The May numbers have arrived from the Canopy Realtor Association. The numbers are based on data from the Canopy Multiple Listing Service, and the data show that as expected Covid-19 is having a dramatic effect on the real estate market. In fact, the virus has shortened supply even more, though there are some numbers that are encouraging.
When you look at the entire Charlotte area, you see that the supply of homes has decreased from 2.6 month supply last year at this time to just 1.6 month supply this year. This shows that in these uncertain times that more people are staying put and not listing their homes for sale. This gives additional leverage to sellers in this market. A balanced market between buyers and sellers is considered to be 4-6 months of supply. Additionally prices are staying about the same, with the average home price going up just 0.2% year over year.
When you look at just the Lake Wylie area, you see supply of homes has decreased drastically year over year. Last year there was a 4 month supply of homes with 441 listings. This year there is just a 1.8 month supply which is only 240 homes listed.
New listings are down year over year showing hesitation and uncertainty in the market. Closed sales are also down year over year. The one bright spot is that pending sales are up year over year from 153 to 191, an increase of 24.8%. This bodes well for next month’s numbers as we should see many of these pending sales head to the closing table.
Prices in the Lake Wylie area are holding steady for now. Last May the average sale price was $386,792 and this May the average sale price was down just 1.4% to $381,388. It is important to keep in mind that just a few sales of waterfront properties can dramatically change the average price due to the small sample size.
During this time of quarantine, many people are looking for their dream homes with private amenities to entertain themselves and their families as we socially distance. If you are looking for your perfect home, give us a call at 803-831-8588. You can view current listings and create custom searches on our website here.