April home sales show impact of COVID-19 as residential real estate business interrupted by the crisis
May 11, 2020
Contact: Kim Walker, 704-940-3149
CHARLOTTE, N.C. – COVID-19 and the economic crisis continued in April, impacting the buying and selling of residential real estate in the Charlotte region. Sales fell 20.8 percent year-over-year, with 3,534 homes sold in April 2020 compared to 4,464 homes sold in April 2019, according to data from Canopy MLS. Closed sales compared to the previous month (March 2020) were down 16.9 percent. Year-to-date sales show the Charlotte region’s sales up 0.7 percent compared to sales during the first four months of 2019.
Pending contract activity, which is usually an indication of buyer demand and future sales, declined 17.6 percent year-over-year as buyers complied with state and county stay-at-home orders, resulting in 4,045 contracts signed in April 2020. In April 2019 there were more than 4,900 pending sales in the pipeline. Compared to March 2020, contracts declined 15.7 percent.
2020 Canopy Realtor® Association/Canopy MLS President John Kindbom notes, “Given the state and local stay-at-home orders, we knew that contract and new listing activity would be impacted and that sales would be slower and not as strong as they normally would be during this time. On a positive note, buyer demand has historically been strong in our region, which makes us confident that the market can recover.”
While home sales declined, home prices are still strong. Though the average list price in April 2020 ($336,523) was down 4.1 percent year-over-year, both the median sales price ($275,000) and the average sales price ($325,403) rose 8.1 percent and 7.1 percent, respectively, compared to prices last April. The original list price to sales price ratio was 97.7 percent in April 2020. Prices in the Charlotte region have been rising due to inventory lows that continue to persist.
New listings, which are typically a sign of seller confidence, fell 26.6 percent year-over-year with 4,258 new listings posted during the month. Compared to March 2020 when new listings totaled 5,933, overall listing activity was down 28.2 percent as sellers, showings and open houses were put on hold during the month.
“The region is moving toward reopening the economy, and real estate agents are now able to do more as long as they follow strict state and CDC guidelines. The Mortgage Bankers Association also announced a recent uptick in mortgage applications last week. We believe both of these factors will lead to the spring market, though temporarily delayed, resuming with real estate agents working with buyers and sellers to get homes sold in a safe manner,” Kindbom said.
Inventory remains challenged, down 24.9 percent year-over-year, and the region continues to experience strong seller’s market conditions with 7,556 homes available at report time. The 16-county Charlotte region currently has 1.8 months of supply, compared to 2.5 months of supply last April.
Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, average 38 days in April 2020 compared to 47 days in April 2019. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 89 days.
April 2020 residential sales activity for the 16-county Charlotte Region
Alexander County, a rural county just outside of Hickory, North Carolina and west of Iredell County, had no change year-over-year in closed sales in April 2020, with just four transactions. Pending sales were down 33.3 percent year-over-year and new listings were down 62.5 percent year-over-year. The median sales price ($60,750) was down 57.3 percent compared to last April, when the median sales price was $142,250. The average sales price ($79,125) was down 44.9 percent from April 2019’s average sales price of $143,625. Inventory is challenged and is down 60.0 percent with 1.9 months of supply. Days on market for the county averaged 101 days compared to 50 days last year.
Anson County, just east of Union County, N.C., posted 15 sales in April 2020, down 16.7 percent compared to April 2019. Pending sales were also down 71.4 percent year-over-year, while new listings were down 36.4 percent year-over-year with only seven homes listed during the month. Both the median sales price ($119,000) and the average sales price ($109,153) were down 7.5 and 14.5 percent, respectively, compared to a year ago. Inventory was down 28.3 percent, leaving 3.8 months of supply. Days on market during the month averaged 144 days compared to 124 days on market in April 2019.
Cabarrus County posted 257 closed sales during the month of April 2020, down 20.7 percent compared April 2019 when 324 sales closed. Pending sales also declined 12.1 percent year-over-year with 304 contracts written compared to 346 written last April. New listings fell 22.6 percent year-over-year with 335 listings this past month, compared to 433 in April 2019. Both the median sales price ($263,750) and the average sales price ($276,926) increased 11.1 percent and 5.6 percent, respectively, compared to prices a year ago. Inventory fell 27.5 percent, leaving the county with 1.5 months of supply of homes for sale. Days on Market in April trended at 36 days compared to 46 days last April.
Catawba County closed sales fell 3.1 percent with 155 properties sold in April compared to 160 properties sold during the same period last year. Pending sales declined 4.9 percent year-over-year with 176 contracts written, while new listings activity declined 23.1 percent year-over-year with sellers listing 163 properties for sale compared to 212 listed in April 2019. Both the median sales price ($195,000) and the average sales price ($261,080) rose 5.4 percent and 10.5 percent, respectively, compared to a year ago. Inventory is tight and fell 27.0 percent during the month, leaving the county with 2.1 months of supply compared to three months of supply in April 2019. Days on market until sale averaged 43 days compared to 52 days in April 2019.
