Its almost Thanksgiving…Shouldn’t the market be slowing down?

This time of year I am usually winding things down for the year and preparing for the typical market slowdown between Thanksgiving and Christmas. Not so this year! The market is holding strong and the market stats for Charlotte are showing no signs of the typical slowdown this time of year. Our monthly E-Newsletter will be published this week and here’s a summary of the stats when comparing October to the previous month and again to October last year.

– Home sales are up 11% from last month and up 32% from last year.
– Average sales price is even with last month and up 15% from last year.
– Median sales price is up 3.5% from last month and up 11% from last year.
– Average time on market is down 1% from last month and down 10% from last year.
– Pending home sales are even with last month and up 37% from last year.
– Supply is down 7% from last month and down 24% from last year.
– Mortgage rates are at a new low of 3.38%

This market recovery is strong and its amazing to see that the seasonal slowdown does not seem to be happening this year. Pending home sales tell us what is likely to close next month and that statistic is up 37% over last year, which means November and December closings are going to be strong. We have wished for a recovery like this for a very long time and I’m so thankful that this year its finally come. The real estate market is strong in Charlotte, North Carolina. Happy Thanksgiving.

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