Home prices have once again climbed to new record highs. In June of this year the average home price hit a record of $344,487 for single family homes in Mecklenburg County. Median price also set a new record at $275,000. Seasonally, home prices typically peak during the summer months and then fall into the winter months. 2017 appears to be no exception. This year the new highest ever average is only a 4% increase from last year’s peak. The new median record is a 6% increase from last year. Over the long term, real estate has appreciated an average of 2-4% per year in our area so this new high represents a very healthy change from the previous year.
The market continues to be defined by low inventory. Sellers continue to hold the upper hand as buyers fight over the existing supply of homes on the market. It makes sense the prices are rising as multiple offers have been pushing them higher and higher. Aside from the usual seasonality, there are no sure signs that the market is ready to slowdown. Although that shift is inevitable as prices have been climbing steadily now since 2011. However, pending sales this month currently sit at 10% below where they were one year ago so that could be a signal that balance may be coming. But then its probably too soon to tell.
Our monthly home stats are now available here: http://wrealtygroup.com/market/stats/ When comparing Mecklenburg County Single Family sales in June 2017 to the prior month and again to June last year, here’s a quick summary:
- Home sales are up 22% from last month and 11% from last year.
- Average sales price is up 3% from last month and 4% from last year.
- Median sales price is up 6% from last month and 6% from last year.
- Average price per square foot is even with last month, but up 6% from last year.
- Average days on market is up 3% from last month, but down 8% from last year.
- Pending home sales are down 11% from last month, and down 5% from last year.
- Supply is down 8% from last month and down 14% from last year.
- Mortgage rates are down to 3.9% from 4.0% last month and 3.6% last year.
- Average house payment is up 1% from last month and 8% from last year.