UNION COUNTY — New home sales for the Charlotte region increased 4.5% this March, when compared to the same period last year, according to released data from Canopy MLS. Year-to-date, sales in the region rose 9.5%. Union County is included in what Canopy defines as the 16-county Charlotte region.
Union County did better than the region when compared to last March with an increase of 6.4% on closed sales; however, year-to-date figures trail the region with only a 0.7% increase in sales. Canopy reports the city of Monroe experienced a 28% increase in closed sales compared to last March and has 4.2% higher sales year-to-date.
Canopy cites buyer demand, as indicated in pending contracts, as also strong for the region. Throughout the 16-county region, 5,675 properties went under contract during the month, representing a 30.3% increase compared to last March. Union County had 480 pending sales in March, representing a 12.9% increase compared to last year. Year-to-date, the county has had 1,294 pending sales, a 13.5% increase.
While pending contracts and closed sales increased in March, new listings decreased. The Charlotte region saw a 8.1% decrease in new listings, and Union County had a 15.5% decrease.
Overall in March, Union County had an inventory of 212 homes for sale. This is 576 fewer homes for sale compared to last March or a 73.1% decrease. Canopy reports the county has 0.5 month supply of inventory, a 75% decrease compared to the same time last year.
In a news release, 2021 Canopy Realtor® Association/Canopy MLS President David Kennedy said, “Lack of inventory continues to present challenges for not just the local market, but also the national market. Long-term, the decrease in affordability could ultimately impact recruiting for economic development and keep many people, particularly first-time and workforce buyers, from realizing the dream of homeownership. Fortunately, there are growing pockets of inventory emerging, particularly in the condo/townhome market. For example, uptown Charlotte had an 11% increase in inventory in March and now has three months of supply.”
As inventory decreases, prices across the region continue to increase. The average sales price for a home in the region was $370,706, according to Canopy, a 17.7% increase from last March. The average list price for the region was $394,485 in March, a 13.4% increase.
In Union County, the average sales price was up 17.3% from last March at $415,531. The average list price for the county was higher than the region at $439,420. In the city of Monroe, the average list price was $337,129 in March and in Waxhaw, the average list price was $535,700. While Waxhaw saw a decrease in the average list price compared to last March, the average sales price of $538,284 rose 29%, according to the Canopy data.