Weekly Market Report A RESEARCH TOOL PROVIDED BY THE CHARLOTTE REGIONAL REALTOR ASSOCIATION FOR MORE INFORMATION CONTACT A REALTOR For Week Ending February 3, 2018 Data current as of February 12, 2018 As we get beyond the newness of the year and into the idea that 2018 is here and now, there is plenty of excitement about the promise presented within strong economic conditions and an active real estate market. Buyers are taking fresh listings that show well off the market in short order, and it is evident that the lack of inventory is driving prices up and market time down. In the Charlotte region, for the week ending February 3: New Listings decreased 9.3% to 1,288 Pending Sales increased 8.3% to 1,253 Inventory decreased 17.4% to 11,957 For the month of : Median Sales Price increased 7.2% to $224,000 List to Close decreased 8.9% to 112 Percent of Original List Price Received decreased 0.1% to 95.3% s Supply of Homes for Sale decreased 22.1% to 2.4 Quick Facts - 9.3% + 8.3% Change in New Listings Metrics by Week New Listings Pending Sales Inventory of Homes for Sale Metrics by List to Close Days on Market Until Sale Cumulative Days on Market Until Sale Median Sales Price Average Sales Price Percent of Original List Price Received Housing Affordability Index Change in Pending Sales s Supply of Homes for Sale - 17.4% Change in Inventory 2 3 4 5 6 7 8 9 10 11 12 as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 1
New Listings A count of the properties that have been newly listed on the market in a given week. Last Three s Ago 1,600 1,400 1,200 1,000 800 600 400 11/11/17 11/18/17 11/25/17 12/2/17 12/9/17 12/16/17 12/23/17 12/30/17 1/6/18 1/13/18 1/20/18 1/27/18 2/3/18 For the Week Ending Ago 11/11/2017 1,139 1,122 + 1.5% 11/18/2017 1,217 1,074 + 13.3% 11/25/2017 660 659 + 0.2% 12/2/2017 1,057 899 + 17.6% 12/9/2017 891 891 0.0% 12/16/2017 819 779 + 5.1% 12/23/2017 611 498 + 22.7% 12/30/2017 446 500-10.8% 1/6/2018 910 922-1.3% 1/13/2018 1,131 1,007 + 12.3% 1/20/2018 953 1,194-20.2% 1/27/2018 1,178 1,205-2.2% 2/3/2018 1,288 1,420-9.3% 3- Total 12,300 12,170 + 1.1% Historical New Listing 2,100 1,900 1,700 1,500 1,300 1,100 900 700 500 300 100 as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 2
Pending Sales A count of the properties on which contracts have been accepted in a given week. Pending contracts include Under Contract-Show and Under Contract-No Show statuses. Last Three s Ago 1,400 1,200 1,000 800 600 400 11/11/17 11/18/17 11/25/17 12/2/17 12/9/17 12/16/17 12/23/17 12/30/17 1/6/18 1/13/18 1/20/18 1/27/18 2/3/18 For the Week Ending Ago 11/11/2017 994 899 + 10.6% 11/18/2017 1,014 950 + 6.7% 11/25/2017 727 746-2.5% 12/2/2017 870 759 + 14.6% 12/9/2017 850 821 + 3.5% 12/16/2017 839 708 + 18.5% 12/23/2017 801 686 + 16.8% 12/30/2017 446 459-2.8% 1/6/2018 729 643 + 13.4% 1/13/2018 1,037 737 + 40.7% 1/20/2018 950 1,002-5.2% 1/27/2018 1,070 1,062 + 0.8% 2/3/2018 1,253 1,157 + 8.3% 3- Total 11,580 10,629 + 8.9% Historical Pending Sales 1,500 1,300 1,100 900 700 500 300 100 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. Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 3
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given week. Last Three s Ago 18,000 17,000 16,000 15,000 14,000 13,000 12,000 11,000 11/11/17 11/18/17 11/25/17 12/2/17 12/9/17 12/16/17 12/23/17 12/30/17 1/6/18 1/13/18 1/20/18 1/27/18 2/3/18 For the Week Ending Ago 11/11/2017 15,502 17,406-10.9% 11/18/2017 15,322 17,305-11.5% 11/25/2017 15,128 16,984-10.9% 12/2/2017 14,915 16,730-10.8% 12/9/2017 14,400 16,214-11.2% 12/16/2017 14,185 16,035-11.5% 12/23/2017 13,812 15,818-12.7% 12/30/2017 13,487 15,485-12.9% 1/6/2018 12,630 14,666-13.9% 1/13/2018 12,506 14,632-14.5% 1/20/2018 12,293 14,592-15.8% 1/27/2018 12,129 14,529-16.5% 2/3/2018 11,957 14,480-17.4% 3- Avg 13,713 15,760-13.0% Historical Inventory 39,000 34,000 29,000 24,000 19,000 14,000 9,000 4,000 as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 4
List to Close List to Close provides the total number of days specific to the MLS number from Listing Date to Sold Date. 129 123 112-4.7% -8.9% February 2017 119 134-11.2% March 2017 112 129-13.2% April 2017 104 119-12.6% May 2017 101 110-8.2% June 2017 99 107-7.5% July 2017 97 106-8.5% August 2017 96 104-7.7% September 2017 99 106-6.6% October 2017 99 110-10.0% November 2017 101 108-6.5% December 2017 105 117-10.3% 2018 112 123-8.9% 12- Avg 51 59-13.6% Historical List to Close 180 170 160 150 140 130 120 110 100 90 80 as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 5
