Charlotte region ended March 2020 a seller’s market with inventory remaining extremely tight and the months supply of housing dropping 32% to just 1.7 months of inventory. Year-over-year home prices increased, days on market decreased, inventory decreased, closed sales increased. New listings increased marginally by 1.8%. A small decrease in pending sales might be a harbinger of things to come as shelter-in-place orders reduce market activity due to COVID-19.
Charlotte Real Estate Report: March 2020
Charlotte region ended 2019 as a seller’s market and has remained a seller’s market in the first three months of 2020 with inventory remaining extremely tight, dropping 25.3% in March 2020 compared with March 2019. The impact of the COVID-19 pandemic was not yet felt in March, but we are prepared to see some impact in April.
Lack of inventory resulted in higher home sale prices year-over-year. Average sale prices increased 8.7% to $315,243 and median sale prices increased 11.3% year-over-year to $271,500. Both average and median sale prices also increased month-over-month. Year-to-date 2020, average home sale prices increased 9.2%, while median sale prices increased 11.4%.
Closed salesincreased 5.5%, while pending sales were down 2.8% year-over-year in March. That slight decrease might just be the first evidence of COVID-19 impact. Year-to-date 2020, closed sales have increased 8.2% and pending sales increased 7.3%.
Homes continue to sell quickly with average days on market 45 days, down 6 days from one year ago and down 5 days from one month ago. Cumulative days on market were down 7 days to 54 year-over-year. The days from list to close dropped 7 days to 95 year-over-year and by 4 days month-over-month.
The housing affordability index continued to decrease, as well ~ down 10.3% year-over-year and 10% year-to-date.
Months supply of homes remained very low at 1.7 months (down 32% year-over-year from 2.5 months one year ago). New listings were up slightly by 1.8% year-over-year and 1.4% year-to-date.
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