Union County, NC remained a home seller’s market in the second quarter of 2020 with inventory and months supply of homes less than half of what we had in the same quarter in 2019. Lack of inventory, coupled with buyer demand exceeding supply, increased home prices in the second quarter and reduced days on market.
Despite the pandemic and showing restrictions in much of the second quarter of 2020, Charlotte region remained a home seller’s market. Home prices increased, while inventory and days on market decreased. Only closed sales decreased during the second quarter, but were clearly making a comeback by June. By June, it was evident that home buyer demand far exceeded supply of homes for sale, both resale and new construction.
Tega Cay, South Carolina remained a home seller’s market in June 2020. The pandemic continued to impact Tega Cay’s housing with much lower inventory levels, days on market, closed sales, higher home prices. Buyer demand for Tega Cay homes continues to outstrip supply of homes for sale. with fewer new listings coming on market.
Fort Mill’s housing market (29715 and 29708 zip codes) continued to be impacted by the pandemic in June 2020, characterized by much lower inventory, fewer new listings, lower months supply of housing, and fewer closed and pending sales. With inventory so low, Fort Mill remained a home seller’s market.
Indian Trail appears to have recovered nicely from the negative affects of the corona virus in March, April, and May. Year-over-year, home sales and home prices increased while days on market decreased. Housing inventory is razor-thin and Indian Trail will need a significant increase in inventory to maintain this pace of home sales in the coming months. But no doubt there’s been plenty of pent-up buyer demand for Indian Trail area homes.
Matthews (28105 zip code) housing market remained a home seller’s market in June 2020 as evidenced by extremely low inventory and months supply of inventory, decreases in days on market, and increased pending sales. Matthews’ housing market appears to be rebounding nicely from the early effects of the corona virus restrictions and pent-up buyer demand is still greater than supply of homes to purchase.