Charlotte Region Monthly Indicators

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1 Charlotte Region Monthly Indicators A RESEARCH TOOL PROVIDED BY CHARLOTTE REGIONAL REALTOR ASSOCIATION FOR MORE INFORMATION CONTACT A REALTOR 2018 The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common. New Listings were up in the Charlotte region by 2.6 percent to 3,932. Pending Sales increased 7.3 percent to 3,523. Inventory shrank 7.0 percent to 9,701 units. Prices moved higher as Median Sales Price was up 6.3 percent to $235,000. Months Supply of Homes for Sale was down 7.7 percent to 2.4 months, indicating that demand increased relative to supply. The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of rising mortgage rates and fewer showings. Quick Facts % + 6.3% - 7.0% Year-Over-Year Change in Closed Sales Year-Over-Year Change in Median Sales Price Market Overview New Listings Pending Sales Closed Sales List to Close Days on Market Until Sale Cumulative Days on Market Until Sale Average List Price Average Sales Price Median Sales Price Percent of Original List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Homes for Sale Year-Over-Year Change in Homes for Sale The Charlotte Region report includes Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly and Union counties in North Carolina, and Chester, Chesterfield, Lancaster and York counties in South Carolina. Comprised of single-family properties, townhomes and condominiums combined. Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. Percent changes are calculated using rounded figures Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 1

2 Market Overview Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars YTD 2017 YTD 2018 New Listings 3,834 3, % 57,324 57, % Pending Sales 3,284 3, % 46,401 45, % Closed Sales 3,756 3, % 45,379 44, % List to Close % % Days on Market Until Sale % % Cumulative Days on Market % % Average List Price $291,749 $317, % $308,178 $321, % Average Sales Price $268,334 $286, % $268,790 $287, % Median Sales Price $221,000 $235, % $223,645 $238, % Pct. of Original List Price Received 96.5% 95.9% - 0.6% 96.9% 97.0% + 0.1% Housing Affordability Index % % Inventory of Homes for Sale 10,428 9, % Months Supply of Homes for Sale % Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 2

3 New Listings A count of the properties that have been newly listed on the market in a given month. 3,550 3,834 3,932 54, % + 8.0% + 2.6% + 3.4% + 4.9% 57,324 57, % New Listings December ,722 2, % January ,020 4, % February ,679 4, % March ,003 6, % April ,820 5, % May ,397 6, % June ,963 5, % July ,599 5, % August ,683 5, % September ,340 4, % October ,797 4, % ,932 3, % 12-Month Avg 4,996 4, % Historical New Listings by Month 8,000 7,000 6,000 5,000 4,000 3,000 2,000 Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 3

4 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. 3,159 3,284 3,523 44, % + 4.0% + 7.3% + 9.4% + 4.9% 46,401 45, % Pending Sales December ,769 2, % January ,487 3, % February ,851 3, % March ,700 4, % April ,795 4, % May ,805 4, % June ,612 4, % July ,507 4, % August ,328 4, % September ,336 3, % October ,797 3, % ,523 3, % 12-Month Avg 4,043 4, % Historical Pending Sales by Month 6,000 5,000 4,000 3,000 2,000 1,000 Note: CarolinaMLS did not include "Showable" Under Contract listings in the Pending Sales stats before July Listing agents report listings as "Under Contract-Show" earlier in the transaction. As a result, Pending Sales stats trend higher since July Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 4

5 Closed Sales A count of the actual sales that closed in a given month. 3,532 3,756 3,310 42, % + 6.3% % + 8.9% + 6.9% 45,379 44, % Closed Sales December ,690 3, % January ,759 2, % February ,857 2, % March ,088 4, % April ,217 3, % May ,839 4, % June ,069 5, % July ,682 4, % August ,865 4, % September ,828 4, % October ,822 4, % ,310 3, % 12-Month Avg 4,002 4, % Historical Closed Sales by Month 6,000 5,000 4,000 3,000 2,000 1,000 Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 5

6 List to Close List to Close provides the total number of days specific to the MLS number from "Listing Date" to "Sold Date." Historical List to Close by Month % - 7.7% - 3.1% -8.5% -9.3% % List to Close December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg* % * List to Close for all properties from December 2017 through This is not the average of the individual figures above Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 6

7 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 Historical Days on Market Until Sale by Month % - 9.6% - 6.4% % % % Days on Market December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg* % * Days on Market for all properties from December 2017 through This is not the average of the individual figures above Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 7

