Many private schools are back in session this week. Next week Charlotte Mecklenburg Schools are back in action. So its time to come home from vacation. Its time to go back to work. And its time to start buying and selling real estate again.
The past month or so has been sluggish for real estate sales relative to the frenzy we saw before school let out in early June. Home sales and prices are down from the prior month. Time on market is up. Pending sales are down. And our inventory levels are still at record low levels.
So Charlotte, lets get back into our routine. We were on a roll. Lets get back to getting pre-approved. Or getting your house ready to be listed. The market is ready for you and its going to be a fabulous fall.
Wishful thinking? Sure, maybe, but maybe not. It has certainly been a little slow the past few months but there are also plenty of signs that the slowdown is just a summer slump. I believe that a strong economy and strong vacation budgets have gotten us sidetracked. There will be real estate sold this fall. And of course we are here to help!
This week we release our monthly stats for our E-Newsletter. When comparing single family home sales in Mecklenburg County in July 2018 to the same month last year and also to the prior month, here’s a quick summary:
- Home sales are down 9% from last month and up 1% from last year.
- Average sales price is down 5% from last month and up 6% from last year.
- Median sales price is down 2% from last month and up 3% from last year.
- Average price per square foot is down 2% from last month and 1% from last year.
- Average time on market is up 10% from last month and 3% from last year.
- Pending home sales are down 6% from last month and 10% from last year.
- Housing supply is down 1% from last month and 3% from last year.
- Mortgage rates at 4.53% are flat from last month but up from 3.9% from last year.
- Average house payment is down 6% from last month and up 15% from last year.