Well it appears that the annual summertime price peak has occurred in Charlotte for 2014. I have been tracking statistics for Mecklenburg county since 2004 and there is a clear pattern related to the seasons. Each year the number of home sales and prices have peaked in the summer time and hit a low point in January or Februrary. The July stats for this year have fallen slightly since June which may indicate that June was the peak for this year. That’s okay because if you read my blog last month, you know that the average sales price hit an all time high of $311,000 in June. That was the first time the average price ever jumped above the $300,000 mark.
This months Market Stats reported on our website show the data for Mecklenburg County single family sales when compared both to the prior month and again to last year. Here’s a quick summary:
– Home sales are are down 1% from last month, but up 9% from last year.
– Average sales price is down 7% from last month, but up 2% from last year.
– Median sales price is down 2% from last month, but up 1% from last year.
– Average price per square foot is down 6% from last month, but up 3% from last year.
– Average time on market is the same as last month, but down 24% from last year.
– Pending home sales are down 9% from last month and down 10% from last year.
– Housing supply is down 8% from last month and up 4% from last year.
– Mortgage rates are at 4.13% which is about the same as last month, and slightly lower from last year.
– Average house payment has fallen 7% since last month and is down 1% since last year.
To summarize the data above, seasonality is playing its usual role. The market is strong but things are starting to settle as we head into fall. Pending home sales are down from the previous few months, which indicates that sales are going to fall in the next couple of months. But this is all part of a normal and healthy market in Charlotte…..something we haven’t quite gotten used to yet.