Letter from our President & CEO

Dear Friends, Clients, Colleagues,

It is with great pride I officially welcome you to our Q3 Market Report as ERA Live Moore Real Estate! Our much-anticipated and long awaited rebranding from Wilkinson ERA was successfully launched at our Fall Sales Rally in Charlotte this past September. Together, we celebrated the power of our vision and values, joined together under one ERA LIVE MOORE brand.

What else has us excited? Fall has arrived here in the Carolinas. From our mountains market to the Triad, Triangle, and Charlotte area. With it comes much speculation about the current state of our housing market. There's no question we are in a period of change.

While we've seen the effects of the slowdown in many aspects of real estate, we can also point to areas that will appeal to buyers and sellers alike. Sellers can take comfort in a consistently rising Median Sales Price, while buyers will like the additional 32.5% increase in inventory (Charlotte Region) and 25.4% increase in Days on Market (Charlotte Region).

While we are confident the market trends we have seen in the third quarter will continue into the fourth quarter, it is important to note we are still ahead of what we were seeing in 2019 before the pandemic caused a global shift.

Throughout our markets this year, we will continue to instill our commitment to our agents and consumers, celebrating our vision, "We Empower Dreams Through Real Estate, " and our company values; Empower. Excellence. Belong. When considering your real estate needs as we move closer to 2023, you may have questions about making a move, what your home might be worth, or what is involved in putting a home up for sale.

Let our professional REALTORS® here at Wilkinson ERA guide you through the entire process–we are always available to answer any questions you may have!

Eb Moore, President & CEO ERA Live Moore Real Estate & Our Family of Companies.

"While we are confident the market trends we have seen in the third quarter are carrying into the fourth quarter, it is important to note we are still ahead of what we were seeing in 2019 before the pandemic caused a global shift. " Eb Moore, President & CEO, Wilkinson ERA Real Estate

RESIDENTIAL SALES SUMMARY

Fall's arrival brings more change in a market experiencing the after-effects of unprecedented demand during the pandemic years. We continue to see a reduction in Closed Sales across the Charlotte region, with buyers taking their time before deciding to buy. Greater inventory has contributed to the longer Days on the Market. Mortgage rates trending upwards bodes well for buyers, while sellers can take comfort in the 15.6%+ increase in Median Sales Price. A move toward a more balanced market is the theme of Q4, as we expect the demand from homebuyers to remain strong.

Key observations from the third Quarter of 2022 are:

Homes in the Charlotte region have, on average, sold for 98.7% of the asking price in this active seller's market during the third quarter of 2022. Down -2.7% on Q3 2021.

Third quarter sales results saw inventory in the Charlotte area rise a staggering 32.5%, with Month's Supply at 1.6, a 49% increase year-over-year!

The shortest average time to have an offer accepted on a home in Charlotte (on average) is 19 days, over 25.4% higher than 2021 results.

In both Charlotte City and Mecklenburg County, home prices continue to rise in double-digit percentages over last year's Q3 results. Charlotte's Average Sales Price is now $455,356 an increase of more than 16%!