This past week our listings saw an average of 1.4 showings each. Although this week marks the beginning of the school year for many, the real estate activity hasn’t slowed as one might expect. During a typical season, activity decreases toward the end of the summer and then picks up again a few weeks after the kids are in school. Having just come through a recession, this year has proven to be different.
Last week we published our monthly E-Newsletter with the Charlotte market stats for July. In June the numbers were showing signs of improvement and July’s numbers are provide even more reinforcement.
From a comparison standpoint, we are heading into an interesting time. July 2008 represented the very early stages of what turned out to be a big real estate bust in Charlotte. In contrast, July 2009 shows a solid recovery. The worst months of the bust were October 2008 through February 2009. As we begin to compare year over year to those months, the numbers are very likely to show huge gains. When that happens, keep in mind that we’ll be comparing what was a terrible market to today’s market which is finally recovering. What we are likely to see will not be sustainable long term.
For July 2009, we saw relatively little change over the same period last year. Prices and pending home sales are consistent with last year and homes sales are still slightly down; Inventory is up and days on market are up but both those stats are beginning to trend downwards. For the actual numbers, refer to our monthly E-newsletter for August.
While the year over year statistics look stable, the month over month data is really looking good. In only a month, (June to July), home sales are up 9%, prices are up 3%, and supply is finally showing a negative change (which is a good thing!).
All of these numbers combined should be enough to convince even the worst of skeptics that the down market in Charlotte is over. Its still a good time to buy but the window is really closing. Remember that first time buyer credit is going to expire on November 30. So, if you qualify and haven’t made a move yet, better get going!