Mortgage

The actual property market in Charlotte is starting to get well from the pandemic

The Charlotte, NC real estate market is slowly beginning to recover from the economic downturn of the COVID-19 pandemic, according to new data from the local real estate association.

According to the Canopy Realtor Association, home sales in the region declined 1.8% in June from June last year. 4,938 properties were sold. For comparison, home sales in Charlotte fell 30% year-over-year in May, the Observer previously reported.

The analysis applies to 16 counties in the Charlotte region. Closed June sales increased 37.2% from May, with 340 more transactions completed, according to data.

A typical home sale will take at least 30 days to close before the transaction closes, meaning that the number of sales closed is more outdated.

"It's a reflection of what happened in late March and April, and it's catching up now. But it's much better than we thought," said John Kindbom, president of the Canopy Realtor Association / Canopy MLS.

Kindbom said the region's outstanding sales, which rose 26.8% in June over the same period last year, are a measure of what is happening today.

Due to government restrictions during the pandemic, he said, there is pent-up demand from buyers, leading to a general increase in selling prices.

The median sales price for June was $ 284,900, an increase of 7.5% over the previous year.

Kindbom also said that the screenings will start in March and April, when they were restricted due to government restrictions and security concerns.

"People are prepared to wear masks and do things right," he said.

But inventory is still low, Kindbom said. There were 5,701 active listings in June, compared to 10,698 in June 2019, a decrease of 46.7% according to the data.

Home buyers in Charlotte have faced increasing competition in recent years as demand far exceeds the number of homes for sale.

Kindbom said the high demand and lower supply have resulted in sellers getting higher offer prices than in a more balanced market.

"There are still some concerns about the pandemic," he said. "There are houses out there that people can buy, that's a problem. But it will fix itself if we go forward."

Related Articles