Its mid June and the Charlotte market is still going strong. Seasonally, we are nearing the end of the busy spring selling season where we typically see a tapering in home sales and closing prices. All data indicates that the 2015 market has yet to peak. It usually does in June or July so we’ll know very soon.
We have released the key real estate stats comparing May 2015 to the previous month and again to the same month last year. All indicators show strength and there is no sign of tapering yet. Historically, the market will begin to taper off beginning in July so we are likely near a turning point at least for this calendar year. Here’s a quick summary of the key stats for Mecklenburg County and you can always find more detail on our Stats Page:
– Home sales are up 9% from last month and 4% from last year.
– Average sales price is up 8% from last month and 8% from last year.
– Median sales price is up 4% from last month and 11% from last year.
– Average price per square foot is up 3% from last month and 8% from last year.
– Average time on market is down 6% from last month and 3% from last year.
– Pending home sales are down 2% from last month but up 11% from last year.
– Housing supply is up 1% from last month but down 14% from last year.
– Mortgage rates are at about 3.84% which is up slightly from last month, but down from last year.
– Average house payment based on average prices and current interest rates is up 11% from last month and up 3% from last year.
These are STRONG numbers and far from the days of the recession. The key stat to watch here is pending home sales. Although that figure is up 11% from last year, it is down from last month which does signal the typical seasonal slowdown that begins in summer. Next month I would expect to see prices peak and pending sales slow. Until then….