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2016 Starts Off Strong

Happy New Year!  This year it hardly feels like a new year.  The hot real estate market from fourth quarter 2015 never took a break as it usually does this time of year.  Rather, the streak seems to have rolled right into 2016.  Aside from the stock market turbulence that’s going on right now, all the real estate data seems to point to another strong year for Charlotte real estate sales.

Inventory levels are at all time lows but demand is still high.  This means rising price, but I predict that we will see more inventory come on the market this spring which should slow things down a bit.  Last month the Fed raised their key interest rate by 0.25% which was the first increase in years.  However, that change has not yet had much of an impact on mortgage interest rates or sales.

This week we’ll send out our monthly E-Newsletter and will publish the market stats comparing December 2015 to both the prior month and the prior year.  Here’s a quick summary:

– Home sales are up 29% from last month and 7% from last year.

– Average sales price is down 2% from last month but up 1% from last year.

– Median sales price is down 8% from last month and even with last year.

– Average price per square foot is even from last month but up 3% from last year.

– Average time on market is down 4% from last month and 16% from last year.

– Pending home sales are down 15% from last month but up 8 % from last year.

– Supply is down 17% from last month and 23% from last year.

– Mortgage rates remain relatively unchanged from both last month and last year.

– Average house payment is down 2% from last month and up 2% from last year.

 

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