Charlotte Region Monthly Indicators A RESEARCH TOOL PROVIDED BY CHARLOTTE REGIONAL REALTOR ASSOCIATION FOR MORE INFORMATION CONTACT A REALTOR 2019 Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during 2019. New Listings were up in the Charlotte region by 12.9 percent to 4,543. Pending Sales increased 14.9 percent to 4,010. Inventory shrank 3.4 percent to 8,723 units. Prices moved higher as Median Sales Price was up 5.1 percent to $226,000. Months Supply of Homes for Sale remained flat at 2.2, indicating a stabilizing supply-demand balance. While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve. Quick Facts - 9.0% + 5.1% - 3.4% 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. composed 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. 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 1
Market Overview Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars 1-2018 1-2019 YTD 2018 YTD 2019 New Listings 4,023 4,543 + 12.9% 4,023 4,543 + 12.9% Pending Sales 3,490 4,010 + 14.9% 3,490 4,010 + 14.9% Closed Sales 2,759 2,510-9.0% 2,759 2,510-9.0% List to Close 105 105 0.0% 105 105 0.0% Days on Market Until Sale 53 50-5.7% 53 50-5.7% Cumulative Days on Market 62 59-4.8% 62 59-4.8% Average List Price $311,890 $328,665 + 5.4% $311,890 $328,665 + 5.4% Average Sales Price $263,294 $268,271 + 1.9% $263,294 $268,271 + 1.9% Median Sales Price $215,000 $226,000 + 5.1% $215,000 $226,000 + 5.1% Pct. of Original List Price Received 96.0% 95.6% - 0.4% 96.0% 95.6% - 0.4% Housing Affordability Index 114 105-7.9% 114 105-7.9% Inventory of Homes for Sale 9,027 8,723-3.4% -- -- -- Months Supply of Homes for Sale 2.2 2.2 0.0% -- -- -- Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 2
New Listings A count of the properties that have been newly listed on the market in a given month. 4,089 4,023 4,543 4,089 4,023 + 4.9% - 1.6% + 12.9% + 4.9% -1.6% 4,543 + 12.9% New Listings February 2018 4,680 4,912-4.7% March 2018 6,006 6,234-3.7% April 2018 5,824 5,733 +1.6% May 2018 6,403 6,146 +4.2% June 2018 5,972 5,878 +1.6% July 2018 5,610 5,599 +0.2% August 2018 5,687 5,576 +2.0% September 2018 4,347 4,840-10.2% October 2018 4,816 4,486 +7.4% November 2018 3,948 3,835 +2.9% December 2018 2,604 2,723-4.4% 2019 4,543 4,023 +12.9% 12-Month Avg 5,037 4,999 +0.8% Historical New Listings by Month 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 3
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. 3,376 3,490 4,010 3,376 3,490 + 8.6% + 3.4% + 14.9% + 8.6% + 3.4% 4,010 + 14.9% Pending Sales February 2018 3,851 3,962-2.8% March 2018 4,698 4,832-2.8% April 2018 4,795 4,736 +1.2% May 2018 4,802 4,843-0.8% June 2018 4,611 4,726-2.4% July 2018 4,501 4,392 +2.5% August 2018 4,303 4,441-3.1% September 2018 3,317 3,914-15.3% October 2018 3,716 3,892-4.5% November 2018 3,262 3,285-0.7% December 2018 2,560 2,769-7.5% 2019 4,010 3,490 +14.9% 12-Month Avg 4,036 4,107-1.7% Historical Pending Sales by Month 6,000 5,000 4,000 3,000 2,000 1,000 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Note: CarolinaMLS did not include "Showable" Under Contract listings in the Pending Sales stats before July 2012. Listing agents report listings as "Under Contract-Show" earlier in the transaction. As a result, Pending Sales stats trend higher since July 2012. Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 4
Closed Sales A count of the actual sales that closed in a given month. 2,699 2,759 2,510 2,699 2,759 + 18.8% + 2.2% - 9.0% + 18.8% + 2.2% 2,510-9.0% Closed Sales February 2018 2,860 2,816 +1.6% March 2018 4,089 4,355-6.1% April 2018 4,217 3,963 +6.4% May 2018 4,839 4,737 +2.2% June 2018 5,071 5,361-5.4% July 2018 4,685 4,577 +2.4% August 2018 4,871 4,800 +1.5% September 2018 3,838 4,303-10.8% October 2018 3,849 4,012-4.1% November 2018 3,547 3,758-5.6% December 2018 3,333 3,692-9.7% 2019 2,510 2,759-9.0% 12-Month Avg 3,976 4,094-2.9% Historical Closed Sales by Month 6,000 5,000 4,000 3,000 2,000 1,000 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 5
