The seasonality of the Charlotte real estate market seems to be holding true yet again this year. Historically, home prices follow the same pattern year after year whereby the low point generally happens in January or February and the high in June or July. In February, the average sales price hit what I expect will be a low point for 2018 at $318,000. They’ve already jumped up to $349,454 in March which is a new all time high for the Mecklenburg County average home price. Considering that the annual peak doesn’t typically happen until summer, I expect we’ll see prices continue to rise over the next few months.
The market continues to be defined by low inventory and multiple offers for homes that are priced to market and properly readied for market. Interest rates are also starting to creep up as the 30 year mortgage rates are at a five year high. Rising rates and prices combined are putting upward pressure on the average house payment which is up 8% in March over the same period last year. Its undoubtedly a great time for sellers. For buyers, its getting more expensive but waiting could prove to be even more so.
This week we’ll send out our monthly E-Newsletter with the market stats for Mecklenburg County single family home sales. Here’s a sneak peak when comparing March 2018 to the prior month and again to the same month last year:
- Home sales are up 52% from last month, but down 9% from last year.
- Average sales price is up 10% from last month and up 5% from last year.
- Median sales price is up 4% from last month and up 7% from last year.
- Average price per square foot is up 6% from last month and 7% from last year.
- Average time on market is up 16% from last month and up 4% from last year.
- Pending sales are up 13% from last month, but down 7% from last year.
- Supply is up 12% from last month, but down 9% from last year.
- Mortgage rates are at 4.44% which up slightly from last month and up from 4.2% last year.
- Average house payment is up 11% from last month and up 8% from last year.