Charlotte home prices have hit an all time high this month and average sales price for Mecklenburg has finally crossed the $300,000 threshold. The average sales price in Charlotte for June 2014 was $311,355. The median price for June was $224,000. Hard to believe given that only two years ago we were still in the depths of the worst recession since the great depression.
Looking back over the past ten years which includes a boom, a terrible recession and today, the real estate market has seen huge price swings. The lowest average sales price occurred in February 2012 at $191,895. The low median was $149,000 in January 2012. So based on these averages, the average sales price swing yields a 62% increase from low to high or 23% year over year. The median shows a 50% gain or 19% year over year. Clearly, those who purchased real estate in the winter of 2012 made a great move, although it certainly didn’t feel that way at the time.
This week we’ll release our monthly E-Newsletter with the June stats for Mecklenburg County. You can always see the most current stats on our website here: http://wrealtygroup.com/market/stats/. Here’s a sneak peak at the stats when comparing June 2014 to both the prior month and the prior year:
– Home sales were up 5% from last month and 4% from last year.
– Average sales price was up 10% from last month and 7% from last year.
– Median sales price was up 4% from last month and 2% from last year.
– Average time on market was down 14% from last month and down 26% from last year.
– Pending home sales were down 4% from last month and down 6% from last year.
– Housing supply is up 1% from last month and up 9% from last year.
– Mortgage rates are about the same as last month and up only slightly from last year.
– Average housing payment is up 10% from last month and up 9% from last year.
Home sellers need to be very cautious about this market data. Prices have clearly hit an all time. However, we must remember that the closed prices in June reflect decisions that buyers and sellers made at the time of contract which is typically 30-60 days prior. The market stats also show that pending home sales are beginning to slow which means that demand is slowing. When pricing to sell in a market such as this, it is very to price in line with comparable sales and not above them otherwise you will find your home on the market months later.
All in all, the Charlotte market is showing great strength and no immediate signs of any substantial changes in the near future. Hopefully, after ten years of severe swings up and down, the market will just give us some stability for a while.