The spring selling season is in full bloom. Team W is hard at work helping buyers and sellers make their dreams come true, so I’ll keep this month’s blog short and sweet. Home prices have jumped up quickly from the usual winter time lull and have already reached new all-time record highs. The previous record for highest average and median sales prices respectively were in June of last year. At that time, the average price for Mecklenburg County Single Family homes was $330,883 and the median was $260,000. As of March of this year, the average price is already up to $334,011 and the median is $262,034. Both numbers mark new records. Based on the seasonality of the markets in Charlotte, we typically don’t see the highest prices in a calendar year until summer which means it’s likely we will see even more broken records over the next few months. As it stands, the March 2017 average sales price was up 12% over last year and the median was up 16%!
As always, you can find the stats for Mecklenburg County home sales on our website here: http://wrealtygroup.com/market/stats/ . Here’s a sneak peak of the details when comparing March 2017 to both the previous month and the same month last year:
- Home sales are up 67% from last month and 16% from last year.
- Average sales price is up 17% from last month and 12% from last year.
- Median sales price is up 11% from last month and 16% from last year.
- Average price per square foot is up 9% from month and 10% from last year.
- Average days on market is down 4% from last month and 21% from last year.
- Pending sales are up 11% from last month, but down 3% from last year.
- Supply is up 9% from last month but down 9% from last year.
- Mortgage rates about even from last month, but up to 4.2% from 3.6% last year.
- The average monthly payment is up 18% from last month and 20% from last year.