Days on Market 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. 72 63 58-12.5% -7.6% February 2017 64 78-17.9% March 2017 62 74-16.2% April 2017 54 66-18.2% May 2017 49 58-15.5% June 2017 47 52-9.6% July 2017 45 53-15.1% August 2017 47 52-9.6% September 2017 47 53-11.3% October 2017 49 57-14.0% November 2017 51 54-5.6% December 2017 54 60-10.0% 2018 58 63-7.6% 12- Avg 51 59-13.6% +/- Historical Days on Market 150 130 110 90 70 50 30 as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 6
Cumulative Days on Market Cumulative Days on Market (CDOM) functions like Days on Market (DOM); except CDOM tracks the DOM 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 (sold) or if the previous listing has been off the market (expired or withdrawn) for more than 90 days. 82 74 68-9.8% -7.9% February 2017 74 90-17.8% March 2017 74 85-12.9% April 2017 65 78-16.7% May 2017 58 68-14.7% June 2017 56 61-8.2% July 2017 54 63-14.3% August 2017 57 61-6.6% September 2017 57 62-8.1% October 2017 57 67-14.9% November 2017 61 66-7.6% December 2017 65 72-9.7% 2018 68 74-7.9% 12- Avg 61 59 + 3.4% +/- Historical Cumulative Days on Market 190 170 150 130 110 90 70 50 30 as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 7
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month. $224,000 $209,000 $185,000 + 13.0% + 7.2% February 2017 $207,000 $185,900 + 11.4% March 2017 $224,000 $200,000 + 12.0% April 2017 $228,500 $205,000 + 11.5% May 2017 $229,000 $211,305 + 8.4% June 2017 $245,000 $226,000 + 8.4% July 2017 $238,000 $220,000 + 8.2% August 2017 $230,000 $220,000 + 4.5% September 2017 $230,000 $209,000 + 10.0% October 2017 $227,990 $214,000 + 6.5% November 2017 $230,000 $213,000 + 8.0% December 2017 $240,000 $215,200 + 11.5% 2018 $224,000 $209,000 + 7.2% 12- Avg $230,000 $212,000 + 8.5% Historical Median Sales Price $270,000 $250,000 $230,000 $210,000 $190,000 $170,000 $150,000 $130,000 as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 8
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $262,234 $270,015 $233,024 + 12.5% + 3.0% February 2017 $249,228 $233,255 + 6.8% March 2017 $271,026 $247,481 + 9.5% April 2017 $274,490 $253,117 + 8.4% May 2017 $276,087 $258,010 + 7.0% June 2017 $291,627 $279,353 + 4.4% July 2017 $281,242 $268,805 + 4.6% August 2017 $275,706 $271,958 + 1.4% September 2017 $274,750 $257,681 + 6.6% October 2017 $273,387 $259,079 + 5.5% November 2017 $277,460 $260,393 + 6.6% December 2017 $288,035 $262,428 + 9.8% 2018 $270,015 $262,234 + 3.0% 12- Avg $276,447 $260,899 + 6.0% Historical Average Sales Price $310,000 $290,000 $270,000 $250,000 $230,000 $210,000 $190,000 $170,000 as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 9
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. 94.0% 95.4% 95.3% + 1.5% -0.1% February 2017 95.7% 94.3% + 1.5% March 2017 96.5% 95.1% + 1.5% April 2017 96.8% 95.8% + 1.0% May 2017 96.9% 96.4% + 0.5% June 2017 97.0% 96.5% + 0.5% July 2017 96.8% 96.4% + 0.4% August 2017 96.7% 96.1% + 0.6% September 2017 96.2% 95.7% + 0.5% October 2017 95.9% 95.6% + 0.3% November 2017 95.9% 95.6% + 0.3% December 2017 95.6% 95.2% + 0.4% 2018 95.3% 95.4% - 0.1% 12- Avg 96.3% 95.8% + 0.5% Historical Percent of Original List Price Received 98% 96% 94% 92% 90% 88% 86% as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 10
Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. 138 139 132 + 1.3% -5.6% February 2017 145 169-14.2% March 2017 133 155-14.4% April 2017 133 152-12.5% May 2017 134 148-9.4% June 2017 125 140-10.9% July 2017 129 144-10.3% August 2017 135 144-6.5% September 2017 135 151-11.0% October 2017 134 150-10.9% November 2017 134 143-6.3% December 2017 127 137-7.3% 2018 132 139-5.6% 12- Avg 133 148-10.1% Historical Housing Affordability Index 240 220 200 180 160 140 120 as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 11
s Supply of Homes for Sale The months supply of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. 3.9 3.1 2.4-20.5% - 22.1% February 2017 3.1 3.7-16.2% March 2017 3.3 3.8-13.2% April 2017 3.4 4.0-15.0% May 2017 3.5 4.1-14.6% June 2017 3.5 4.2-16.7% July 2017 3.6 4.2-14.3% August 2017 3.6 4.1-12.2% September 2017 3.5 4.1-14.6% October 2017 3.3 3.9-15.4% November 2017 3.1 3.6-13.9% December 2017 2.6 3.2-18.8% 2018 2.4 3.1-22.1% 12- Avg 3.2 3.8-15.8% Historical s Supply of Inventory 16 14 12 10 8 6 4 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 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, s Supply of Homes for Sale stats trend lower since July 2012. as of February 12, 2018. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Report 2018 ShowingTime. 12