Charlotte's housing market is bouncing back a year after pandemic-related lockdowns put real estate activity practically on pause in April of 2020.
There were 1,900 home sales recorded this April and another 2,156 residential properties put under contract, according to Canopy Realtor Association's report. Those figures were up 31.4% from 1,446 closings and up 66.6% from 1,294 submitted contracts in the same month of 2020, due to the pandemic.
New listings proved a big year-over-year jump this April, as local sellers a year ago were sidelined from putting their properties up for sale amid stay-at-home orders. Such activity increased 44.3%, with 2,320 homes listed on the market last month in Mecklenburg county.
“As Covid-19 vaccinations and reopening continue, we are encouraged by April’s sales activity, particularly growth in new listings, which should help buyers with more choice," Canopy President David Kennedy said in the report. "Remote learning and work-from-home situations have kept many sellers from listing, but with summer approaching, we may see more seller activity.”
The one important portion that has not improved in the past year is inventory.
As of report time, Canopy said that inventory in the Charlotte region was down 66.8% over the year. The number of homes on the market represented a 0.6-month — or 18-day — supply level, the third straight month in which inventory was that low.
And with lack of supply comes higher prices.
Homes averaged 20 days on the market last month, compared to 39 days in April 2020.
Resources: Charlotte Business Journal & Canopy Realtor Association