The spring 2019 selling season has begun and the early months have experienced increased home sales and continued rising prices over last year. February saw 6% growth in the number of home sales and 7% growth in average sales price. Last month, we reported that pending sales made a big jump from last year and that has translated into the increased closings in February.
There are also signs of a stabilizing market. The most recent pending home sales show a slight decline over last year, which means the rise in sales may not last. Additionally, the low housing inventory which has defined our market for several years is showing signs that it is starting to turn. February’s inventory was up 12% over last year. All of this is healthy and simply indicates that the market is on its way back to balance.
This week we’ll release the market stats for single family sales in February for Mecklenburg County as compared to the prior month and the same month last year. Here’s a sneak peak:
- Home sales are up 10% from last month and 6% from last year.
- Average sales price is up 5% from last month and 7% from last year.
- Median sales price is up 7% from last month but even with last year.
- Average price per sq/ft is up 1% from last month and 6% from last year.
- Average time on market is up 14% from last month and 27% from last year.
- Pending sales are up 10% from last month, but down 7% from last year.
- Supply is up 9% from last month and 12% from last year.
- Mortgage rates at 4.37% are mostly even from last month and last year.
- Average house payment is up 4% from last month and 8% from last year.
There has been a lot of uncertainty in the market in the last few months and many opinions around whether or not the next recession may be on its way. Today, the Federal Reserve committee met and indicated that they do not see signs of a recession in 2019 and have suggested that they are not likely to raise interest rates this year. This is good news for the real estate market, and 2019 appears to be another great year for buyers and sellers alike.
If you are thinking about selling your home this spring, it’s not too late! Give us a call, and we’d be thrilled to serve you. Thanks for your business!