ly Indicators A RESEARCH TOOL PROVIDED BY THE CHARLOTTE REGIONAL REALTOR ASSOCIATION FOR MORE INFORMATION CONTACT A REALTOR 2014 Most local markets continue to recover from a soft patch earlier this year. The macro trend is still positive; the micro trend involves more moderate pinching up and down the month-to-month timeline. This is not uncommon in a balanced market, but it's been so long since we've seen one that we're watching it with perhaps too much trepidation. Metrics to watch include inventory and prices, but also days on market, months' supply and percent of list price received at sale. Declines in pending and closed sales activity may reflect strong decreases at lower price points and may not indicate softening demand. New Listings in the Charlotte region decreased 4.0 percent to 4,407. Pending Sales were up 29.9 percent to 3,536. Inventory levels fell 8.6 percent to 15,395 units. Prices continued to gain traction. The Median Sales Price increased 1.6 percent to $185,500. List to Close was down 6.8 percent to 123 days. Sellers were encouraged as s Supply of Inventory was down 14.3 percent to 5.2 months. Sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale appear to have unleashed at least some pent-up demand. Since housing demand relies heavily on an economy churning out good jobs, it's encouraging to see second quarter GDP growth revised upwards to a 4.2 percent annualized rate and stronger-than-expected job growth in recent months. Further improvements are still needed by way of wage growth and Quick Facts + 8.1% + 1.6% - 8.6% -Over- Change in Closed Sales -Over- Change in Median Sales Price -Over- Change in Inventory Market Overview 2 New Listings 3 Pending Sales 4 Closed Sales 5 List to Close 6 Days on Market Until Sale 7 Cumulative Days on Market Until Sale 8 Average List Price 9 Average Sales Price 10 Median Sales Price 11 Percent of Original List Price Received 12 Housing Affordability Index 13 Inventory of Homes for Sale 14 s Supply of Inventory 15 Click on desired metric to jump to that page. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing.
Market Overview Key market metrics for the current month and year-to-date. Key Metrics Historical Sparklines 8-2013 8-2014 YTD 2013 YTD 2014 New Listings 4,592 4,407-4.0% 37,942 38,393 + 1.2% Pending Sales 2,723 3,536 + 29.9% 24,791 26,264 + 5.9% Closed Sales 3,399 3,673 + 8.1% 23,610 23,936 + 1.4% List to Close 132 123-6.8% 136 130-4.4% Average List Price $245,023 $266,185 + 8.6% $257,264 $274,429 + 6.7% Average Sales Price $237,394 $242,121 + 2.0% $223,551 $232,913 + 4.2% Median Sales Price $182,500 $185,500 + 1.6% $172,000 $181,478 + 5.5% Percent of Original List Price Received 94.6% 94.7% + 0.1% 94.0% 94.1% + 0.1% Housing Affordability Index 168 162-3.5% 178 165-7.0% Inventory of Homes for Sale 16,847 15,395-8.6% -- -- -- s Supply of Homes for Sale 6.0 5.2-14.3% -- -- -- 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, the new Pending Sales stats trend higher s Supply of Inventory stats trend lower since July 2012. Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 2
New Listings A count of the properties that have been newly listed on the market in a given month. To Date 4,592 4,407 37,942 38,393 3,888 33,948 +18.1% -4.0% +11.8% +1.2% September 3,360 4,188 +24.6% October 3,556 4,237 +19.2% November 3,124 3,396 +8.7% December 2,402 2,558 +6.5% January 3,941 4,101 +4.1% February 4,345 3,994-8.1% March 4,983 5,299 +6.3% April 5,219 5,390 +3.3% May 5,216 5,324 +2.1% June 4,665 5,008 +7.4% July 4,981 4,870-2.2% 4,592 4,407-4.0% 12- Avg 4,199 4,398 +4.7% Historical New Listing Activity 8,000 7,000 6,000 5,000 4,000 3,000 2,000 Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 