The stats are in for Charlotte real estate sales in June and it appears that we have reached the seasonal peak that occurs every year. Sales are still going strong, but it is likely that we’ll begin to see the market soften as we head into the fall. Pending home sales have fallen 10% from in June from the prior month (although they are up over last year.) So while sales and prices are still likely to show year over year gains, we will likely see those numbers begin to fall from the peak for this calendar year.
The number of home sales in any given month generally represent approximately 50% of the pending home sales numbers from the previous month. So with pending sales down this month, we can expect to see home sales fall in July. Below are two charts showing the relationship between pending sales and home sales and another that shows the average sales price over time. As the charts demonstrate, prices generally follow home sales.
This rising and falling of home sales throughout the year (also known as seasonality) is a completely normal part of the market. It is the reason why it is often said that spring is the best time to sell a home. That’s certainly true but the opposite is also true that due to seasonality, the fall might just be the best time to buy! Of course, regardless what’s happening in the global economy, the local seasonal market will start over again next spring.
All of the most recent stats can always be found on our website here: http://wrealtygroup.com/market/stats/ Here is a quick summary of the market when comparing single family home sales in Mecklenburg County in June with the prior month and again to the same month last year:
– Home sales are up 24% from last month and up 23% from last year.
– Average sales price is down 1% from last month and down 3% from last year.
– Median sales price is up 3% from last month and 8% from last year.
– Average price per square foot is down 1% from last month and down 2% from last year.
– Average time on market is down 13% from last month and down 2% from last year.
– Pending sales are down 10% from last month, but up 4% from last year.
– Supply is down 5% from last month and down 20% from last year.
– Mortgage rates are at 3.98% up slightly from last month, but still below last year.
– Average house payment is up 1% from last month, but down 5% from last year.