Matthews homes sales were significantly impacted in May 2020 by corona virus restrictions, which prohibited all in-person home showings in Matthews from late March to mid-May. As a result closed sales, new listings, inventory, months supply of homes, all dropped compared with May 2019. Given the lack of inventory, no surprise that average and median home sale prices increased. Home showings increased 163.3% from April 2019 and also year-over-year indicating pent-up buyer demand for Matthews homes.
Matthews Home Sales Update: May 2020
Latest news on the Matthews real estate market and what it means for you…
Matthews housing market continues to experience impact from corona virus restrictions in May and April with the months supply of inventory razor-thin at 1.3 months (down 50% year-over-year from 2.6 months). Inventory of homes was down 43.4%. New listings also decreased 13.7% versus the same month one year ago. Normally, one would expect inventory and new listings to increase for the height of the spring home selling season in the Charlotte metro area.
Average sale prices of homes increased 12.6% year-over-year to $353,221, while median home sale prices increased 3.7% to $300,000 year-over-year. Average home sale prices also increased month-over-month. Price per square foot increased 6.8% year-over-year to $142/square foot (up $9/square foot).
Average days on market were 33, up 8 days from one year ago. Median days on market increased by 7 days to 14 days. Nonetheless, it’s clear that homes in Matthews continue to sell quickly.
Closed sales decreased 46.5% year-over-year. The very restrictive COVID-19 stay-at-home orders beginning in March and in effect through mid-May, which prohibited in-person home showings in Matthews/Mecklenburg County, played a significant role in the drop in closed sales. Lack of inventory did not help the situation.
Pending sales increased 20.8% in May 2020 versus May 2019. Lots of pent-up demand from buyers was evidenced by the 163.3% increase in home showingsduring the month of May versus April 2020 to 2,920 showings. Home showing in May also increased 0.7% versus May 2019.
With a median selling price of 98.1% of asking price, Matthews home buyers should expect minimal room to negotiate.
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This Charlotte, North Carolina real estate monthly update for Matthews is provided byNina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Matthews area specialists and Charlotte metro area residential real estate experts. We’ve been opening doors for Matthews area home buyers and sellers for 20+ years.
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