The Charlotte real estate market is showing signs of stability as we head into the fall. Usually this time of year we start to see sales fall and prices dip and this year is not exception. The market stats are showing a slow season shift and the numbers year over year look great for a healthy and stable market. Supply remains at all time low levels, but price appreciation year over year is in the 4-6% range which is much more stable than the more than 10% range we’ve been seeing. Additionally, pending home sales are down slightly from last year which indicates that demand may be starting to cool off. Not a bad thing given the frenzy we’ve been seeing for the past couple of years.
All of the market stats for Mecklenburg County can be found here: http://wrealtygroup.com/market/stats/. When comparing September of this year to the previous month and the same month last year, here’s a sneak peak:
- Home sales are down 10% from last month, but up 1% from last year.
- Average sales price is down 2% from last month, but up 4% from last year.
- Median sales price is down 2% from last month, but up 6% from last year.
- Average price per square foot is down 1% from last month, but up 4% from last year.
- Time on market is up 3% from last month, but down 5% from last year.
- Pending sales are down 6% from last month and down 4% from last year.
- Mortgage rates are at 3.81% , down slightly from last month but up from 3.46% last year.
- The average house payment is down 3% from last month, but up 8% from last year.
So who’s got the advantage in this market? Right now is a great time to sell based on the limited supply. Pending sales appear to be slowing so that seller’s market may be slowly starting to turn. Anyone thinking about selling should seriously consider listing sooner rather than later. For buyers, there is a seasonal shift that takes place every year and it is starting right now and will continue until end of February. Prices are at all time highs in Charlotte, but if you are going to make a real estate purchase, late fall and early winter are a great time to make a move to get the best deal possible.