Charlotte Region Monthly Indicators A RESEARCH TOOL PROVIDED BY CHARLOTTE REGIONAL REALTOR ASSOCIATION FOR MORE INFORMATION CONTACT A REALTOR 2018 Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings after at least two years of a positive outlook. There may not be massive increases in inventory from week to week, but a longer-term trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months. New Listings were up in the Charlotte region by 0.7 percent to 5,773. Pending Sales increased 10.7 percent to 5,245. Inventory shrank 22.6 percent to 8,515 units. Prices moved higher as Median Sales Price was up 7.4 percent to $240,000. Months Supply of Homes for Sale was down 25.0 percent to 2.1 months, indicating that demand increased relative to supply. This winter and spring exhibited unseasonal weather patterns in much of the country. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower. If that wasn't enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion. Quick Facts + 1.6% + 7.4% - 22.6% 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 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 1
Market Overview Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars 4-2017 4-2018 YTD 2017 YTD 2018 New Listings 5,734 5,773 + 0.7% 20,961 20,370-2.8% Pending Sales 4,739 5,245 + 10.7% 16,908 17,423 + 3.0% Closed Sales 3,963 4,028 + 1.6% 13,832 13,684-1.1% List to Close 99 94-5.1% 106 101-4.7% Days on Market Until Sale 49 44-10.2% 55 50-9.1% Cumulative Days on Market 59 53-10.2% 64 60-6.3% Average List Price $321,505 $342,606 + 6.6% $316,186 $333,656 + 5.5% Average Sales Price $270,241 $292,158 + 8.1% $260,746 $277,395 + 6.4% Median Sales Price $223,498 $240,000 + 7.4% $211,000 $230,000 + 9.0% Pct. of Original List Price Received 97.2% 97.4% + 0.2% 96.6% 96.9% + 0.3% Housing Affordability Index 112 105-6.3% 119 110-7.6% Inventory of Homes for Sale 11,008 8,515-22.6% -- -- -- Months Supply of Homes for Sale 2.8 2.1-25.0% -- -- -- Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 2
New Listings A count of the properties that have been newly listed on the market in a given month. 5,897 5,734 5,773 19,838 + 2.4% - 2.8% + 0.7% + 0.1% + 5.7% 20,961 20,370-2.8% New Listings May 2017 6,145 5,866 +4.8% June 2017 5,876 5,819 +1.0% July 2017 5,596 5,280 +6.0% August 2017 5,564 5,250 +6.0% September 2017 4,831 4,701 +2.8% October 2017 4,465 4,336 +3.0% November 2017 3,824 3,550 +7.7% December 2017 2,706 2,649 +2.2% January 2018 3,997 4,087-2.2% February 2018 4,642 4,908-5.4% March 2018 5,958 6,232-4.4% 2018 5,773 5,734 +0.7% 12-Month Avg 4,948 4,868 +1.6% Historical New Listings by Month 8,000 7,000 6,000 5,000 4,000 3,000 2,000 Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 3
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. 4,755 4,739 5,245 16,117 + 8.2% - 0.3% + 10.7% + 8.1% + 4.9% 16,908 17,423 + 3.0% Pending Sales May 2017 4,849 4,602 +5.4% June 2017 4,730 4,420 +7.0% July 2017 4,398 4,223 +4.1% August 2017 4,437 4,280 +3.7% September 2017 3,918 3,701 +5.9% October 2017 3,881 3,747 +3.6% November 2017 3,284 3,159 +4.0% December 2017 2,766 2,579 +7.3% January 2018 3,492 3,375 +3.5% February 2018 3,864 3,961-2.4% March 2018 4,822 4,833-0.2% 2018 5,245 4,739 +10.7% 12-Month Avg 4,141 3,968 +4.4% 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 2012. Listing agents report listings as "Under Contract-Show" earlier in the transaction. As a result, Pending Sales stats trend higher since July 2012. Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 4
Closed Sales A count of the actual sales that closed in a given month. 4,007 3,963 4,028 12,574 + 10.0% - 1.1% + 1.6% + 5.9% + 10.0% 13,832 13,684-1.1% Closed Sales May 2017 4,737 4,427 +7.0% June 2017 5,360 5,052 +6.1% July 2017 4,577 4,243 +7.9% August 2017 4,799 4,631 +3.6% September 2017 4,301 4,278 +0.5% October 2017 4,009 3,724 +7.7% November 2017 3,754 3,532 +6.3% December 2017 3,688 3,837-3.9% January 2018 2,757 2,699 +2.1% February 2018 2,849 2,816 +1.2% March 2018 4,050 4,354-7.0% 2018 4,028 3,963 +1.6% 12-Month Avg 4,076 3,963 +2.9% Historical Closed Sales by Month 6,000 5,000 4,000 3,000 2,000 1,000 Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 5
