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WILKINSON ERA REAL ESTATE Q2 REAL ESTATE MARKET UPDATE
2020
Friends, Clients, Colleagues, Once again, we are incredibly grateful to have had the privilege of working with you during the second quarter of 2020. Charlotte and so many of our real estate markets throughout the Carolinas have unquestionably been affected by COVID-19 and have felt the impacts of a strained inventory. After many consecutive months of reduced inventory, markets throughout North Carolina, including Charlotte, are beginning to experience sluggish Closed Sales due to the housing shortage. Price point has driven this trend in the wider Charlotte area, with first-time buyers sourcing homes in the $300k and up range accounting for the bulk of buyer activity in Mecklenburg County. Second quarter saw the Median Sales Price climb while Days on Market reflected the fast pace of buyers desperate for housing-a stark contrast to this time in 2018, where a balanced market had buyers taking their time to find the right property. What are our real estate predictions for the third quarter of 2020? With Closed Sales down in the wider Charlotte area due to sellers' hesitations in listing their homes, time will be the key indicator as to whether the third quarter begins to see an upward movement in listings to market. Make no mistake, we are confident about the long-term health of the region's real estate market, with Price Per Square Foot continuing its quarterly climb, uncontested. Knowing that a robust demand exists for homes in most areas of North Carolina (in the markets we serve), gives us confidence and should allay any concerns consumers may have had or currently hold. Do you have questions about making a move, what your home might be worth, or what is involved in putting a home up for sale? Let our professional REALTORSÂŽ here at Wilkinson ERA walk you through the entire process-all while adhering to CDC guidelines and utilizing our leading edge technology to showcase available properties in the safest way possible. We are always available to answer any questions you may have! We are pleased to share our knowledge with you about two of our favorite topics--real estate and relocation-and we wish everyone good health for this third quarter and the remainder of 2020!
Eb Moore President & CEO Wilkinson ERA Real Estate
CHARLOTTE AREA
RESIDENTIAL SALES SUMMARY The second quarter for the Charlotte Region residential real estate market represents change and uncertainty. While we continue to see Median Sales Price and Price Per Square Foot increase and Days on Market reduce, the tight inventory is causing buyers to act quickly when they see a property of interest. Whether the third quarter sees an increase in homes being listed, in the midst of a global pandemic, remains a "known unknown" in the market. Key observationsfrom this Second Quarter 2020 Charlotte Area Market Report are:
-Through June of 2020 the Median Sales Price leads across most Charlotte area markets, with the slowest growth found in York County, with growth of .99% and Union County, at 2.80%. -New Listings are down by double-digit amounts in most of the Charlotte area, with the exception of Union and York Counties, which saw a 9.04% and 5.18% increase, respectively. -Inventory, or Months Supply, are all showing steep reductions, except York County's welcome 5.18%. For the Charlotte area, this is perhaps the sharpest decline in years and the most telling statistic in all of the Q2 Market Report. -The average days to sell a home continued to trend downwards in all areas in and close to Charlotte, rising only in Cabarrus County and Union County, with 27.27% and 7.50% increases in Days on Market.
WILKINSON ERA REAL ESTATE 2020 Q2 CHARLOTTE AREA MARKET REPORT
CHARLOTTE
CI TY Residential Da s on Market Q2 2019
Q2 2020
32
29
%CHANGE
-9.38%
List to Sales Price Ratio Q2 2019
99%
Q2 2020
%CHANGE
99%
0.00%
Q2 2020
%CHANGE
$285,000
7.55%
Q2 2020
%CHANGE
Median Sales Price
Sold Homes I Closed Sales Q2 2019
4,837
4,694
-20.80%
Months Supply Q2 2020
1.5
%CHANGE
-34.78%
uare Foot Q2 2019
$164.71
Q2 2020
$174.894
%CHANGE
6.21%
Q2 2020
%CHANGE
4795
-20.56%
The Median Sales Price in Q2 2020 for a single family home in Charlotte was $285,000 for a
year over year increase of 7.55%
Apartment occupancy in Charlotte is 91.8% with more than 20,961 units proposed in new apartment projects & communities.