List to Close List to Close provides the total number of days specific to the MLS number from "Listing Date" to "Sold Date." 115 105 105 Historical List to Close by Month 115-6.5% - 8.7% 0.0% -6.5% -8.7% 105 105 0.0% List to Close February 2018 106 112-5.4% March 2018 101 105-3.8% April 2018 95 99-4.0% May 2018 88 97-9.3% June 2018 87 93-6.5% July 2018 84 91-7.7% August 2018 87 90-3.3% September 2018 88 91-3.3% October 2018 91 90 +1.1% November 2018 94 96-2.1% December 2018 102 100 +2.0% 2019 105 105 0.0% 12-Month Avg* 93 97-4.1% * List to Close for all properties from February 2018 through 2019. This is not the average of the individual figures above. 180 160 140 120 100 80 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 6
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. 57 53 50 Historical Days on Market Until Sale by Month - 18.6% - 7.0% - 5.7% - 18.6% -7.0% 57 53 50-5.7% Days on Market February 2018 55 58-5.2% March 2018 50 57-12.3% April 2018 44 49-10.2% May 2018 39 46-15.2% June 2018 36 43-16.3% July 2018 35 42-16.7% August 2018 38 43-11.6% September 2018 37 41-9.8% October 2018 41 42-2.4% November 2018 44 47-6.4% December 2018 50 50 0.0% 2019 50 53-5.7% 12-Month Avg* 42 47-10.6% * Days on Market for all properties from February 2018 through 2019. This is not the average of the individual figures above. 140 120 100 80 60 40 20 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 7
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. 66 62 Historical Cumulative Days on Market Until Sale by Month 59-18.5% - 6.1% - 4.8% - 18.5% -6.1% 66 62 59-4.8% Cumulative Days on Market February 2018 65 67-3.0% March 2018 60 67-10.4% April 2018 53 59-10.2% May 2018 46 54-14.8% June 2018 42 51-17.6% July 2018 42 49-14.3% August 2018 46 51-9.8% September 2018 43 50-14.0% October 2018 49 51-3.9% November 2018 51 56-8.9% December 2018 58 60-3.3% 2019 59 62-4.8% 12-Month Avg* 50 56-10.7% * Cumulative Days on Market for all properties from February 2018 through 2019. This is not the average of the individual figures above. 200 175 150 125 100 75 50 25 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 8
Average List Price Average list price for all homes that have been newly listed on the market in a given month. $298,512 $311,890 $328,665 Historical Average List Price by Month $298,512 $311,890 + 5.9% + 4.5% + 5.4% + 5.9% + 4.5% $328,665 + 5.4% Average List Price February 2018 $323,902 $311,537 +4.0% March 2018 $340,115 $326,836 +4.1% April 2018 $336,649 $321,325 +4.8% May 2018 $334,978 $318,696 +5.1% June 2018 $315,987 $308,121 +2.6% July 2018 $303,009 $302,158 +0.3% August 2018 $309,592 $292,081 +6.0% September 2018 $314,962 $308,833 +2.0% October 2018 $310,117 $296,880 +4.5% November 2018 $315,034 $291,843 +7.9% December 2018 $296,672 $284,351 +4.3% 2019 $328,665 $311,890 +5.4% 12-Month Avg* $320,708 $307,993 +4.1% * Average List Price for all properties from February 2018 through 2019. 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 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 9
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $256,226 $263,294 $268,271 Historical Average Sales Price by Month $256,226 $263,294 $268,271 + 13.8% + 2.8% + 1.9% + 13.8% + 2.8% + 1.9% Average Sales Price February 2018 $266,329 $241,534 +10.3% March 2018 $280,352 $267,286 +4.9% April 2018 $292,320 $270,241 +8.2% May 2018 $299,718 $270,784 +10.7% June 2018 $301,954 $285,766 +5.7% July 2018 $290,608 $276,434 +5.1% August 2018 $294,601 $270,274 +9.0% September 2018 $280,973 $267,465 +5.1% October 2018 $278,702 $262,893 +6.0% November 2018 $285,864 $268,392 +6.5% December 2018 $281,631 $279,913 +0.6% 2019 $268,271 $263,294 +1.9% 12-Month Avg* $287,075 $270,012 +6.3% * Average Sales Price for all properties from February 2018 through 2019. 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 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 10