Cleveland County saw closed sales in April 2020 rise 18.0 percent year-over-year with 59 properties sold compared to 50 properties sold in April 2019. Pending contracts also rose 3.0 percent year-over-year, with 68 contracts written, while new listing activity fell 4.6 percent year-over-year with only 62 properties listed compared to 65 listed during April 2019. Both the median sales price ($173,200) and the average sales price ($193,057) rose 15.9 percent and 12.8 percent, respectively, over prices from a year ago. Inventory is up 1.5 percent year-over-year in Cleveland County with 2.5 months of supply. Properties averaged 34 days on market in April 2020 compared to 52 days in April 2019.
Gaston County saw year-over-year sales decline 23.6 percent with 243 homes sold during the month compared to 318 homes in April 2019. Pending sales were down 4.3 percent year-over-year, with 309 contracts written during the month, while new listings also fell 18.0 percent year-over-year as sellers listed 291 homes for sale compared to 355 new listings in April 2019. Both the median sales price ($210,000) and the average sales price ($235,273) rose 9.4 percent and 13.5 percent, respectively, over prices from a year ago. Inventory is down 9.9 percent year-over-year, and the county has 1.7 months of supply of homes for sale. Days on market in Gaston averaged 40 days, which is unchanged compared to days on market until sale in April 2019.
Iredell County had a year-over-year sales decline of 23.5 percent with 260 homes sold during the month compared to 340 homes sold in April 2019. Pending contracts, which totaled 290, were down 20.5 percent year-over-year, while new listings were down 21.1 percent year-over-year, with 321 properties listed during the month. The median sales price ($290,000) is up 7.5 percent year-over-year, while the average sales price ($328,779) fell 6.7 percent compared to April 2019’s average sales price. Inventory is down 27.2 percent year-over-year, with 703 homes on market at report time and 2.4 months of supply. Days on market averaged 45 days in April compared to 67 days in April 2019.
Sales rose year-over-year in Lincoln County, up 13.0 percent with 113 homes sold in April 2020 compared to 100 homes sold in April 2019. Pending sales were also positive, rising 3.1 percent year-over-year with 132 contracts written compared to 128 contracts written last year. New listings fell 15.0 percent year-over-year, with 136 listings posted compared to 160 new listings posted in April 2019. Both the median sales price ($285,000) and the average sales price ($327,713) rose 6.9 percent and 13.6 percent, respectively, from a year ago. Inventory is down 20.4 percent, leaving the county with 2.8 months of supply compared to 3.5 months last April. Days on market averaged 57 days compared to 59 days until sale in April 2019.
Mecklenburg County had a 25.9 percent drop in home sales year-over-year with 1,370 homes sold last month compared to 1,850 homes sold in April 2019. Pending contracts were down 31.5 percent year-over-year, with 1,399 contracts signed compared to 2,041 contracts signed last year. New listing activity was also down 35.3 percent year-over-year with just 1,593 homes newly listed. Both the median sales price ($305,425) and the average sales price ($379,451) rose 13.9 percent and 11.4 percent, respectively, from a year ago as inventory tightened, declining 26.6 percent with 2,640 homes on market at report time. Mecklenburg County has 1.5 months of supply, and days on market was trending at 32 days in April 2020 compared to 38 days in April 2019.
Rowan County’s sales fell 7.9 percent year-over-year with 129 homes sold in April 2020 compared to 140 homes sold in April 2019. Pending sales rose 1.9 percent year-over-year to 157 contracts signed verses 154 contracts signed in April 2019. New listing activity fell 7.8 percent year-over-year in April to 166 new listings on market. However, year-to-date new listing activity is up 6.1 percent year-over-year, while year-to-date pending contract activity is up 11.4 percent in the county compared to year-to-date 2019. Both the median sales price ($191,500) and the average sales price ($208,320) rose substantially year-over-year, up 25.8 percent and 25.0 percent, respectively. Inventory is down 19.5 percent with 317 properties on market at report time, or 2.2 months of supply. Days on market trended at 37 days during the month of April 2020 compared to 52 days in April 2019.
