Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows.

Nationwide, inventory remains much lower than it was at the same time last year, and sales prices are surging as a result. While the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time in most market segments.

For the 12-month period spanning June 2020 through May 2021, Pending Sales in the Charlotte region were up 16.8 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 45.3 percent. The overall Median Sales Price was up 12.4 percent to $295,000. The property type with the largest price gain was the Single-Family segment, where prices increased 12.9 percent to $306,500.

The price range that tended to sell the quickest was the $150,001 to $200,000 range at 17 days; the price range that tended to sell the slowest was the $100,000 and Below range at 39 days.

Market-wide, inventory levels were down 62.0 percent. The property type that lost the least inventory was the Condo-Townhome segment, where it decreased 52.8 percent. That amounts to 0.6 months supply for Single-Family homes and 0.7 months supply for Condos-Townhomes.