8 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 Historical Cumulative Days on Market Until Sale by Month % % - 7.1% % % % Cumulative Days on Market December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg* % * Cumulative Days on Market for all properties from December 2017 through This is not the average of the individual figures above Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 8

9 Average List Price Average list price for all homes that have been newly listed on the market in a given month. $268,891 $291,749 $317,542 Historical Average List Price by Month $293,245 $308, % + 8.5% + 8.8% + 7.2% + 5.1% $321, % Average List Price December 2017 $284,043 $270, % January 2018 $311,987 $298, % February 2018 $323,990 $311, % March 2018 $340,303 $326, % April 2018 $336,686 $321, % May 2018 $335,121 $318, % June 2018 $316,211 $308, % July 2018 $303,331 $302, % August 2018 $310,307 $292, % September 2018 $316,228 $308, % October 2018 $311,853 $296, % 2018 $317,542 $291, % 12-Month Avg* $319,468 $306, % * Average List Price for all properties from December 2017 through This is not the average of the individual figures above. $350,000 $325,000 $300,000 $275,000 $250,000 $225,000 $200,000 $175,000 Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 9

10 Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $254,609 $268,334 $286,438 Historical Average Sales Price by Month $254,203 $268, % + 5.4% + 6.7% + 6.4% + 5.7% $287, % Average Sales Price December 2017 $279,872 $256, % January 2018 $263,294 $256, % February 2018 $266,187 $241, % March 2018 $280,369 $267, % April 2018 $292,320 $270, % May 2018 $299,718 $270, % June 2018 $301,853 $285, % July 2018 $290,593 $276, % August 2018 $294,575 $270, % September 2018 $280,812 $267, % October 2018 $278,674 $262, % 2018 $286,438 $268, % 12-Month Avg* $286,530 $267, % * Average Sales Price for all properties from December 2017 through This is not the average of the individual figures above. $320,000 $300,000 $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 10

11 Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $205,900 $221,000 $235,000 Historical Median Sales Price by Month $203,750 $223, % + 7.3% + 6.3% + 7.3% + 9.8% $238, % Median Sales Price December 2017 $232,950 $206, % January 2018 $215,000 $200, % February 2018 $227,000 $199, % March 2018 $235,000 $219, % April 2018 $240,000 $223, % May 2018 $245,960 $223, % June 2018 $248,750 $241, % July 2018 $240,000 $235, % August 2018 $245,000 $225, % September 2018 $235,000 $223, % October 2018 $231,000 $220, % 2018 $235,000 $221, % 12-Month Avg* $237,500 $222, % * Median Sales Price for all properties from December 2017 through This is not the average of the individual figures above. $260,000 $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 $120,000 Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 11

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. 96.1% 96.5% 95.9% Historical Percent of Original List Price Received by Month 96.2% 96.9% 97.0% + 1.3% + 0.4% - 0.6% + 1.4% + 0.7% + 0.1% Pct. of Orig. Price Received December % 95.7% +0.6% January % 95.9% +0.1% February % 96.3% +0.3% March % 96.8% +0.4% April % 97.2% +0.2% May % 97.3% +0.3% June % 97.5% +0.3% July % 97.2% +0.1% August % 97.2% -0.2% September % 96.8% -0.1% October % 96.7% -0.5% % 96.5% -0.6% 12-Month Avg* 96.9% 96.8% +0.1% * Pct. of Orig. Price Received for all properties from December 2017 through This is not the average of the individual figures above % 98.0% 96.0% 94.0% 92.0% 90.0% 88.0% 86.0% Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 12

13 Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability % - 2.6% % -6.4% -5.1% % Affordability Index December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg % Historical Housing Affordability Index by Month Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 13

14 Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 11,357 10,428 9, % -8.2% -7.0% Homes for Sale December ,261 10, % January ,014 10, % February ,896 10, % March ,420 10, % April ,721 11, % May ,411 11, % June ,800 11, % July ,921 11, % August ,119 11, % September ,048 11, % October ,658 11, % ,701 10, % 12-Month Avg 10,081 10, % Historical Inventory of Homes for Sale by Month 40,000 30,000 20,000 10,000 0 Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 14

15 Months Supply of Homes for Sale 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 % % -7.7% Historical Months Supply of Homes for Sale by Month Months Supply December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg* % * Months Supply for all properties from December 2017 through This is not the average of the individual figures above Note: CarolinaMLS did not include "Showable" Under Contract listings in the Pending Sales stats before July Listing agents report listings as "Under Contract-Show" earlier in the transaction. As a result, Months Supply of Homes for Sale stats trend lower since July Current as of December 5, All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2018 ShowingTime. 15