All data is from the Canopy/Carolina Multiple Listing Service.
January surprised us with repeated strong closings for the month, the highest since our reports began in 2005 (see chart below). What was no surprise was the decrease in active inventory, while supply and demand remains to be an issue for new buyers entering the market. We’ve added the median price to our report this month and will continue to do so going forward. As you can see, the median active listing price versus the average listing price is quite different. This indicates that we have a substantial amount of luxury homes on the market versus lower-priced inventory.
The homes that went under contract remained steady year over year, however, we did see a slight decrease in the days on market. With our current inventory, there is just slightly over a month of inventory of homes available, continuing a strong and robust sellers-market. Of course, each price point can shift if we were to take a closer examination of the properties. Watch for our quarterly report for more details in the coming months.
With a 19% increase of homes sold year over year in January, we are eagerly awaiting to see what 2020 will bring in the coming months. Although election years always create an additional variable to market dynamics, if January is any indication, we are going to continue to thrive in the Lake Norman region.