This week our listings saw an average of 2 showings each and the traffic patterns have shown a swift increase following the July 4th holiday week. The market is hopping right now and the market data is beginning to support that claim.
Next week I’ll publish my monthly E-Newsletter with the market stats for June. I decided to add a few columns after five years of running the stats. Previously I’ve only reported stats for the current month, the same month of the prior year, and the percentage difference between the two. As the recovery picks up steam, I thought it would be helpful to report changes from the previous month as well.
The worst of the Charlotte downturn really began around September or October of 2008. So when we compare June this year with June of last year, we are really looking at last year’s pre-crash numbers with this year’s recovering numbers. The worst definitely appears to be over.
Here’s a sneak peak of the June numbers:
– Home sales were down 23% from last year, but up 20% from May.
– Prices were down 11% from last year, but up 4.5% from May.
– Time on market was up 25% from last year, but down 3% from May.
– Pending home sales was down 6% from last year and flat since May.
– Housing supply was up 41% from last year, but only up 1.4 % from May.
– Mortgage Rates were significantly lower than last year, but up slighly from May.
All around the numbers are showing that the Charlotte real estate market has turned the corner. Remembering that data for home sales represent buyer/seller decisions from at least 60-90 days ago. That means that by the time the data shows improvement, buyers may have already missed the best opportunity.
But it is still a great time to buy out there and there are deals abound. However, as I mentioned last week…that window is closing and its gaining momentun. Better act soon!