List to Close List to Close provides the total number of days specific to the MLS number from "Listing Date" to "Sold Date." 114 99 Historical List to Close by Month 94 121 106-5.0% - 13.2% - 5.1% -5.5% - 12.4% 101-4.7% List to Close May 2017 97 106-8.5% June 2017 93 101-7.9% July 2017 91 100-9.0% August 2017 90 98-8.2% September 2017 91 100-9.0% October 2017 90 103-12.6% November 2017 96 104-7.7% December 2017 100 111-9.9% January 2018 105 115-8.7% February 2018 106 112-5.4% March 2018 100 105-4.8% 2018 94 99-5.1% 12-Month Avg* 95 104-8.7% * List to Close for all properties from May 2017 through 2018. This is not the average of the individual figures above. 180 160 140 120 100 80 Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 6
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. 63 49 44 Historical Days on Market Until Sale by Month - 13.7% - 22.2% - 10.2% - 12.7% - 20.3% 69 55 50-9.1% Days on Market May 2017 46 56-17.9% June 2017 43 49-12.2% July 2017 42 50-16.0% August 2017 43 48-10.4% September 2017 41 49-16.3% October 2017 42 52-19.2% November 2017 47 52-9.6% December 2017 50 56-10.7% January 2018 53 57-7.0% February 2018 55 58-5.2% March 2018 50 57-12.3% 2018 44 49-10.2% 12-Month Avg* 46 53-13.2% * Days on Market for all properties from May 2017 through 2018. This is not the average of the individual figures above. 140 120 100 80 60 40 Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 7
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. 76 59 Historical Cumulative Days on Market Until Sale by Month 53-14.6% - 22.4% - 10.2% - 15.6% - 21.0% 81 64 60-6.3% Cumulative Days on Market May 2017 54 66-18.2% June 2017 51 58-12.1% July 2017 49 60-18.3% August 2017 51 57-10.5% September 2017 50 57-12.3% October 2017 51 61-16.4% November 2017 56 63-11.1% December 2017 60 66-9.1% January 2018 62 66-6.1% February 2018 65 67-3.0% March 2018 60 67-10.4% 2018 53 59-10.2% 12-Month Avg* 54 62-12.9% * Cumulative Days on Market for all properties from May 2017 through 2018. This is not the average of the individual figures above. 200 175 150 125 100 75 50 25 Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 8
Average List Price Average list price for all homes that have been newly listed on the market in a given month. $314,468 $321,505 $342,606 Historical Average List Price by Month $301,516 $316,186 + 9.1% + 2.2% + 6.6% + 8.5% + 4.9% $333,656 + 5.5% Average List Price May 2017 $319,072 $308,076 +3.6% June 2017 $308,530 $290,439 +6.2% July 2017 $302,406 $289,355 +4.5% August 2017 $292,044 $277,379 +5.3% September 2017 $309,102 $291,723 +6.0% October 2017 $296,644 $284,917 +4.1% November 2017 $292,219 $268,928 +8.7% December 2017 $285,063 $270,510 +5.4% January 2018 $314,066 $298,228 +5.3% February 2018 $325,996 $311,543 +4.6% March 2018 $344,092 $326,729 +5.3% 2018 $342,606 $321,505 +6.6% 12-Month Avg* $313,156 $297,659 +5.2% * Average List Price for all properties from May 2017 through 2018. This is not the average of the individual figures above. $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 9
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $247,902 $270,241 $292,158 Historical Average Sales Price by Month $238,186 $260,746 + 5.8% + 9.0% + 8.1% + 5.0% + 9.5% $277,395 + 6.4% Average Sales Price May 2017 $270,787 $254,613 +6.4% June 2017 $285,812 $275,487 +3.7% July 2017 $276,424 $264,870 +4.4% August 2017 $270,187 $267,000 +1.2% September 2017 $267,538 $252,720 +5.9% October 2017 $262,870 $252,131 +4.3% November 2017 $268,286 $254,609 +5.4% December 2017 $279,765 $256,786 +8.9% January 2018 $263,298 $256,226 +2.8% February 2018 $266,046 $241,520 +10.2% March 2018 $280,282 $267,340 +4.8% 2018 $292,158 $270,241 +8.1% 12-Month Avg* $274,301 $260,548 +5.3% * Average Sales Price for all properties from May 2017 through 2018. This is not the average of the individual figures above. $300,000 $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 10
