CHARLOTTE — Canopy Realtors Association, an organization that provides monthly reports on residential real estate activity for the Charlotte Metro region based on data from Canopy MLS, released new data last week that shows a significant increase in home sales when compared to last year.
The Association reported closed sales, which totaled 4,877 in September 2020 for the Charlotte region, an increase 11.8% over sales last year, according to the report. Union County is included in the Charlotte Metro region, which includes 12 counties in N.C. and four counties in S.C.
According to Canopy, closed sales in Union County were up 17.3% compared to 2019 and slightly up year-to date at 0.1%. These figures are despite a pandemic that has impacted the county for the better part of 2020.
Canopy reports buyer demand, which it says is displayed by pending contracts, rose 28.1% in the Charlotte region with 5,428 properties under contract in September 2020. According to Canopy, these properties will eventually convert to closed sales, typically in 45 to 60 days.
Union County performed slightly below the region, with a 25.9% increase in pending sales in September. Year-to-date, Union County has a 4.9 perfect increase in pending sales compared to 2019.
New listings for the region rose 11% with 5,514 listings compared to 4,968 last September. Year-to-date, Canopy reports new listings are down 4.9% in the region when compared to activity during the same period in 2019. Union County added 454 new listings in September for a 4.4% increase compared to last September. Like the region, news listings for Union County were down year-to-date when compared to 2019.
2020 Canopy Realtor® Association/Canopy MLS President John Kindbom said in a statement: “The pandemic has continued to impact the market, as we are now seeing more people working from home, and this trend will likely continue. Consumers are also using this opportunity to relocate as well, and this continues to drive sales and new listing activity. These are all positive signs for the remainder of the year. Properties are moving quickly under contract, so the increase in new listing activity should give buyers more choice.”
Canopy explains prices across the region continued to be pressured due to inventory. Inventory for the region fell 51.3% according to Canopy with a 1.1 month supply of inventory. Union County saw a steeper drop at 58.4% leaving less than a months supply of inventory.
The average list price reported in Union County ($431,792) increased 14.4% in September compared to last year ($377,762). Both the average sales price ($399,523) and median sales price ($355,000) increased when compared to last September, accordion to the Canopy data.
Canopy reports strong September sales throughout the 16-county region, with nearly all areas and counties reporting positive, double-digit closed and pending sales figures.
According to Canopy, “homes continue to sell quickly as days on market.” The Association reports the metric that accrues for “Active” and “Under Contract-Show” statuses, averaged a record 29 days in September 2020 in the Charlotte area compared to 39 days in September 2019. Canopy reports this is the shortest time on market since Canopy MLS began tracking days on market. Data reported for Union County showed a listing averaged 31 days on market in September 2020 compared to 36 days last September.
“The brisk pace of sales we’re experiencing means that buyers will see increased competition from other buyers, price increases in some highly desirable neighborhoods along with multiple offer situations. Pre-approval best positions buyers for this type of strong sellers’ market,” said Kindbom in the statement.