The real estate market is seasonal. If you follow this blog you already know that all too well. The market stats for July are out, and it’s clear from the numbers that the market is ready to begin its retreat into fall. Last month I reported that both the median and average sales prices for Mecklenburg County hit new all time highs. The average sales price crossed the $400K mark and the median crossed $300K for June closings. But it appears that’s all for 2019. July closings show that both averages are down below those June peaks. And based on the usual seasonality, it is likely that we’ll see them begin to fall slowly until next spring.
This means a buying opportunity for the next six months. Did you hear that buyers? Charlotte real estate is getting ready to go on sale! And when you couple that with interest rates which have fallen, that means tremendous opportunity. But that window won’t last long as spring will be back before you know it. And when it does, prices will resume their climb.
All of the Mecklenburg County single family home stats can be found here:
http://wrealtygroup.com/market/stats/ And for your convenience, the are also summarized below comparing July to the prior month and the same period last year:
- Home sales are down 2% from last month, but up 3% from last year.
- Average sales price is down 6% from last month, but up 10% from last year.
- Median sales price is down 2% from last month, but up 11% from last year.
- Average price per square foot is down 3% from last month, but up 7% from last year.
- Average time on market is even with last month, but up 15% from last year.
- Pending home sales are up 2% from last month and 12% from last year.
- Housing supply is down 1% from last month, but up 8% from last year.
- Mortgage rates are about even with last month, but they are down to 3.77% from 4.53% last year.
- Average house payment is down 6% from last month, but up 1% from last year.