So far the real estate market in Charlotte for 2019 is looking a lot like last year. Prices are relatively flat and the number of homes sales are virtually unchanged. Supply is up slightly along with time on market. But the most surprising statistic is that pending home sales are up a whopping 31% from December and 26% from last year. Pending home sales are those that are under contract but not yet sold. Pending sales are a very strong indicator of what will close in the next 30 to 60 days which helps us predict the future of the market.
A 25-30% increase in pending sales means that February and March closings are likely to be well ahead of last year. Many of my peers have been reporting a slowdown in sales over the past several months which is in line with what we’ve seen. Perhaps this recent surge in pending sales indicates pent up demand from buyers that have been waiting to act and have finally decided to take action.
This increase in demand is encouraging for this Realtor as my team and I are ready for a great spring. If you are thinking about listing your house for sale this year, now is definitely the time to give us a call.
For a quick summary of all the market stats for January, you can visit our website stats at http://wrealtygroup.com/market/stats/ or see below. When comparing single family home sales in Mecklenburg County for January 2019 to the prior month and again to the sale month last year:
- Home sales are down 20% from last month and 1% from last year.
- Average sales price is down 2% from last month, but up 2% from last year.
- Median sales price is down 4% from last month and 3% from last year.
- Average price per square foot is down 1% from last month, but up 3% from last year.
- Pending home sales are up 31% from last month and 26% from last year.
- Supply is up 6% from last month and 19% from last year.
- Mortgage rates at 4.46% are down slightly from last month but up from 4% last year.
- Average house payment is down 4% from last month and up 7% from last year.