Back to School – Summer Market Winds Down

Mecklenburg County schools are back in session and summer is coming to an end.  As the seasons change, so do real estate sales in Charlotte.  Regardless of the economic cycle, the real estate calendar year starts off with a bottoming out of demand in January.  Things heat up in March and cook right through June.  Then the market typically peaks in early to mid summer and tapers off into the fall and early winter.

I’ve talked about this seasonal cycle often here on this blog.  Each year that passes and I see the pattern continue, it becomes more and more evident to me.  It is highly predictable.  Last month I noted that sales were likely to begin to slow.  One month later and we see the pattern to have no exception in 2015.  June was the peak month for prices and sales of single family homes in 2015 for Mecklenburg County.  Average price peaked at $302,846 and median at $225,000.  Home sales peaked at 1605 units closed.  Pending sales are beginning to fall which just reaffirms that peaks were reached.

The predictability of the seasonal market creates an ideal situation for both buyers and sellers.  Here’s what it tells us and the writing is very clear:  BUYERS SHOULD BUY IN THE FALL TO GET THE BEST PRICE.  SELLERS SHOULD SELL IN THE SPRING TO GET THE MOST MONEY POSSIBLE!!!

Ok buyers.  Your season has arrived.  Now is an excellent time to start your home search and lock in a really great deal this fall.  Demand is going to slow down and sellers will have less of the upper hand in the coming months.  Make the most of it!!

Remember that we always post the latest market stats for Charlotte/Mecklenburg County real estate on our website here.  When comparing sales for July 2015 to the prior month and again to the same month last year, here’s a quick summary:

– Home sales are down 11% from last month, but up 11% from last year.

– Average sales price is down 4% from last month, but even with last year.

– Median sales price is down 7% from last month, but up 2% from last year.

– Average price per square foot is down 2% from last month, but up 2% from last year.

– Average time on market is down 6% from last month and down 7% from last year.

– Pending home sales are down 9% from last month but up 4% from last year.

– Mortgage rates are basically unchanged from last month and from last year.

– The average housing payment is down 3% from last month and about even with last year.

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