www.WilkinsonERA.com
WILKINSON ERA REAL ESTATE Q1 REAL ESTATE MARKET UPDATE
2020
Friends, Clients, Colleagues, The first quarter of 2020 started off strong, with a robust buyer demand, reduced inventory, and a higher sales volume. Beginning the year on such positive momentum has helped tremendously. Charlotte was on a trajectory of real estate success unmatched in recent history. This history, however, was about to col lide with a pandemic that has had an unprecedented impact on this city's economy. COVID-19 is far from gone, but we can begin to see some light at the end of the tunnel and much to be positive about. Despite incredible challenges, real estate has continued to pivot and adapt to new ways of conducting business. Wilkinson ERA's virtual transaction services have seamlessly rolled out, allowing prospective buyers to shop on-line, conduct virtual appointments, sign contracts, and even close on their purchases in some of our markets. It may not be the ideal timing, but there is no question our industry and company were ready to adapt for the consumer. COVID-19 aside, the first quarter of 2020 has been consistent with 2019 in many respects. Although we're experiencing a slowdown in physical buyer activity, the demand for Charlotte-area real estate remains strong. When Governor Cooper's "Stay at Home" order is lifted, we expect that pent-up demand will return, resulting in a solid Q3 and Q4 performance. Buyers are waiting on the sidelines to watch what happens over the next couple of months. Once things have settled, we expect to see business ramp up quickly, driving major growth in Q3 & Q4. This story resounds across our vibrant markets in Winston-Salem, Asheville, and Raleigh-Durham. All mar kets have demonstrated consistent growth at the start of the year and experienced a slowing of Closed Homes and New Listings once the pandemic arrived in North Carolina. One caveat to this? Relocation. Relocation to the Carolinas has historically been driven by industry and media. The reasons for companies and individuals to choose Charlotte and our various markets throughout the Carolinas, comes down to factors that still exist still today-affordability compared to urban areas throughout the country (Char lotte, Raleigh-Durham, and 12 other North Carolina cities rank in Forbes' Best Places to Live list), location to mountains and the coast, as well as a milder climate and growing R&D, medical, technology, and finan cial industries, all attract more than 100,000 people to North Carolina and more than 21,000 to the Char lotte area, annually. We strongly believe that we will move through these challenging days and come out of this stronger and better positioned for success throughout our communities. We are hopeful about finding effective treat ments and a vaccine for COVID-19. As always, we remain steadfast in our commitment to you, ready to assist you, your clients, and your transferees moving into and out of the markets we serve. It has been our sincere pleasure to work with you and we look forward to a healthy and safe second quarter and beyond. Joan Harpootlian Thomas, SCRP GMS President, Relocation and Corporate Services Wilkinson ERA Real Estate
CHARLOTTE
RESIDENTIAL SALES SUMMARY In 2019, the Charlotte residential real estate market finished the decade on a high and continued this momentum into January of 2020. Fast forward to today and real estate as we knew it had changed dramatically in February and March of this year. The "boom" talk of Charlotte still exists-it's just overshadowed right now by a pandemic that is being vigorously fought throughout communities. Charlotte still holds place in the top ten U.S. housing markets. Demand has quelled in recent months, but the shortage of housing throughout the in-town communities and wider Charlotte-area continues to drive prices upward, with more buyers looking to buy in both established neighborhoods and communities in transition. Charlotte home sales in Q1 were slightly higher (8.60%) in sales volume than Q1 2019. The Median Sales Price for a single-family home or condo in Charlotte during Q1 was $264,000, a notable increase of 10.74%! The Average Price Per Square Foot has risen 9.56%, which is consistent with previous buyer demand and rising home prices. Forecasts for Q2 2020 project a bumpy few months in sales, however Q3 and Q4 are projected to be driven by pent-up buyer momentum, driving Q3 and Q4 sales upward. We remain fortunate to have a solid job economy, educated work force and affordability in comparison with top-tier housing markets like New York, Chicago, Miami, etc.. We can't minimize the impact on the service industry and the impact this could have on our communities, however flattening the curve of the COVID-19 virus and adhering to the Stay at Home order will go a long way to resuming a familiar way of life once again.
