19
2
Summer 2020 Update
• In February of 2019 the Childress Klein Center for Real Estate issued its first “State of Housing in Charlotte” Report.
• This was the first of what will be five annual reports that provide a comprehensive overview of the Charlotte housing markets.
• Our intention had been to provide the next report on April 1, 2020. The COVID-19 shutdowns, however, prevented us from doing that.
• We will be issuing a complete report during the fall of 2020, but we thought it would be beneficial if we issued this interim update now.
• This interim update will examine the single-family market, with special emphasis on how the market has responded since the emergence of COVID-19, and the associated economic recession.
– In our fall update we will examine not only the single family market, but also the rental and public/subsidized housing sectors.
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Goal of the State of Housing in Charlotte Project
● To provide a comprehensive overview of the current state of the Charlotte region’s housing market.
■ Identify the trends that are happening in housing.■ Examine the owner-occupied housing market, the rental market, and
low-income housing.■ To provide context by comparing what is happening in the Charlotte
region relative to what is happening in regional and national competitor cities.
● We are focused on housing data and analysis, not policy.● We intentionally take a regional focus.
■ Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Union counties in NC■ Lancaster and York in SC.
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Overview of Housing
• Charlotte Region:– 2,395,700 residents – 972,561 total housing units
• 583,364 owner-occupied (59.98%)• 301,111 rental units (30.96%)• 79,086 vacant (8.13%)
• 706,637 single-family detached or attached homes (72.66%)
• 205,704 multifamily units (21.15%)• 59,793 mobile homes (6.15%)
• Mecklenburg County– 1,093,901 residents – 454,104 total housing units
• 233,619 owner-occupied (51.45%)• 184,516 rental units (40.63%)• 35,969 vacant (7.9%)
• 300,439 single-family detached or attached homes (66.16%)
• 147,907 multifamily units (32.57%)• 5,652 mobile homes (1.24%)
Source: CKCRE Tabulations of US Census Bureau, American Community Survey 2018 1 year estimates.
Owner -Occupied Housing
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Region Has Had A Chronic Supply Problem
Source: CKCRE tabulations of Canopy MLS data
Mecklenburg Has Chronically Underbuilt
The population has grown by 12.89% since 2012, but the housing unit supply by only 11.13%. To have kept pace with Population growth, there should have been additional housing unit growth of at least 8,000 units in that time.
Source: CKCRE tabulations of Canopy MLS data
Pending Sales (2005 -2020)
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2005
0120
0505
2005
0920
0601
2006
0520
0609
2007
0120
0705
2007
0920
0801
2008
0520
0809
2009
0120
0905
2009
0920
1001
2010
0520
1009
2011
0120
1105
2011
0920
1201
2012
0520
1209
2013
0120
1305
2013
0920
1401
2014
0520
1409
2015
0120
1505
2015
0920
1601
2016
0520
1609
2017
0120
1705
2017
0920
1801
2018
0520
1809
2019
0120
1905
2019
0920
2001
2020
05
Region Mecklenburg
Historical High
Source: CKCRE tabulations of Canopy MLS data
Pending Sales (2018-2020)
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
Region Mecklenburg
Source: CKCRE tabulations of Canopy MLS data
Sales (2005 -2020)
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2005
0120
0506
2005
1120
0604
2006
0920
0702
2007
0720
0712
2008
0520
0810
2009
0320
0908
2010
0120
1006
2010
1120
1104
2011
0920
1202
2012
0720
1212
2013
0520
1310
2014
0320
1408
2015
0120
1506
2015
1120
1604
2016
0920
1702
2017
0720
1712
2018
0520
1810
2019
0320
1908
2020
0120
2006
Region Mecklenburg
Source: CKCRE tabulations of Canopy MLS data
Sales (2018-2020)
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Region Mecklenburg
Source: CKCRE tabulations of Canopy MLS data
Supply (2005 -2020)
Historical Low
0
1
2
3
4
5
6
7
8
2005
0120
0505
2005
0920
0601
2006
0520
0609
2007
0120
0705
2007
0920
0801
2008
0520
0809
2009
0120
0905
2009
0920
1001
2010
0520
1009
2011
0120
1105
2011
0920
1201
2012
0520
1209
2013
0120
1305
2013
0920
1401
2014
0520
1409
2015
0120
1505
2015
0920
1601
2016
0520
1609
2017
0120
1705
2017
0920
1801
2018
0520
1809
2019
0120
1905
2019
0920
2001
2020
05
Region Mecklenburg
Source: CKCRE tabulations of Canopy MLS data
Supply (2018 -2020)
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
Region Mecklenburg
Source: CKCRE tabulations of Canopy MLS data
Days on the Market (2005 -2020)
0
20
40
60
80
100
120
2005
0120
0505
2005
0920
0601
2006
0520
0609
2007
0120
0705
2007
0920
0801
2008
0520
0809
2009
0120
0905
2009
0920
1001
2010
0520
1009
2011
0120
1105
2011
0920
1201
2012
0520
1209
2013
0120
1305
2013
0920
1401
2014
0520
1409
2015
0120
1505
2015
0920
1601
2016
0520
1609
2017
0120
1705
2017
0920
1801
2018
0520
1809
2019
0120
1905
2019
0920
2001
2020
05
Region Mecklenburg
Source: CKCRE tabulations of Canopy MLS data
Days on the Market (2018 -2020)
0
5
10
15
20
25
30
35
Region Mecklenburg
Source: CKCRE tabulations of Canopy MLS data
Median Prices (2005-2020)
100000
150000
200000
250000
300000
350000
2005
0120
0505
2005
0920
0601
2006
0520
0609
2007
0120
0705
2007
0920
0801
2008
0520
0809
2009
0120
0905
2009
0920
1001
2010
0520
1009
2011
0120
1105
2011
0920
1201
2012
0520
1209
2013
0120
1305
2013
0920
1401
2014
0520
1409
2015
0120
1505
2015
0920
1601
2016
0520
1609
2017
0120
1705
2017
0920
1801
2018
0520
1809
2019
0120
1905
2019
0920
2001
2020
05
Region Mecklenburg
Source: CKCRE tabulations of Canopy MLS data
Median Price (2018-2020)
200000
220000
240000
260000
280000
300000
320000
340000
Region Mecklenburg
Source: CKCRE tabulations of Canopy MLS data
Quality -Adjusted Price
90
95
100
105
110
115
120
125Price Index
Source: CKCRE tabulations of Canopy MLS data