Sales in Stanley County fell 8.0 percent year-over-year with 46 homes sold during the month of April compared to 50 homes sold in April 2019. Year-to-date sales are up 12.9 percent year-over-year, with 210 homes sold during the first four months of the year compared to 186 homes sold during the same period last year. Pending sales were up 11.1 percent year-over-year with 70 contracts written, while new listing activity fell 31.1 percent year-over-year as sellers listed 51 homes during the month compared to 74 homes in April 2019. Year-to-date pending contract activity is also positive year-over-year, rising 9.9 percent with 245 contracts written during the first four months of 2020. The median sales price ($190,000) and the average sales price ($204,047) rose 11.1 percent and 8.1 percent, respectively, compared to a year ago. Inventory is down 33.7 percent year-over-year, and the county has 2.1 months of supply at report time. Properties averaged 37 days on market in April 2020 compared to 47 days on market in April 2019.
Union County sales fell 28.9 percent year-over-year with 297 homes sold in April 2020 compared to 418 homes sold in April 2019. Pending contract activity declined 22.0 percent to 340 contracts written during the month, while new listing activity also declined 35.9 percent year-over-year with sellers listing 332 homes for sale compared to 518 homes listed for sale in April 2019. Sales prices are steady in Union County, with both the median sales price ($325,000) and the average sales price ($384,252) rising 4.8 percent and 5.0 percent, respectively, compared to last year. Inventory fell 29.8 percent year-over-year, with 609 properties for sale at report time. This represents 1.6 months of supply compared to 2.5 months of supply in April 2019. Days on market until sale averaged 38 days compared to 60 days on market in April 2019.
Chester County, South Carolina, had a 40.0 percent year-over-year decline in sales during the month of April with 12 homes sold compared to 20 homes sold in April 2019. Year-to-date sales are up 10.0 percent year-over-year with 55 homes sold during the first four months of the year. Pending sales activity rose 28.6 percent year-over-year with 27 contracts written during the month compared to 21 contracts written last April. Year-to-date contract activity is up 12.7 percent year-over-year. New listings were also positive in April, rising 22.7 percent year-over-year with 27 newly listed properties added to the market compared to 22 new listings in April 2019. The median sales price dropped 6.4 percent year-over-year to $140,450, while the average sales price rose 30.9 percent year-over-year to $201,124 during this past month. Inventory is down 35.5 percent, leaving the county with 2.4 months of supply of homes for sale. Days on market averaged 46 days in April 2020 compared to 45 days last year.
Chesterfield County, South Carolina, shows closed sales up 11.8 percent year-over-year with 57 properties sold compared to 51 properties sold in April 2019. Pending sales were also up 13.0 percent year-over-year with 61 contracts written during the month compared to 54 contracts written last year. New listing activity rose 11.5 percent year-over-year with 87 newly listed properties posted compared to 78 posted during the month of April 2019. The median sales price ($145,000) is up 20.8 percent year-over-year, while the average sales price fell 5.5 percent year-over-year to $133,496. Inventory is up 7.1 percent year-over-year with 30 homes for sale at report time, leaving the county with 6.9 months of supply. Properties averaged 80 days on market in April 2020 compared to 85 days on market in April 2019.
Lancaster County, South Carolina’s closed sales fell 13.6 percent year-over-year during the month of April with 133 homes sold compared to 154 homes sold in April 2019. Year-to-date activity shows home sales up 10.6 percent year-over-year with 582 homes sold already during the first four months of the year. Pending contracts rose 5.5 percent year-over-year with 211 contracts written during the month compared to 200 written in April 2019. Year-to-date contract activity is also up 8.5 percent year-over-year when comparing to the first four months of April 2019. New listing activity was down 7.3 percent year-over-year with 217 properties listed during the month. Both the median sales price ($296,500) and the average sales price ($311,484) were up 2.1 percent and 7.8 percent, respectively, compared to a year ago. Inventory fell 23.8 percent, leaving the county with 353 homes for sale at report time, or 2.1 months of supply. Days on market averaged 45 days compared to 64 days in April 2019.
York County, South Carolina, sales in April 2020 were down 15.4 percent year-over-year with 405 homes sold compared to 479 homes sold in April 2019. Pending contract activity slipped 2.7 percent year-over-year with 511 contracts written. New listing activity was also down 17.1 percent year-over-year as sellers listed 518 properties for sale in April 2020 compared to 625 listed in April 2019. Both the median sale price ($273,500) and the average sales price ($305,154) rose 4.2 percent and 6.6 percent, respectively, compared to the same period last year. Inventory is down 24.4 percent year-over-year, leaving the county with 1.7 months of supply of homes for sale at report time. Days on market during April 2020 averaged 39 days compared to 48 days in April 2019.
The Canopy Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Canopy MLS. The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with 2020 Association/Canopy MLS President John Kindbom, please contact Kim Walker.
Canopy Realtor® Association is a trade association that provides its more than 12,200 Realtor® members with the resources and services they need to conduct ethical, professional, successful and profitable businesses. The Association is dedicated to being the region's primary resource for residential real estate information. The Association operates Canopy MLS, which has more than 17,800 subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a 24-county service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond.