CHARLOTTE — Residential home sales across the 16-county Charlotte region rose 3.5% year-over-year as 5,356 homes sold compared to sales in August a year ago, according to a report from Canopy MLS. Closed sales, which reflect single-family, condo and townhome data only, increased 3.2% month-over-month compared to sales in July 2021.

Pending sales show buyer demand in the market, according to the report. August figures showed buyers drove 5,902 homes under contract during the month, a 6.9% year-over-year increase over last August’s contract activity. Contract activity compared to the previous month (July 2021) had a similar increase of 6.9% month-over-month.

Inventory is still “critically low across the region,” according to Canopy’s report. Month-over-month, new listing activity compared to July 2021 was down 4.6%.

Inventory declined 38.2% year-over-year leaving 4,069 homes for sale or 0.8 months of supply (approximately 24 days) at the current sales pace. Last August there were more than 6,500 homes for sale, or about 45 days of supply.

“The Charlotte region continues to receive high marks for quality of life, job growth, and cost of doing business. Even more, the pandemic infused phenomenon of remote working drives even more buyers to the region, punctuating growth, and continuing the rise in housing demand. Recent census estimates bear this trend.” said David Kennedy, president of Canopy Realtor® Association/Canopy MLS, in a statement. “The market is complex, but with a Realtor®, buyers will have an easier time navigating the dynamics of frequent price changes in a low inventory housing market that still highly favors sellers.”

Prices continue to rise in relation to inventory with all price indices seeing increases at summer’s end, Canopy reports. Both the median sales price ($331,575) and the average sales price ($393,085) rose 14.3% and 12.2% year-over-year respectively. The average list price increased 10.6% year-over-year to $396,648, bringing the original list price to sales price ratio to 101.5% in August 2021.

The breakdown of sales by price range is as follows: 159 homes sold in the price range of $120,000 & below; 168 homes sold in the price range of $120,001 to $150,000; 348 homes sold in the price range of $150,001 to $190,000; 707 homes sold in the price range of $190,001 to $250,000; 1,568 homes sold in the price range of $250,001 to $350,000; 1,402 homes sold in the price range of $350,001 to $500,000; 831 homes sold in the price range of $500,001 to $999,999 and 173 homes sold in the $1 million and up range.

“New listing activity has been a bright spot for prospective buyers in our market,” Kennedy said in the statement. “And over time, steady new listing activity will help replenish inventory; however, with rental rates increasing and supply in the more affordable price points severely diminished, it will take Realtor® leadership working alongside our city and county’s policymakers, and homebuilders to help ensure we are doing all we can to continue to boost the supply of homes, especially for first-time buyers, workforce buyers and millennials that are starting to purchase.”

August 2021 sales data showed days on market until sale averaged 14 days compared to 34 days on market in August 2020.

Canopy Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from its subsidiary, Canopy MLS. The Charlotte Metro region, which this report is based on, consists of the following 16 counties: Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanly and Union counties in North Carolina; and Chester, Chesterfield, Lancaster and York counties in South Carolina.