Next week is Thanksgiving which means we are nearing the end of another year. And this year we are nearing the end of another decade, which is really hard to believe. A lot changes in ten years!
The real estate market in Charlotte has changed in great measure over the last decade. Followers of this blog know that each month I compare changes in the real estate market from the prior month and the prior year. In the spirit of of appreciation for a decade of prosperity, I thought it would be appropriate, this month, to share some real estate stats today in comparison to ten years ago.
When comparing the single family homes market in Mecklenburg county for October 2019 to October 2009 here are the numbers:
- Home sales are up 75%. There were 821 home sales in October 2009 and 1433 last month.
- Average sales price is up 73%. The average price was $212,953 in October 2009 and $367,940 last month.
- Average time on market is down 54%. In October 2009 the average time on market was 98 days versus 45 days last month.
- Pending home sales are up 36%. In October 2009 there were 1553 pending contracts versus 2112 last month.
- Housing supply has fallen 73%. In October 2009 there was a 13 month supply of homes for sale versus 3.5 month’s supply last month.
- Mortgage interest rates were at 4.95% in October 2009 versus 3.69% last month.
It’s amazing to look back and see how far we’ve come in a decade! Ten years ago we were feeling some of the worst effects of the great recession. Today, we are experiencing a booming economy and and very prosperous and healthy real estate market. I don’t know about you, but these numbers make me want to go back to 2009 to buy more real estate! But I digress. I am extremely thankful for the prosperity the last ten years have delivered.
I’m grateful for all of you that follow this blog and for those that have trusted my team and I with their real estate decisions over the past ten years. Through ups and downs, we’ve grown together and will continue to grow heading into the year 2020 and beyond.