Charlotte Region Monthly Indicators A RESEARCH TOOL PROVIDED BY CHARLOTTE REGIONAL REALTOR ASSOCIATION FOR MORE INFORMATION CONTACT A REALTOR 2018 Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly. New Listings were up in the Charlotte region by 3.3 percent to 6,350. Pending Sales increased 9.7 percent to 5,320. Inventory shrank 20.0 percent to 9,106 units. Prices moved higher as Median Sales Price was up 9.5 percent to $245,000. Months Supply of Homes for Sale was down 24.1 percent to 2.2 months, indicating that demand increased relative to supply. Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago. Quick Facts - 4.2% + 9.5% - 20.0% 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. 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current as of June 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 5-2017 5-2018 YTD 2017 YTD 2018 New Listings 6,145 6,350 + 3.3% 27,107 26,751-1.3% Pending Sales 4,849 5,320 + 9.7% 21,758 22,291 + 2.4% Closed Sales 4,737 4,538-4.2% 18,569 18,397-0.9% List to Close 97 87-10.3% 104 97-6.7% Days on Market Until Sale 46 38-17.4% 53 47-11.3% Cumulative Days on Market 54 46-14.8% 62 56-9.7% Average List Price $319,024 $341,052 + 6.9% $316,800 $334,496 + 5.6% Average Sales Price $270,787 $299,690 + 10.7% $263,307 $283,048 + 7.5% Median Sales Price $223,750 $245,000 + 9.5% $215,000 $235,000 + 9.3% Pct. of Original List Price Received 97.3% 97.5% + 0.2% 96.8% 97.0% + 0.2% Housing Affordability Index 113 103-8.8% 118 108-8.5% Inventory of Homes for Sale 11,381 9,106-20.0% -- -- -- Months Supply of Homes for Sale 2.9 2.2-24.1% -- -- -- Current as of June 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. 5,866 6,145 6,350 25,704 + 5.1% + 4.8% + 3.3% + 1.2% + 5.5% 27,107 26,751-1.3% New Listings June 2017 5,876 5,819 +1.0% July 2017 5,596 5,280 +6.0% August 2017 5,568 5,250 +6.1% September 2017 4,834 4,701 +2.8% October 2017 4,471 4,336 +3.1% November 2017 3,826 3,550 +7.8% December 2017 2,710 2,649 +2.3% January 2018 4,000 4,087-2.1% February 2018 4,652 4,909-5.2% March 2018 5,968 6,232-4.2% April 2018 5,781 5,734 +0.8% 2018 6,350 6,145 +3.3% 12-Month Avg 4,969 4,891 +1.6% Historical New Listings by Month 8,000 7,000 6,000 5,000 4,000 3,000 2,000 Current as of June 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. 4,602 4,849 5,320 20,718 + 8.6% + 5.4% + 9.7% + 8.2% + 5.0% 21,758 22,291 + 2.4% Pending Sales June 2017 4,731 4,420 +7.0% July 2017 4,398 4,223 +4.1% August 2017 4,438 4,280 +3.7% September 2017 3,918 3,700 +5.9% October 2017 3,883 3,747 +3.6% November 2017 3,283 3,159 +3.9% December 2017 2,766 2,577 +7.3% January 2018 3,486 3,375 +3.3% February 2018 3,853 3,962-2.8% March 2018 4,740 4,833-1.9% April 2018 4,892 4,739 +3.2% 2018 5,320 4,849 +9.7% 12-Month Avg 4,142 3,989 +3.8% 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 June 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. 4,427 4,737 4,538 17,001 + 12.0% + 7.0% - 4.2% + 7.4% + 9.2% 18,569 18,397-0.9% Closed Sales June 2017 5,360 5,052 +6.1% July 2017 4,577 4,243 +7.9% August 2017 4,800 4,631 +3.6% September 2017 4,301 4,278 +0.5% October 2017 4,010 3,724 +7.7% November 2017 3,755 3,532 +6.3% December 2017 3,688 3,837-3.9% January 2018 2,758 2,699 +2.2% February 2018 2,854 2,816 +1.3% March 2018 4,076 4,354-6.4% April 2018 4,171 3,963 +5.2% 2018 4,538 4,737-4.2% 12-Month Avg 4,074 3,989 +2.1% Historical Closed Sales by Month 6,000 5,000 4,000 3,000 2,000 1,000 Current as of June 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." 106 97 Historical List to Close by Month 87 117 104-9.4% - 8.5% - 10.3% -6.4% - 11.1% 97-6.7% List to Close 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 101 105-3.8% April 2018 95 99-4.0% 2018 87 97-10.3% 12-Month Avg* 95 103-7.8% * List to Close for all properties from June 2017 through 2018. This is not the average of the individual figures above. 180 160 140 120 100 80 Current as of June 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. 56 46 38 Historical Days on Market Until Sale by Month - 18.8% - 17.9% - 17.4% - 13.2% - 19.7% 66 53 47-11.3% Days on Market 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% April 2018 44 49-10.2% 2018 38 46-17.4% 12-Month Avg* 45 52-13.5% * Days on Market for all properties from June 2017 through 2018. This is not the average of the individual figures above. 140 120 100 80 60 40 20 Current as of June 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. 