As of June 2020, the average month's •���� rent in Charlotte was $1,373 (a 2.48% decrease on 2019)**
The Median Sales Price in 2020 for a single family home in Mecklenburg County was $299,696 for a year over year increase of 8.19%
*RentJungle.com I **RENT Trend Data for Charlotte, NC t
WILKINSON ERA REAL ESTATE 2020 Q2 CHARLOTTE AREA MARKET REPORT
MECKLENBURG C Q LJ N TY Residential Including Charlotte, Cornelius, Davidson, Huntersville
Da s on Market Q2 2019
Q2 2020
34
31
%CHANGE
-8.82%
List to Sales Price Ratio Q2 2020
99%
%CHANGE
99%
0.00%
Q2 2020
%CHANGE
$299,696
8.19%
Q2 2019
%CHANGE
4.,874
-19.68%
Median Sales Price
Sold Homes I Closed Sales
$98.70
Q2 2020
%CHANGE
1.5
-34.78%
Q2 2020
%CHANGE
$170.72
72.97%
Q2 2020
%CHANGE
6,095
-21.15%
WILKINSON ERA REAL ESTATE 2020 Q2 CHARLOTTE AREA MARKET REPORT
CHARLOTTE-AREA
COUNTIES
Residential
CABARRUS COUNTY
Including Concord, Harrisburg
APR- JUN
Q2 2019
Q2 2020
%CHANGE
AVG Days on Market
33
42
27.27%
Total Closed Homes
1,075
-2.45%
Median Sales Price
1,102 $230,000
$245,000
6.52%
AVG Months Supply
2.3
1.9
-17.39%
AVG Price Per Sq Ft
$113.59
$119.14
4.89%
Total New Listings
1,481
1,400
-5.47%
List to Sales Price Ratio
99%
99%
0.00%
-------UN ION COUNTY
APRIL- JUNE
Including Monroe, Waxhaw, Wedddington
APR- JUN
Q2 2019
Q2 2020
%CHANGE
AVG Days on Market
40
43
7.50%
Total Closed Homes
1,429
1,580
10.57%
Median Sales Price
$265,000
$272,428
2.80%
AVG Months Supply
3.0
2.5
-16.67%
AVG Price Per Sq Ft
$130.05
4.32%
Total New Listings
$124.67 1,826
1,991
9.04%
List to Sales Price Ratio
99%
98%
-1.01%
--------
APRIL- JUNE 6
WILKINSON ERA REAL ESTATE 2020 Q2 CHARLOTTE AREA MARKET REPORT
CHARLOTTE-AREA
COUNTIES YORK COUNTY, SC
Residential
Including Fort Mill, Lake Wylie, Rock Hill
Q2 2019
Q2 2020
%CHANGE
AVG Days on Market
49
49
0.00%
Total Closed Homes
1,031
979
-5.04%
Median Sales Price
$242,500
$244,900
0.99%
AVG Months Supply
2.2
3.0
36.36%
AVG Price Per Sq Ft
$116.79
$122.21
4.46%
Total New Listings
1,544
1,624
5.18%
List to Sales Price Ratio
98%
98%
0.00%
APR-JUN
APRIL- JUNE -------------
LANCASTER COUNTY, SC APR-JUN
Q2 2019
Q2 2020
%CHANGE
AVG Days on Market
69
63
-8.70%
Total Closed Homes
405
364
-10.12%
Median Sales Price
$270,965
$284,303
4.92%
AVG Months Supply
3.73
2.9
-22.25%
AVG Price Per Sq Ft
$115.52
$122.10
5.70%
Total New Listings
588
581
-1.19%
98%
99%
1.02%
-------List to Sales Price Ratio
7
Including Lancaster, Indian Land
APRIL- JUNE
WILKINSON ERA REAL ESTATE 2020 Q2 REAL ESTATE YEAR IN REVIEW
WINSTON SALEM &
HIGH PQINTResidential WINSTON SALEM APR THROUGH JUN
2019
2020
%CHANGE
AVG Days on Market
38
32
-7.89%
Total Closed Homes
1,029
-15.38%
Median Sales Price
1,216 $174,700
$191,000
9.33%
AVG Months Supply