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. $200,000 $215,000 $226,000 Historical Median Sales Price by Month $200,000 $215,000 + 14.3% + 7.5% + 5.1% + 14.3% + 7.5% $226,000 + 5.1% Median Sales Price February 2018 $227,000 $199,900 +13.6% March 2018 $235,000 $219,500 +7.1% April 2018 $240,000 $223,498 +7.4% May 2018 $245,960 $223,750 +9.9% June 2018 $249,000 $241,000 +3.3% July 2018 $240,000 $235,000 +2.1% August 2018 $245,000 $225,425 +8.7% September 2018 $235,000 $223,630 +5.1% October 2018 $231,000 $220,000 +5.0% November 2018 $236,000 $221,000 +6.8% December 2018 $235,325 $233,000 +1.0% 2019 $226,000 $215,000 +5.1% 12-Month Avg* $238,500 $225,000 +6.0% * Median Sales Price for all properties from February 2018 through 2019. 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 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 11
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. 95.9% 96.0% 95.6% Historical Percent of Original List Price Received by Month 95.9% 96.0% 95.6% + 1.5% + 0.1% - 0.4% + 1.5% + 0.1% -0.4% Pct. of Orig. Price Received February 2018 96.7% 96.3% +0.4% March 2018 97.2% 96.8% +0.4% April 2018 97.4% 97.2% +0.2% May 2018 97.6% 97.3% +0.3% June 2018 97.8% 97.5% +0.3% July 2018 97.3% 97.2% +0.1% August 2018 97.0% 97.2% -0.2% September 2018 96.7% 96.8% -0.1% October 2018 96.2% 96.7% -0.5% November 2018 95.9% 96.5% -0.6% December 2018 95.8% 96.3% -0.5% 2019 95.6% 96.0% -0.4% 12-Month Avg* 96.9% 96.9% 0.0% * Pct. of Orig. Price Received for all properties from February 2018 through 2019. This is not the average of the individual figures above. 100.0% 98.0% 96.0% 94.0% 92.0% 90.0% 88.0% 86.0% 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 12
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. 123 114 105 123 114-8.9% - 7.3% - 7.9% -8.9% -7.3% 105-7.9% Affordability Index February 2018 107 123-13.0% March 2018 103 112-8.0% April 2018 99 112-11.6% May 2018 97 112-13.4% June 2018 95 104-8.7% July 2018 99 107-7.5% August 2018 97 111-12.6% September 2018 101 112-9.8% October 2018 103 114-9.6% November 2018 100 113-11.5% December 2018 101 107-5.6% 2019 105 114-7.9% 12-Month Avg 101 112-9.8% Historical Housing Affordability Index by Month 180 160 140 120 100 80 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 13
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 10,074 9,027 8,723-15.6% - 10.4% -3.4% Homes for Sale February 2018 8,914 10,287-13.3% March 2018 9,446 10,768-12.3% April 2018 9,751 11,049-11.7% May 2018 10,452 11,425-8.5% June 2018 10,864 11,583-6.2% July 2018 11,027 11,745-6.1% August 2018 11,283 11,781-4.2% September 2018 11,273 11,599-2.8% October 2018 11,045 11,021 +0.2% November 2018 10,477 10,438 +0.4% December 2018 9,244 9,273-0.3% 2019 8,723 9,027-3.4% 12-Month Avg 10,208 10,833-5.8% Historical Inventory of Homes for Sale by Month 40,000 30,000 20,000 10,000 0 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 14
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. 2.6 2.2 2.2-23.5% - 15.4% 0.0% Historical Months Supply of Homes for Sale by Month Months Supply February 2018 2.2 2.6-15.4% March 2018 2.3 2.7-14.8% April 2018 2.4 2.8-14.3% May 2018 2.6 2.9-10.3% June 2018 2.7 2.9-6.9% July 2018 2.7 2.9-6.9% August 2018 2.8 2.9-3.4% September 2018 2.8 2.9-3.4% October 2018 2.8 2.7 +3.7% November 2018 2.6 2.6 0.0% December 2018 2.3 2.3 0.0% 2019 2.2 2.2 0.0% 12-Month Avg* 2.5 2.7-7.4% * Months Supply for all properties from February 2018 through 2019. This is not the average of the individual figures above. 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 Note: CarolinaMLS did not include "Showable" Under Contract listings in the Pending Sales stats before July 2012. 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 2012. Current as of February 5, 2019. All data from CarolinaMLS, Inc. Report provided by the Charlotte Regional Realtor Association. Report 2019 ShowingTime. 15