The Charlotte real estate market is on fire and things seem to be changing at a faster pace than most might have predicted. Market stats clearly show strength and are quickly sliding towards a sellers market. The new problem that buyers are experiencing is a lack of supply of good housing options to choose from.
Today we publish our monthly E-Newsletter where I compare the market stats for Mecklenburg county for September as compared to same month last year. Here’s a quick summary:
Home sales are up 14%
Average sales price is up 9%
Medial sales price is up 9%
Average time on market is down 10%
Pending sales are up 43%
Supply is down 22%
Mortgage rates are down to 3.47%
All of these statistics indicate a booming market. Its almost scary and could lead to a different set of problems. Prices are way up and with the inventory numbers down and demand still high, there’s no question that they will continue to rise in the short term. Couple that with interest rates at the lowest point I’ve ever seen and you have a situation with far more buyers than available homes.
Pending home sales are up 43% over the same period last year. This is an indicator of huge demand and will result in a major increase in home sales over the next few months. As Realtors, we love to say “there’s no better time to buy” and I’ve said that frequently in this blog. But I’m ready to say with committment that the best time to buy has passed. Sellers are taking back the upper hand and the reality is that its become a great time to sell!.