Real Estate Market Update For Gastonia NC and the Charlotte Area

 

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June 2020 sales throughout the Charlotte Region


All data is according to Canopy MLS

• Businesses across the region continue to adjust to reopening, and home sales across
the 16-county Charlotte area shows the region’s housing market in the early stages of
recovery.

 

• Even though closed sales across the region were down 1.8 percent year-over-year,
sales were basically in line with last June.

 

• Pending contract activity shows buyer interest and demand has returned to pre-pandemic levels. This is usually the first encouraging sign of recovery. Contracts were
up significantly (26.8 percent) compared to June 2019, a sign of pent-up demand stemming
from the disruption caused by the pandemic over the last two months.

 

Recovery?

• While the recovery is a bit uneven throughout the 16 counties, we did see a number of
areas where new listings, pending contracts, and home sales were all positive in June
and had recovered. Additionally, several counties and areas saw a partial recovery of
positive sales and strong pending contract activity (Cleveland County, N.C., Chesterfield
County, S.C., and Lancaster County, S.C. had full recovery of pending contracts, home
sales, and new listings).

 

• Seller confidence, which is illustrated by new listing activity, tends to lag. New listings
were down year-over-year by 8.5 percent. Realtors® are keenly aware and understand
sellers’ hesitancy at listing their homes during a pandemic. We’re adjusting and taking
precautions to ensure all parties involved in the sale remain safe.

 

LOW INVENTORY MEANS SELLERS MARKET

• Inventory is extremely low. In fact, it is the lowest we have on record at 1.3 months of
supply. This presents a unique opportunity for sellers who are ready to list, as new
listings receive high visibility and spend less time on the market. Properties are averaging 38
days on market now; which means they’re selling nearly as fast as they are listed. As we
continue to reopen and this activity continues, housing will likely be a key driver in our
local and national economic recovery.

 

Buyers should understand that lender pre-approval best positions them for this difficult
market. Buyers should be aware that the lack of inventory and fast days on the market may
leave very little room for price negotiation since we’re in a strong seller’s market. And, in
highly-desirable areas, buyers will encounter increased competition and multiple offer
situations as supply continues to fall.

 

Stay Tuned For July’s Market Update and be sure to check out our Mortgage Rate News!