2.3
2.2
-4.35%
AVG Price Per Sq Ft
$126.26
$111.19
11.94%
Total New Listings
1,312
1,020
-22.26%
List to Sales Price Ratio
3963%
99%
-97.51%
--------
APRIL THROUGH JUNE
HIGH POINT APR THROUGH JUN
2019
2020
%CHANGE
AVG Days on Market
37
42
13.51%
Total Closed Homes
425
347
-18.35%
Median Sales Price
$165,000
$179,000
8.48%
AVG Months Supply
2.6
2
-23.08
AVG Price Per Sq Ft
$96.96
7.09%
Total New Listings
$90.54 587
440
-25.04%
List to Sales Price Ratio
98%
97%
-0.31%
--------
APRIL THROUGH JUNE 6
DaysonMar ket Januar y t hr ough December
GRE E NS BORO
43
APRT HROUGHJ UN
Li stt oSal esPr i ceRat i o J anuar y t hr ough Dec ember
Medi anSal esPr i ce Januar y t hr ough December
Lor e mI ps um
Sol dHomes/Cl osedSal es
43
Q22019
Q22020
3 8
3 2
1 5 . 7 9 %
1 , 2 1 3
9 8 4
1 8 . 8 8 %
$ 1 8 7 , 0 0 0
$ 1 9 7 , 5 0 0
5 . 6 % 3 . 8 5 %
$ 1 0 8 . 2 9
$ 1 1 3 . 7 4
5 . 0 3 %
1 , 5 3 7 9 8 %
1 , 2 8 6 9 9 %
1 6 . 3 3 % 0 . 4 6 %
5 4
5 6
3 . 7 0 %
1 , 5 6 1
1 , 8 4 6
1 8 . 2 6 %
$ 2 6 8 . 0 0 0
$ 2 7 8 , 9 5 0
4 . 0 9 %
3 . 6
2 . 9 9
1 6 . 9 4 %
APRI L-J UNE
99%
J anuar y t hr ough Dec ember
AS HE VI L L E
Mont hsSuppl y Januar y t hr ough December
Pr i cePerSquar eFoot Januar y t hr ough December
$137. 13
L or e mi ps um
LI s tt oSa l e sPr i c eRa t i o
7
25, 091
$ 1 1 4 . 8 2 $150. 71 2 , 1 4 4 9 8 %
3 . 6 1 %
$ 1 1 8 . 9 6 9 . 9 0 % 2 , 2 1 7
3 . 4 0 % 0 . 0 0 %
9 8 %
J ANUARY-DE CE MBE R 24, 603
1. 94%
3
WILKINSON ERA REAL ESTATE 2020 Q2 CHARLOTTE AREA MARKET REPORT
ASHEVILLE Residential
ASHEVILLE
Mountains Q2 2019
Q2 2020 39
Total Closed Homes
61 621
Median Sales Price
$333,000
AVG Months Supply
4.23 $211.67 887
APR THROUGH JUN AVG Days on Market
AVG
Price Per Sq Ft
Total New Listings
-------List to Sales Price Ratio
98%
444 $336,732
%CHANGE
-36.07% -28.50%
3.2 $215.46
1.12% -24.35% 1.79%
702
-20.86%
98%
0.00%
APRIL-JUNE
10
WILKINSON ERA REAL ESTATE 2020 Q2 REAL ESTATE MARKET UPDATE
RALEIGH
&
DURHAM Residential RALEIGH (City) APR THROUGH JUNE
2019
AVG Days on Market
20
Total Closed Homes
Median Sales Price
2020
%CHANGE
17
-15.00%
2,655
2,261
-14.84%
$279,900
$298,500
6.65%
2.2
1.5
-31.82%
$159.00
$166.00
4.40%
Total New Listings
3,199
2,620
-18.10%
List to Sales Price Ratio
99%
99%
0%
2020
%CHANGE
15
7.14%
AVG Months Supply AVG
Price Per Sq Ft
-------DURHAM
APR- JUNE
(City)
APR THROUGH JUNE
2019
AVG Days on Market
14
Total Closed Homes
1,511
1,349
-10.72%
Median Sales Price
$275,000
$285,000
3.64%
AVG Months Supply
1.9
1.7
-10.53%
$154.00
$160.00
3.90%
Total New Listings
1,940
1,521
-21.60%
List to Sales Price Ratio
100%
99%
-1.00%
AVG
Price Per Sq Ft
--------
APR- JUNE 11
2019 4, 753
1. 4 BI LLI ON
I NSALES
VOLUME
2
Wilkinson ERA Real Estate I www.WilkinsonERA.com