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. To Date 3,536 24,791 26,264 2,614 2,723 20,889 +4.2% +29.9% +18.7% +5.9% September 2,246 2,547 +13.4% October 2,440 2,658 +8.9% November 2,177 2,455 +12.8% December 1,919 1,892-1.4% January 2,611 2,485-4.8% February 2,775 2,565-7.6% March 3,378 3,462 +2.5% April 3,522 3,356-4.7% May 3,499 3,666 +4.8% June 3,109 3,546 +14.1% July 3,174 3,648 +14.9% 2,723 3,536 +29.9% 12- Avg 2,798 2,985 +6.7% Historical Pending Sales Activity 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 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, the new Pending Sales stats trend higher s Supply of Inventory stats trend lower since July 2012. Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 4
Closed Sales A count of the actual sales that have closed in a given month. To Date 3,673 3,399 23,610 23,936 2,897 18,231 +17.3% +8.1% +29.5% +1.4% September 2,243 2,829 +26.1% October 2,574 2,832 +10.0% November 2,274 2,619 +15.2% December 2,337 2,635 +12.8% January 2,163 2,169 +0.3% February 2,049 1,874-8.5% March 2,622 2,656 +1.3% April 2,921 2,990 +2.4% May 3,414 3,193-6.5% June 3,502 3,631 +3.7% July 3,540 3,750 +5.9% 3,399 3,673 +8.1% 12- Avg 2,753 2,904 +5.9% Historical Closed Sales Activity 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 5
List to Close List to Close provides the total number of days specific to the MLS number from Listing Date to Sold Date. To Date 149 141 132 136 130 123-6.4% -6.8% -8.7% -4.4% September 148 129-12.9% October 145 130-10.4% November 145 132-9.4% December 155 134-13.4% January 153 141-7.6% February 144 141-2.1% March 148 136-8.2% April 138 137-0.9% May 133 126-5.2% June 128 125-2.3% July 125 125-0.4% 132 123-6.8% 12- Avg 140 130-7.1% Historical List to Close 200 190 180 170 160 150 140 130 120 110 100 Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 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. To Date 111 102 94 97 84 70-8.3% -24.9% -12.4% -13.2% +/ September 108 91-15.8% October 105 92-12.4% November 103 95-7.5% December 112 97-13.6% January 105 100-4.6% February 104 102-2.0% March 111 99-11.0% April 98 100 +1.2% May 97 85-12.2% June 91 73-19.7% July 88 69-21.4% 94 70-24.9% 12- Avg 119 105-11.3% Historical Days on Market 140 130 120 110 100 90 80 70 60 50 40 Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 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. To Date 128 141 105 114 85 104-17.8% -19.3% -18.9% -9.3% +/ September 132 108-18.0% October 128 105-18.3% November 126 108-14.6% December 131 114-13.4% January 126 114-9.6% February 124 119-4.6% March 131 116-11.5% April 120 122 +2.3% May 113 113-0.3% June 107 94-11.6% July 102 86-15.2% 105 85-19.3% 12- Avg 119 105-11.3% Historical Cumulative Days on Market 200 180 160 140 120 100 80 60 Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 8
Average List Price Average list price for all homes that have been newly listed on the market in a given month. To Date $274,429 $245,216 $257,264 $266,185 $235,591 $245,023 +4.0% +8.6% +4.9% +6.7% September $241,583 $249,012 +3.1% October $231,054 $246,394 +6.6% November $218,168 $255,307 +17.0% December $219,141 $233,388 +6.5% January $246,400 $258,839 +5.0% February $260,800 $274,643 +5.3% March $270,311 $281,984 +4.3% April $268,943 $287,658 +7.0% May $265,903 $279,726 +5.2% June $252,389 $274,313 +8.7% July $244,262 $266,330 +9.0% $245,023 $266,185 +8.6% 12- Avg $250,129 $266,951 +6.7% Historical Average List Price $300,000 $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 9
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. To Date $223,551 $232,913 $237,394 $242,121 $210,595 $213,923 + 11.0% + 2.0% + 6.2% + 4.2% September $205,459 $220,976 +7.6% October $204,232 $210,274 +3.0% November $204,820 $223,753 +9.2% December $205,508 $224,014 +9.0% January $188,806 $217,061 +15.0% February $195,330 $206,522 +5.7% March $216,365 $214,892-0.7% April $217,476 $222,142 +2.1% May $232,908 $235,269 +1.0% June $239,945 $257,800 +7.4% July $232,878 $241,501 +3.7% $237,394 $242,121 +2.0% 12- Avg $218,254 $228,745 +4.8% Historical Average Sales Price $270,000 $260,000 $250,000 $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 10
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month. To Date $182,500 $185,500 $163,000 $172,000 $181,478 $160,000 +12.0% +1.6% +7.5% +5.5% September $160,000 $174,047 +8.8% October $157,000 $169,900 +8.2% November $160,000 $175,000 +9.4% December $158,746 $172,500 +8.7% January $150,000 $167,573 +11.7% February $151,500 $165,000 +8.9% March $168,000 $172,000 +2.4% April $167,000 $175,000 +4.8% May $173,250 $185,033 +6.8% June $184,115 $197,000 +7.0% July $182,000 $192,000 +5.5% $182,500 $185,500 +1.6% 12- Med $168,000 $179,000 +6.5% Historical Median Sales Price $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000 $140,000 $130,000 Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 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. To Date 92.4% 94.6% 94.7% 91.9% 94.0% 94.1% +2.4% +0.1% +2.3% +0.1% September 91.9% 94.6% +2.9% October 92.3% 93.9% +1.7% November 92.2% 93.8% +1.7% December 92.3% 93.2% +1.0% January 92.6% 93.1% +0.6% February 92.6% 92.8% +0.2% March 93.0% 93.2% +0.3% April 93.6% 93.9% +0.3% May 94.3% 94.6% +0.2% June 95.1% 94.8% -0.3% July 94.7% 94.6% -0.1% 94.6% 94.7% +0.1% 12- Avg 93.5% 94.1% +0.6% Historical Percent of Original List Price Received 100% 98% 96% 94% 92% 90% 88% 86% Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 13
Housing Affordability Index This index measures housing affordability for the region. 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. To Date 199 203 168 162 178 165-15.8% -3.5% -12.3% -7.0% September 207 178-13.6% October 209 183-12.7% November 206 188-9.1% December 210 182-13.3% January 227 172-24.0% February 219 177-19.2% March 197 171-13.6% April 202 167-17.4% May 188 162-13.8% June 167 152-9.2% July 170 156-8.5% 168 162-3.5% 12- Avg 198 171-13.2% Historical Housing Affordability Index 240 220 200 180 160 140 120 100 Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 14
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 17,648 16,847 15,395-4.5% -8.6% September 17,056 16,901-0.9% October 16,484 16,583 +0.6% November 15,851 15,862 +0.1% December 14,471 14,594 +0.8% January 14,459 14,806 +2.4% February 14,844 15,108 +1.8% March 15,223 15,639 +2.7% April 15,725 16,444 +4.6% May 16,102 16,776 +4.2% June 16,250 16,767 +3.2% July 16,537 16,409-0.8% 16,847 15,395-8.6% 12- Avg 15,821 15,940 +0.8% Historical Inventory of Homes for Sale 30,000 28,000 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 15
s Supply of Inventory 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. 7.6 6.0 5.2-20.6% -14.3% September 7.2 6.0-17.2% October 6.8 5.8-14.5% November 6.5 5.5-14.5% December 5.9 5.1-12.9% January 5.7 5.2-8.8% February 5.7 5.3-6.5% March 5.7 5.5-2.9% April 5.7 5.8 +2.5% May 5.8 5.9 +2.7% June 5.9 5.8-1.2% July 5.9 5.6-5.1% 6.0 5.2-14.3% 12- Avg 6.1 5.6-8.1% Historical s Supply of Inventory 20 18 16 14 12 10 8 6 4 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 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, the new Pending Sales stats trend higher s Supply of Inventory stats trend lower since July 2012. Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. as of September 5, 2014. All data from CarolinaMLS. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. Click for Cover Page 16