WILKINSON ERA REAL ESTATE 2020 Q1 REAL ESTATE MARKET UPDATE
CHARLOTTE
CI TY Residential Da s on Market
2020 38
List to Sales Price Ratio
2020 99%
2019
%CHANGE
2019
%CHANGE
44
98%
-13.64
-1.01%
Median Sales Price
2019
%CHANGE
2019
%CHANGE
2019
%CHANGE
$238,400
Sold Homes I Closed Sales
2020
3,534
3,254
10.74%
8.60%
Months Supply
2020 1.3
2
-35.00%
2019
%CHANGE
2019
%CHANGE
Price Per S $152.16
4,892
9.56%
-0.04%
WILKINSON ERA REAL ESTATE 2020 Q1 REAL ESTATE MARKET UPDATE
MECKLENBURG CQ LJ NTY Residential Including Charlotte, Cornelius, Davidson, Huntersville
Da s on Market
2020
2019
%CHANGE
41
46
-10.87%
2019
%CHANGE
List to Sales Price Ratio 98%
Median Sales Price
Sold Homes I Closed Sales
98%
0.00%
2019
%CHANGE
$252,980
10.13%
2019
%CHANGE
2019
%CHANGE
3,981
Months Su
2.1
10.98%
-31.90%
Price Per S $164.18
2019
%CHANGE
2019
%CHANGE
$150.76
6,169
8.90%
-2.33%
The Median Sales Price in Q1 2020 for a single family home in Charlotte was $264,000 for a
year over year increase of 10.74%
Apartment occupancy in Charlotte is 91.8% with more than 20,961 units proposed in new apartment projects & communities.
In February 2020, the average month's rent in Charlotte was $1,259 ($250 less than the national average of $1,468)**
The Median Sales Price in 2020 for a single family home in Mecklenburg County was $278,605 for a year over year increase of 10.13%
*Charlotte Business Journal 2020 data I **RENTCafe February 2020 data
WILKINSON ERA REAL ESTATE 2020 Q1 REAL ESTATE MARKET UPDATE
CHARLOTTE-AREA COUNTIES
Residential
CABARRUS COUNTY Including Concord, Harrisburg JAN THROUGH MAR
2020
2019
AVG Days on Market
45
49
-8.16%
Total Closed Homes
825
846
-2.48%
Median Sales Price
$255,000
$233,668
9.13%
AVG Months Supply
1.7
2.5
-32.00%
AVG Price Per Sq Ft
$125.64
$114.00
10.21%
Total New Listings
1,107
1,159
-4.49%
List to Sales Price Ratio
98%
98%
0.00%
--------
%CHANGE
JANUARY - MARCH
UN ION COUNTY Including Monroe, Waxhaw, Wedddington JAN THROUGH MAR
2020
2019
%CHANGE
AVG Days on Market
51
55
-7.27%
Total Closed Homes
869
807
7.68%
Median Sales Price
$315,000
$288,500
9.19%
AVG Months Supply
1.7
2.5
AVG Price Per Sq Ft
$134.00
$126.22
6.16%
Total New Listings
1,365
1,314
3.88%
List to Sales Price Ratio
98%
98%
0%
--------
-32.00
JANUARY - MARCH 6
WILKINSON ERA REAL ESTATE 2020 Q1 REAL ESTATE MARKET UPDATE
CHARLOTTE-AREA
COUNTIES YORK COUNTY, SC
Residential
Including Fort Mill, Lake Wylie, Rock Hill
2020
2019 49
-8.16%
Total Closed Homes
1,036
1,013
2.27%
Median Sales Price
$269,900
$284,158
-5.02%
AVG Months Supply
1.73
2.4
-27.92%
AVG Price Per Sq Ft
$132.65
$122.46
8.32%
Total New Listings
1,603
1,645
-2.55%
List to Sales Price Ratio
99%
98%
1.02%
JAN THROUGH MAR AVG Days on Market
45
%CHANGE
JANUARY - MARCH -------------
LANCASTER COUNTY, SC JAN THROUGH MAR
7
Including Lancaster, Indian Land
2020
2019
%CHANGE
64
-14.06%
AVG Days on Market
55
Total Closed Homes
427
374
14.17%
Median Sales Price
$300,000
$299,124
0.29%
AVG Months Supply
2.13
2.93
-27.30%
AVG Price Per Sq Ft
$129.88
$122.21
6.28%
Total New Listings
586
587
-0.17%
List to Sales Price Ratio
99%
99%
0.00%
-------
JANUARY - MARCH
WILKINSON ERA REAL ESTATE 2020 Q1 REAL ESTATE MARKET UPDATE
WINSTON SALEM &