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. $199,900 $223,498 $240,000 Historical Median Sales Price by Month $189,500 $211,000 + 6.6% + 11.8% + 7.4% + 5.3% + 11.3% $230,000 + 9.0% Median Sales Price May 2017 $223,750 $206,000 +8.6% June 2017 $241,250 $222,000 +8.7% July 2017 $235,000 $212,430 +10.6% August 2017 $225,250 $215,000 +4.8% September 2017 $223,645 $201,900 +10.8% October 2017 $220,000 $205,000 +7.3% November 2017 $221,000 $205,900 +7.3% December 2017 $232,500 $206,500 +12.6% January 2018 $214,750 $200,000 +7.4% February 2018 $226,500 $199,900 +13.3% March 2018 $235,000 $219,500 +7.1% 2018 $240,000 $223,498 +7.4% 12-Month Avg* $229,000 $210,000 +9.0% * Median Sales Price for all properties from May 2017 through 2018. 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 May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 11
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. 96.3% 97.2% 97.4% Historical Percent of Original List Price Received by Month 95.5% 96.6% 96.9% + 1.4% + 0.9% + 0.2% + 1.4% + 1.2% + 0.3% Pct. of Orig. Price Received May 2017 97.3% 96.8% +0.5% June 2017 97.5% 96.8% +0.7% July 2017 97.2% 96.7% +0.5% August 2017 97.2% 96.6% +0.6% September 2017 96.8% 96.2% +0.6% October 2017 96.7% 96.2% +0.5% November 2017 96.5% 96.1% +0.4% December 2017 96.3% 95.7% +0.6% January 2018 96.0% 95.9% +0.1% February 2018 96.6% 96.3% +0.3% March 2018 97.2% 96.8% +0.4% 2018 97.4% 97.2% +0.2% 12-Month Avg* 97.0% 96.5% +0.5% * Pct. of Orig. Price Received for all properties from May 2017 through 2018. This is not the average of the individual figures above. 100.0% 98.0% 96.0% 94.0% 92.0% 90.0% 88.0% 86.0% Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 12
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. 121 112 105 128 119-6.2% - 7.4% - 6.3% -4.5% -7.0% 110-7.6% Affordability Index May 2017 113 118-4.2% June 2017 105 110-4.5% July 2017 109 114-4.4% August 2017 114 113 +0.9% September 2017 115 122-5.7% October 2017 116 120-3.3% November 2017 115 116-0.9% December 2017 109 112-2.7% January 2018 118 123-4.1% February 2018 112 123-8.9% March 2018 107 112-4.5% 2018 105 112-6.3% 12-Month Avg 112 116-3.4% Historical Housing Affordability Index by Month 180 160 140 120 100 80 Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 13
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 12,280 11,008 8,515-17.9% - 10.4% - 22.6% Homes for Sale May 2017 11,374 12,659-10.2% June 2017 11,524 12,992-11.3% July 2017 11,673 13,064-10.6% August 2017 11,696 12,831-8.8% September 2017 11,496 12,619-8.9% October 2017 10,903 12,062-9.6% November 2017 10,296 11,329-9.1% December 2017 9,100 10,232-11.1% January 2018 8,790 10,040-12.5% February 2018 8,589 10,250-16.2% March 2018 8,859 10,730-17.4% 2018 8,515 11,008-22.6% 12-Month Avg 10,235 11,651-12.2% Historical Inventory of Homes for Sale by Month 40,000 30,000 20,000 10,000 0 Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 14
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. 3.4 2.8 2.1-22.7% - 17.6% - 25.0% Historical Months Supply of Homes for Sale by Month Months Supply May 2017 2.9 3.4-14.7% June 2017 2.9 3.5-17.1% July 2017 2.9 3.5-17.1% August 2017 2.9 3.4-14.7% September 2017 2.8 3.3-15.2% October 2017 2.7 3.1-12.9% November 2017 2.5 2.9-13.8% December 2017 2.2 2.6-15.4% January 2018 2.1 2.6-19.2% February 2018 2.1 2.6-19.2% March 2018 2.2 2.7-18.5% 2018 2.1 2.8-25.0% 12-Month Avg* 2.5 3.0-16.7% * Months Supply for all properties from May 2017 through 2018. This is not the average of the individual figures above. 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 Note: CarolinaMLS did not include "Showable" Under Contract listings in the Pending Sales stats before July 2012. 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 2012. Current as of May 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 15