The market statistics for the Charlotte-Mecklenburg County real estate market are beginning to send some mixed signals. Inventory levels are the lowest we’ve seen since December 2006 which was the peak of the market and pre-recession. Prices are up substantially from this time last year, but home sales are up only slightly and pending sales indicate a slow down. So what’s in store for 2014?
This week we will publish our monthly E-Newsletter and will report the market stats for Mecklenburg county comparing December 2013 to the prior month and then to the same month in the year before. Here’s a preview:
– Home sales are up 11% from last month and 3% from last year.
– Average sales price is up 4% from last month and 13% from last year.
– Median sales price is up 2% from last month and 14% from last year.
– Average time on market is up 15% from last month, but down 13% from last year.
– Pending sales are down 10% from last month and 10% from last year.
– Supply is down 10% from last month and 18% from last year.
– Mortgage rates are up to 4.46% from 4.26% last month and 3.35% last year.
– Average house payment is up 7% from last month and 29% from last year.
So while prices continue to climb and supply remains low, decreased affordability appears to be impacting the pace of sales. The decrease in pending home sales indicates that demand has slowed.
January is typically one of the slower months for real estate during a calendar year. Sales usually pick up in the spring, so its too soon to say whether the market is softening. But the data sure seem to suggest that it might be. Stay tuned over the next few months to see what happens!