February 2019 Charlotte Market Update

February Charlotte Market Update

It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.

New Listings were down in the Charlotte region by 2.9 percent to 4,545. Pending Sales increased 12.4 percent to 4,331. Inventory shrank 2.7 percent to 8,680 units. Prices moved higher as Median Sales Price was up 2.3 percent to $232,125. Months Supply of Homes for Sale was down 4.5 percent to 2.1 months, indicating that demand increased relative to supply.

The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their home ownership goals.

Stats from Charlotte Regional Realtor Association

Stats from Charlotte Regional Realtor Association
February
2018
February
2019
%Change
Homes for Sale8,9208,680-2.7
Pending Sales3,8524,331+12.4
Closed Sales2,8602,833-0.9
Days on Market  65  63-3.1
Average Sales Price$266,329$278,755+4.7
Months Supply of Homes  2.22.1 -4.5

Based on information from the Carolina Multiple Listing Services, Inc. for the month of February 2018 & 2019 for the entire Carolina MLS area.

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