HIGH PQINTResidential WINSTON SALEM JAN THROUGH MAR
2020
2019
AVG Days on Market
41
52
-21.15%
Total Closed Homes
752 $169,950
744
1.08%
$152,000
11.81%
AVG Months Supply
2.07
2.27
-8.81%
AVG Price Per Sq Ft
$103.24
$97.14
6.28%
Total New Listings
1,231
1,178
4.50%
List to Sales Price Ratio
98%
98.55
.56%
Median Sales Price
--------
%CHANGE
JANUARY - MARCH
HIGH POINT JAN THROUGH MAR
2020
2019
%CHANGE
AVG Days on Market
35
60
-41.67%
Total Closed Homes
312
311
.32%
Median Sales Price
$175,950
$152,000
15.76%
AVG Months Supply
2.0
2.23
-10.31
AVG Price Per Sq Ft
$84.13
9.10%
Total New Listings
$91.79 410
410
0.00%
List to Sales Price Ratio
97%
97%
0.00%
--------
JANUARY - MARCH 8
WILKINSON ERA REAL ESTATE 2020 Q1 REAL ESTATE MARKET UPDATE
GREENSBORO Residential
GREENSBORO JAN THROUGH MAR
2020
2019
%CHANGE
AVG Days on Market
42
55
-23.64%
Total Closed Homes
912
853
6.92%
Median Sales Price
$180,500
$170,500
5.87%
AVG Months Supply
1.6
2.23
-28.25%
AVG Price Per Sq Ft
$108.83
$100.32
8.48%
Total New Listings
1,245
1,252
-0.56%
List to Sales Price Ratio
98%
JANUARY - MARCH ---------
98%
0%
WILKINSON ERA REAL ESTATE 2020 Q1 REAL ESTATE MARKET UPDATE
ASHEVILLE Residential
ASHEVILLE JAN THROUGH MAR
2020
2019
AVG Days on Market
72
66
-2.70%
Total Closed Homes
456
391
16.62%
Median Sales Price
$336,000
$292,500
14.87%
AVG Months Supply
2.63
3.7
28.92%
AVG Price Per Sq Ft
$221.50
$202.57
9.34%
Total New Listings
598
624
-4.17%
List to Sales Price Ratio
97%
97%
0%
--------
%CHANGE
JANUARY - MARCH
10
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WILKINSON ERA REAL ESTATE 2020 Q1 REAL ESTATE MARKET UPDATE
RALEIGH
&
DURHAM Residential RALEIGH (City) JAN THROUGH MAR
2020
AVG Days on Market
27
Total Closed Homes
2019
%CHANGE
25
8.00%
1,911
1,782
7.24
Median Sales Price
$299,000
$274,385
8.97%
AVG Months Supply
1.5
1.83
-18.03%
AVG Price Per Sq Ft
$165.00
$156.00
5.77%
Total New Listings
2,745
2,701
1.63%
List to Sales Price Ratio
99%
99%
0%
-------DURHAM
JANUARY - MARCH
(City)
JAN THROUGH MAR
2020
2019
%CHANGE
AVG Days on Market
23
22
4.55%
Total Closed Homes
1,055
976
8.09%
Median Sales Price
$278,000
$255,000
9.02%
AVG Months Supply
1.5
1.63
-7.98%
AVG Price Per Sq Ft
$160.00
$354.00
-54.80%
Total New Listings
1,466
1,347
8.83%
List to Sales Price Ratio
98%
99%
-1.01%
--------
JANUARY - MARCH 11
Wilkinson� REAL ESTATE REALESTATE
1.4
HOMES SOLD
BILLION
IN SALES VOLUME
TOP1%
2019 Customer Satisfaction Rating
OF REAL ESTATE FIRMS NATIONWIDE
OFFICES TO SERVE YOU
850+ Agents
OUR RELOCATION TEAM Joan Harpootlian Thomas, SCRP, GMS President, Reloca tion and Corporate Services 0: 704-815-9303 Joan.Thomas@WilkinsonERA.com
Allie Thomas, CRP, GOS Vice President, Relocation and Corporate Services 0: 704-815-9305 Allie.Thomas@WilkinsonERA.com
Tracy Hill Vice President, Business Development Charlotte and Raleigh-Durham 704-575-9545 Tracy.Hill@WilkinsonERA.com
Kristen Malone Broker to Broker Referral Coordinator 0: 704-815-9316 Kristen.Malone@WilkinsonERA.com
Stacy Warren Relocation Counselor 0: 704-815-9313 Stacy.Warren@WilkinsonERA.com
Tricia Hodge Senior Relocation Counselor 0: 704-815-0462 Tricia.Hodge@WilkinsonERA.com
Main Relocation Line 704-815-0463
Wilkinson ERA Real Estate I www.WilkinsonERA.com