 96.6% 96.7% + 0.1% 98.0% 98.2% + 0.2% Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 7

8 Inventory of Homes for Sale The number of properties available for sale in active status at the end of the most recent month. Based on one month of activity. 5,224 5,234 5,105 4,685 9,483 8,677 4,016 3,906 2,159 2,342 1, , ,307 1, , % % - 8.0% + 8.5% + 0.2% % -2.7% -8.2% - 8.5% + 8.4% All Properties Change Change Change 1, % % % % % % 1, % % % 2,159 2, % 1,862 1, % % 5,224 5, % 4,932 4, % % All Price Ranges 10,428 9, % 9,483 8, % 945 1, % Change Change Change 1,307 1, % % % 3 Bedrooms 4,016 3, % 3,598 3, % % 4 Bedrooms or 5,105 4, % 5,038 4, % % All Bedroom Counts 10,428 9, % 9,483 8, % 945 1, % Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 8

9 Months Supply of Homes for Sale The months supply of homes for sale at the end of the most recent month, based on one month of activity, divided by the average monthly pending sales from the last 12 months % % - 7.1% 0.0% - 9.3% % 0.0% -9.1% - 7.4% % All Properties Change Change Change % % % % % % % % % % % % % % % All Price Ranges % % % Change Change Change % % % 3 Bedrooms % % % 4 Bedrooms or % % % All Bedroom Counts % % % Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 9

10 Additional Price Ranges Closed Sales and Inventory of Homes for Sale for a wider set of price ranges, given for a rolling 12-month period, compared to prior month and year to date. Closed Sales Actual sales that have closed in a given month. All Properties Rolling 12 Months 7,089 5,313 5,322 4,196 7,829 8,663 10,138 7,248 9,296 10,770 6,216 6,810 3,397 3, ,914 41,046 7,302 6,980 49,216 48, % % - 7.4% + 7.3% + 6.2% + 9.6% % % < $120K $120K to $150K $150K to $190K $190K to $250K $250K to $350K $350K to $500K $500K to $999K $1.0M % - 4.4% - 2.4% All Properties Change Change Change Change Change Change $120,000 and 5,737 4, % 1, % % % 5,187 3, % 1, % $120,001 to 4,055 3, % 1,267 1, % % % 3,717 2, % 1, % $190,000 6,277 5, % 1,552 1, % % % 5,755 5, % 1,447 1, % $190,001 to $250,000 7,199 7, % 1,464 1, % % % 6,681 7, % 1,352 1, % $250,001 to $350,000 9,107 9, % 1,031 1, % % % 8,448 8, % 974 1, % $350,001 to $500,000 5,809 6, % % % % 5,344 5, % % $500,001 to $999,999 3,197 3, % % % % 2,974 3, % % $1M and % % % % % % All Price Ranges 41,914 41, % 7,302 6, % 3,131 2, % % 38,601 37, % 6,778 6, % Inventory of Homes for Sale Rolling 12 Months Compared to Prior Month Year to Date The number of properties available for sale in active status at the end of the most recent month. Based on one month of activity. All Properties 1, , ,332 2,231 2,418 2,101 2,041 1,609 1, ,483 8, ,024 10,428 9, % % % % + 8.4% - 2.9% - 3.8% + 7.5% < $120K $120K to $150K $150K to $190K $190K to $250K $250K to $350K $350K to $500K $500K to $999K $1.0M + Year over Year Compared to Prior Month Year to Date Change Change Change Change $120,000 and 1, % % % % $120,001 to % % % % $190, % % % % $190,001 to $250,000 1,004 1, % % 1,079 1, % % $250,001 to $350,000 2,026 2, % % 2,155 2, % % $350,001 to $500,000 1,981 1, % % 2,041 1, % % $500,001 to $999,999 1,519 1, % % 1,557 1, % % $1M and % % % % All Price Ranges 9,483 8, % 945 1, % 9,029 8, % 1,026 1, % - 8.5% + 8.4% - 7.0% Singe-Family All Properties There are no year-to-date figures for inventory because it is simply a snapshot frozen in time at the end of each month. It does not add up over a period of months. Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 10