66 54 Historical Cumulative Days on Market Until Sale by Month 46-21.4% - 18.2% - 14.8% - 17.2% - 19.5% 77 62 56-9.7% Cumulative Days on Market 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% April 2018 53 59-10.2% 2018 46 54-14.8% 12-Month Avg* 54 61-11.5% * Cumulative Days on Market for all properties from June 2017 through 2018. This is not the average of the individual figures above. 200 175 150 125 100 75 50 25 Current as of June 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. $308,079 $319,024 $341,052 Historical Average List Price by Month $303,017 $316,800 + 8.4% + 3.6% + 6.9% + 8.5% + 4.5% $334,496 + 5.6% Average List Price June 2017 $308,440 $290,467 +6.2% July 2017 $302,378 $289,339 +4.5% August 2017 $292,044 $277,380 +5.3% September 2017 $309,044 $291,723 +5.9% October 2017 $296,503 $284,909 +4.1% November 2017 $292,029 $268,923 +8.6% December 2017 $284,908 $270,472 +5.3% January 2018 $313,516 $298,219 +5.1% February 2018 $325,373 $311,541 +4.4% March 2018 $342,728 $326,693 +4.9% April 2018 $340,659 $321,413 +6.0% 2018 $341,052 $319,024 +6.9% 12-Month Avg* $315,064 $298,842 +5.4% * Average List Price for all properties from June 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 June 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. $254,613 $270,787 $299,690 Historical Average Sales Price by Month $242,463 $263,307 + 3.2% + 6.4% + 10.7% + 4.6% + 8.6% $283,048 + 7.5% Average Sales Price June 2017 $285,812 $275,487 +3.7% July 2017 $276,434 $264,870 +4.4% August 2017 $270,225 $267,000 +1.2% September 2017 $267,538 $252,720 +5.9% October 2017 $262,824 $252,131 +4.2% November 2017 $268,317 $254,609 +5.4% December 2017 $279,765 $256,786 +8.9% January 2018 $263,287 $256,226 +2.8% February 2018 $266,124 $241,520 +10.2% March 2018 $280,300 $267,340 +4.8% April 2018 $292,253 $270,241 +8.1% 2018 $299,690 $270,787 +10.7% 12-Month Avg* $277,070 $262,109 +5.7% * Average Sales Price for all properties from June 2017 through 2018. 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 June 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. $206,000 $223,750 $245,000 Historical Median Sales Price by Month $193,500 $215,000 + 4.6% + 8.6% + 9.5% + 4.7% + 11.1% $235,000 + 9.3% Median Sales Price June 2017 $241,250 $222,000 +8.7% July 2017 $235,000 $212,430 +10.6% August 2017 $225,300 $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 $215,000 $200,000 +7.5% February 2018 $226,995 $199,900 +13.6% March 2018 $235,000 $219,500 +7.1% April 2018 $240,000 $223,498 +7.4% 2018 $245,000 $223,750 +9.5% 12-Month Avg* $230,000 $212,000 +8.5% * Median Sales Price for all properties from June 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 June 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. 96.8% 97.3% 97.5% Historical Percent of Original List Price Received by Month 95.8% 96.8% 97.0% + 1.4% + 0.5% + 0.2% + 1.4% + 1.0% + 0.2% Pct. of Orig. Price Received 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% April 2018 97.3% 97.2% +0.1% 2018 97.5% 97.3% +0.2% 12-Month Avg* 97.0% 96.5% +0.5% * Pct. of Orig. Price Received for all properties from June 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 June 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. 118 113 103 126 118-4.1% - 4.2% - 8.8% -3.8% -6.3% 108-8.5% Affordability Index 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 117 123-4.9% February 2018 111 123-9.8% March 2018 107 112-4.5% April 2018 105 112-6.3% 2018 103 113-8.8% 12-Month Avg 111 116-4.3% Historical Housing Affordability Index by Month 180 160 140 120 100 80 Current as of June 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. 12,661 11,381 9,106-16.9% - 10.1% - 20.0% Homes for Sale June 2017 11,532 12,994-11.3% July 2017 11,683 13,066-10.6% August 2017 11,709 12,834-8.8% September 2017 11,514 12,623-8.8% October 2017 10,927 12,066-9.4% November 2017 10,326 11,333-8.9% December 2017 9,142 10,238-10.7% January 2018 8,843 10,046-12.0% February 2018 8,677 10,256-15.4% March 2018 9,074 10,735-15.5% April 2018 9,161 11,014-16.8% 2018 9,106 11,381-20.0% 12-Month Avg 10,141 11,549-12.2% Historical Inventory of Homes for Sale by Month 40,000 30,000 20,000 10,000 0 Current as of June 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 2.9 2.2-24.4% - 14.7% - 24.1% Historical Months Supply of Homes for Sale by Month Months Supply 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 2.2 2.6-15.4% February 2018 2.1 2.6-19.2% March 2018 2.2 2.7-18.5% April 2018 2.2 2.8-21.4% 2018 2.2 2.9-24.1% 12-Month Avg* 2.5 3.0-16.7% * Months Supply for all properties from June 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 June 5, 2018. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 15