CHARLOTTE — Canopy Real Estate Association announced April housing figures for the Charlotte region this week. The industry association said in a May 11 press release that COVID-19 and the economic crisis had an impact on residential real estate in the Charlotte region, where sales fell 20.8% year-over-year. 3,534 homes were sold in April 2020 compared to 4,464 homes sold in April 2019, according to data from Canopy MLS.
Union County had 297 homes sold in April 2020, compared to 418 homes sold in April 2019. The Canopy MLS data reflected a 28.9% decrease compared to last year. The report listed Monroe with 76 homes sold in April 2020, a 24% decrease from the 100 homes sold in April 2019.
Year-to-date sales for the Charlotte region were up 0.7% compared to sales during the first four months of 2019. Union County did not fair as well with a 2.9% decrease compared to sales during the same period.
Union County had a 22% decrease in pending sales in April 2020 with 340. This compared to 436 in April 2019. Canopy data showed Monroe with a 5.2% decline in pending sales in April when compared to April 2019. Waxhaw, known for its residential growth, had a 29.8% decline for the same compared period.
“Given the state and local stay-at-home orders, we knew that contract and new listing activity would be impacted and that sales would be slower and not as strong as they normally would be during this time. On a positive note, buyer demand has historically been strong in our region, which makes us confident that the market can recover”, said 2020 Canopy Realtor® Association/Canopy MLS President John Kindbom in the release.
The average list price in the Charlotte region for April 2020 was $336,523, down 4.1% year-over-year. In comparison to the region, Union County listed an average list price of $418,386 in April 2020. This was 1.7% less than April 2019.
Canopy reports the median sales price for the region was at $275,000, up 8.1%. It listed the average sales price for the region at $325,403, a 7.1% increase compared to prices last April. Union County also showed an increase in both median sales price and average sales price compared to last year. The median sales price was $325,000, a 4.8% increase over 2019. The Average sales price was 5% higher at $384,252
Canopy reports inventory remains challenged for the region. It listed the 16-county Charlotte region with a 1.8 month supply of homes compared to 2.5 months last April.
Specifically in Union County, the area has a 1.6 month supply of inventory. This is down 36% compared to last April when Union County also had a 2.5 month supply.
Kindbom said: “The region is moving toward reopening the economy, and real estate agents are now able to do more as long as they follow strict state and CDC guidelines. The Mortgage Bankers Association also announced a recent uptick in mortgage applications last week. We believe both of these factors will lead to the spring market, though temporarily delayed, resuming with real estate agents working with buyers and sellers to get homes sold in a safe manner.”