Real Estate Market Update For Gastonia NC and the Charlotte Area

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!