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 price bubble chatter has increased this summer, as market observers attempt to predict the next residential real estate shift. It is too early to predict a change from higher prices and lower inventory, but the common markers that caused the last housing cooldown are present. Wages are up but not at the same pace as home prices, leading to the kind of affordability concerns that can cause fewer sales at lower prices. At the same time, demand is still outpacing what is available for sale in many markets. New Listings were down in the Charlotte region by 0.4 percent to 5,576. Pending Sales increased 12.5 percent to 4,947. Inventory shrank 16.3 percent to 9,790 units. Prices moved higher as Median Sales Price was up 2.1 percent to $240,000. Months Supply of Homes for Sale was down 17.2 percent to 2.4 months, indicating that demand increased relative to supply. Consumer spending on home goods and renovations are up, and more people are entering the workforce. Employed people spending money is good for the housing market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest showing since Housing starts are down, but that is more reflective of low supply than anything else. With a growing economy, solid lending practices and the potential for improved inventory from new listing and building activity, market balance is more likely than a bubble. Quick Facts - 2.8% + 2.1% % 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 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. Months Supply of Homes for Sale Current as of August 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 5,599 5, % 38,586 38, % Pending Sales 4,398 4, % 30,882 31, % Closed Sales 4,577 4, % 28,507 28, % List to Close % % Days on Market Until Sale % % Cumulative Days on Market % % Average List Price $302,231 $308, % $313,376 $326, % Average Sales Price $276,434 $290, % $269,638 $287, % Median Sales Price $235,000 $240, % $224,000 $238, % Pct. of Original List Price Received 97.2% 97.2% 0.0% 97.0% 97.2% + 0.2% Housing Affordability Index % % Inventory of Homes for Sale 11,701 9, % Months Supply of Homes for Sale % Current as of August 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. 5,280 5,599 5,576 36, % + 6.0% - 0.4% + 1.7% + 4.8% 38,586 38, % New Listings August ,574 5, % September ,838 4, % October ,478 4, % November ,830 3, % December ,713 2, % January ,009 4, % February ,663 4, % March ,984 6, % April ,802 5, % May ,368 6, % June ,937 5, % ,576 5, % 12-Month Avg 4,981 4, % Historical New Listings by Month 8,000 7,000 6,000 5,000 4,000 3,000 2,000 Current as of August 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. 4,223 4,398 4,947 29, % + 4.1% % + 8.0% + 5.2% 30,882 31, % Pending Sales August ,441 4, % September ,920 3, % October ,888 3, % November ,282 3, % December ,763 2, % January ,484 3, % February ,848 3, % March ,716 4, % April ,802 4, % May ,835 4, % June ,727 4, % ,947 4, % 12-Month Avg 4,138 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 Listing agents report listings as "Under Contract-Show" earlier in the transaction. As a result, Pending Sales stats trend higher since Current as of August 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. 4,243 4,577 4,447 26, % + 7.9% - 2.8% + 5.3% + 8.4% 28,507 28, % Closed Sales August ,800 4, % September ,301 4, % October ,012 3, % November ,755 3, % December ,690 3, % January ,758 2, % February ,855 2, % March ,086 4, % April ,211 3, % May ,822 4, % June ,036 5, % ,447 4, % 12-Month Avg 4,064 4, % Historical Closed Sales by Month 6,000 5,000 4,000 3,000 2,000 1,000 Current as of August 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 % - 9.0% - 8.8% -7.5% -9.9% % List to Close August % September % October % November % December % January % February % March % April % May % June % % 12-Month Avg* % * List to Close for all properties from August 2017 through This is not the average of the individual figures above Current as of August 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 August % September % October % November % December % January % February % March % April % May % June % % 12-Month Avg* % * Days on Market for all properties from August 2017 through This is not the average of the individual figures above Current as of August 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 August % September % October % November % December % January % February % March % April % May % June % % 12-Month Avg* % * Cumulative Days on Market for all properties from August 2017 through This is not the average of the individual figures above Current as of August 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. $289,283 $302,231 $308,305 Historical Average List Price by Month $299,052 $313, % + 4.5% + 2.0% + 8.4% + 4.8% $326, % Average List Price August 2017 $292,056 $277, % September 2017 $308,983 $291, % October 2017 $296,512 $284, % November 2017 $291,734 $268, % December 2017 $284,154 $270, % January 2018 $312,839 $298, % February 2018 $324,498 $311, % March 2018 $341,145 $326, % April 2018 $338,041 $321, % May 2018 $337,098 $319, % June 2018 $319,608 $308, % 2018 $308,305 $302, % 12-Month Avg* $315,738 $301, % * Average List Price for all properties from August 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 August 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. $264,870 $276,434 $290,486 Historical Average Sales Price by Month $252,429 $269, % + 4.4% + 5.1% + 5.4% + 6.8% $287, % Average Sales Price August 2017 $270,274 $267, % September 2017 $267,538 $252, % October 2017 $262,893 $252, % November 2017 $268,369 $254, % December 2017 $279,872 $256, % January 2018 $263,287 $256, % February 2018 $266,082 $241, % March 2018 $280,299 $267, % April 2018 $292,057 $270, % May 2018 $299,708 $270, % June 2018 $301,386 $285, % 2018 $290,486 $276, % 12-Month Avg* $280,053 $264, % * Average Sales Price for all properties from August 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 August 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. $212,430 $235,000 $240,000 Historical Median Sales Price by Month $200,000 $224, % % + 2.1% + 5.3% % $238, % Median Sales Price August 2017 $225,425 $215, % September 2017 $223,645 $201, % October 2017 $220,000 $205, % November 2017 $221,000 $205, % December 2017 $232,950 $206, % January 2018 $215,000 $200, % February 2018 $226,990 $199, % March 2018 $235,000 $219, % April 2018 $240,000 $223, % May 2018 $245,500 $223, % June 2018 $248,000 $241, % 2018 $240,000 $235, % 12-Month Avg* $232,358 $217, % * Median Sales Price for all properties from August 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 August 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. 96.7% 97.2% 97.2% Historical Percent of Original List Price Received by Month 96.1% 97.0% 97.2% + 1.4% + 0.5% 0.0% + 1.3% + 0.9% + 0.2% Pct. of Orig. Price Received 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% June % 97.5% +0.3% % 97.2% 0.0% 12-Month Avg* 97.0% 96.7% +0.3% * Pct. of Orig. Price Received for all properties from August 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 August 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 % - 6.1% - 7.5% -0.8% -8.2% % Affordability Index August % September % October % November % December % January % February % March % April % May % June % % 12-Month Avg % Historical Housing Affordability Index by Month Current as of August 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. 13,068 11,701 9, % % % Homes for Sale August ,733 12, % September ,541 12, % October ,958 12, % November ,365 11, % December ,193 10, % January ,924 10, % February ,786 10, % March ,252 10, % April ,498 11, % May ,076 11, % June ,259 11, % ,790 11, % 12-Month Avg 10,031 11, % Historical Inventory of Homes for Sale by Month 40,000 30,000 20,000 10,000 0 Current as of August 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 August % September % October % November % December % January % February % March % April % May % June % % 12-Month Avg* % * Months Supply for all properties from August 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 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 Current as of August 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 15