We pulled the July 2020 Real Estate Numbers for The Charlotte Region from the MLS and would like to share a few key points from it.
Businesses across the region continued to adjust to reopening, while Charlotte-area home sales show strong signs that the market has recovered.
As a result of significant gains over the last two months in pending contract activity, closed sales rose 11.4 percent over last year across the region. Closed sales were up 10.8 percent compared to June 2020.
Pending contract activity shows buyers are eager to purchase. Pending contracts and demand have returned to pre-pandemic levels. Contracts rose significantly for a third consecutive month and were up 23.7 percent compared to July 2019. However, the increased demand for coupled with tight supply will mean price increases, and some multiple offer situations in highly sought-after areas.
Fortunately, seller confidence, which is illustrated by new listing activity, has also started to recover and rose 4.1 percent year-over-year this month as sellers brought 5,868 properties to market. New listings have been down year-over-year since February 2020 as sellers who were hesitant to list during a pandemic needed time to and Realtors® adapted to virtual tours and showings. Realtors® continues to take a number of precautions to ensure all parties involved in the transaction remain safe.
Inventory is extremely low for the Charlotte region and was unchanged compared to June 2020. It remains the lowest we have seen on record at 1.3 months of supply. This will continue to impact prices, especially given the increased competition among buyers.
Sellers who are ready to list have the opportunity to receive high visibility for their listings and spend less time on the market. Properties are averaging 36 days on market now, which means they’re selling nearly as fast as they are listed.
As long as sales and new listing activity remain positive, employment remains stable, and mortgage rates stay at historic lows, this activity should be sustainable.
If you'd like to discuss this further please don't hesitate to contact The Linda Hall Team of Century 21 First Choice. Let's put our experience to work for YOU!