Charlotte region ended February 2020 a seller’s market with inventory remaining extremely tight and the months supply of housing dropping 40% to just 1.5 months of inventory. Year-over-year home prices increased, days on market decreased, inventory decreased, closed and pending sales increased. New listings increased marginally by 2.2%. Housing affordability index continued to decrease, as well.
Charlotte Real Estate Report: February 2020
Charlotte region ended 2019 as a seller’s market and has remained a seller’s market in the first two months of 2020 with inventory remaining extremely tight, dropping 31.3% in February 2020 compared with February 2019.
Lack of inventory resulted in higher home list and sale prices year-over-year. Average sale prices increased 9% to $304,569 and median sale prices increased 11.9% year-over-year to $262,640. Both average and median sale prices also increased month-over-month.
Closed salesincreased 3.6%, while pending sales were up 24.8% year-over-year in February. Year-to-date 2020, closed sales have increased 7.7% and pending sales increased 21.3% year-over-year.
Homes continue to sell quickly with average days on market 50 days, down 4 days from one year ago. Cumulative days on market were down 4 days to 60 year-over-year. The days from list to close dropped 7 days to 99 year-over-year.
The housing affordability index continued to decrease, as well ~ down 10.9% year-over-year.
Months supply of homes remained very low at 1.5 months (down 40% year-over-year from 2.5 months one year ago) and even lower for homes priced under $200,000.
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