Catawba Region Residential Sales Trends –

                                  May 2020Home sales fall sharply in May

Pending contracts in the pipeline indicate that buyers are back in the market and ready to buy

Alexander County, a rural county just outside of Hickory, N.C., and west of Iredell County, had a
total of four sales in May, representing a 33.3 percent increase over sales last year. Pending
sales were down 50.0 percent year-over-year, while new listings were down 42.9 percent year-
over-year. The median sales price in May was $172,000 and is up 8.9 percent year-over-year, while
the average sales price of $217,967 fell slightly and was down 0.2 percent compared to May 2019.
Days on market in May averaged 65 days compared to 23 days last year. Inventory is down 69.6
percent, which leaves the county with 1.4 months of supply.

Caldwell County, west of Alexander County and just east of Burke County, posted a total of 72
closed sales in May, which is unchanged compared to May 2019. Year-to-date sales show an increase
of 3.1 percent compared to sales during the first five months of 2019. Pending sales were also
positive and increased 18.8 percent year-over year with 76 contracts in the pipeline. Year-to-date
figures show pending contracts for the year already up 11.0 percent compared to the same period
last year (January-May) with 363 contracts written. Pending contracts, which are an indicator of
buyer demand and future sales, show buyer interest is strong. New listings fell 34.4 percent
year-over-year during the month of May with 59 new listings compared to 90 new listings posted in
May 2019. Prices are moderating and holding steady. The median sales price ($168,000) rose 11.4
percent in May compared to last year, while the average sales price ($188,369) fell slightly and
was down 3.4 percent year-over-year. Inventory is down 37.1 percent year-over-year at report time,
leaving 1.8 months of supply of homes for sale. Days on market averaged 45 days in May compared to
42 days in May 2019.
Catawba County closed sales fell 29.3 percent year-over-year with 133 properties sold in May
compared to 188 properties sold during the same period last year. Pending sales increased
20.7 percent year-over-year with 222 contracts written, while new listings activity declined 17.0
percent year-over-year with sellers listing 195 properties for sale compared to 235 that were
listed in May 2019. Both the median sales price ($196,000) and the average sales price ($264,766)
declined 4.4 percent and 0.9 percent, respectively, compared to a year ago. Inventory is tight and
fell 36.2 percent during the month, leaving the county with 1.9 months of supply compared to 3.0
months of supply in May 2019. Days on market until sale averaged 37 days compared to 46 days in May
2019.

Burke County closed sales were down 34.4 percent year-over-year with 63 homes sold in May verses 96
homes sold in May 2019. Pending sales rose 13.3 percent year-over-year as buyers adjust to
homebuying in the new normal. Year-to-date figures show that pending contracts have

not fully recovered as they were down 6.8 percent with 310 properties sold compared to 330
properties sold during the first five months of 2019. New listing activity was down 40.2 percent
year-over-year in May with sellers listing 58 homes compared to 97 homes that were listed in May
2019. Prices pressured by inventory are rising in Burke. Both the median sales price ($173,400) and
the average sales price ($223,407) rose 4.3 percent and 6.4 percent, respectively, compared to a
year ago. Inventory is tight and fell 41.3 percent year-over-year by report time, leaving the
county with 1.7 months of supply verses 3.3 months of supply last May. Days on market averaged 49
days compared to 55 days on market in May 2019.