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Limited inventory and shorter days on market signals buyers to move quickly

The Charlotte Regional Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Carolina Multiple Listing Services, Inc. (CarolinaMLS). The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

Charlotte Metro region year-over-year home sales in July decreased 2.8 percent, with 4,447 properties sold compared to 4,577 properties sold in July 2017. Compared to the previous month (June 2018), July’s sales were down 5.9 percent. Year-to-date sales for 2018 are nearly unchanged (down 1.0 percent) compared to the first seven months of 2017.

The average sales price in July 2018 ($290,486) increased 5.1 percent compared to July 2017 ($276,434), while the median sales price ($240,000) increased 2.1 percent compared to July 2017 ($235,000). Compared to the previous month (June 2018), the average and the median sales prices decreased 3.9 percent and 3.2 percent respectively.

The average list price in July 2018 ($308,305) increased 2.0 percent compared to July 2017 ($302,231), bringing the percent of original list price received measure to 97.2 percent, which is unchanged compared to the same period last year. Pending sales in July 2018 (4,947) rose 12.5 percent compared to July 2017. Compared to the previous month (June 2018), pending sales decreased 2.6 percent.

2018 Charlotte Regional Realtor® Association/CarolinaMLS president Jason Gentry said, “Without a doubt, limited inventory continues to pressure prices across the region, while also effectively slowing sales during what’s typically our prime selling season. Demand and pending contract activity remain strong, which means buyers must move quickly to purchase the home they want, especially since homes are averaging 36 days on market this summer.”

New residential listings (5,576) decreased 0.4 percent in July 2018 compared to the same period last year. Compared to the previous month (June 2018), new listing counts declined 6.0 percent. Inventory continued to fall, with the number of homes for sale down 16.3 percent compared to July 2017, which left the CarolinaMLS region with 9,790 properties for sale at report time, or 2.4 months of supply of inventory. A year ago in July 2017 the region had 11,701 properties for sale, or 2.9 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 83 days, which is eight fewer days than July 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 36 days, which is six fewer days than July 2017.

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