As the end of the school year approaches, so does the peak of the busy spring real estate selling season. Aside from prices that are about 10% higher than last year, the 2017 sales stats are looking very similar to 2016 which means another strong year for sales. The market in Charlotte continues to be defined by the low inventory which has led to multiple offers and rising prices. However, the number of sales and pending sales are both tracking very closely to last year.
This week we’ll be sending out our monthly E-Newsletter with the housing stats for Mecklenburg County comparing April’s sales to the prior month and to the same month last year. Here’s a quick summary:
- Home sales are down 6% from last month, but up 2% from last year.
- Average sales price is even with last month, but up 11% from last year.
- Median sales price is down 1% from last month, but up 14% from last year.
- Average price per square foot is up 1% from up 10% from last year.
- Time on market is down 14% from last month and down 26% from last year.
- Pending home sales are up 3% from last month and even with last year.
- Supply is up 4% from last month, but down 7% from last year.
- Mortgage rates are are at approximate 4.05% which is down from last month, but up from last year.
- The average house payment is down 2% from last month, but up 17% from last year.
Sales generally begin to slow for a short period of time at the start of the summer. So it will be interesting to see if 2017 follows that same pattern. The 2016/2017 market has been the best seller’s market that I’ve seen in my 15 year career in real estate and there are currently no signs of that changing any time soon.