This week our listings saw an average of 1.5 showings each. Traffic remains slow for the season but then this past weekend was a holiday. As the end of May approaches, we are about halfway through what is typically the busiest time of the year for real estate.
Last week one of my very best clients pointed me to some recent optimism in the media. I’m very grateful to have such interactive supporters to help me keep this blog up to date with the most current information. (Thanks Rob!) He brought to my attention that The Charlotte Observer published a story predicting that perhaps our area has hit bottom, slightly ahead of the rest of the country. The story was based on the Case Schiller Index that showed home prices in Charlotte increased 0.3% from February to March.
The article goes on to suggest that a one month change is not quite enough data to predict the future. Although, I agree that we have hit a bottom, I also agree that the change is a bit too small over a short periold of time to give a clear indication. As with any media story, it depends on the data one chooses to report.
While the Case Schiller Index reported a small gain in Charlotte from February to March, my monthly E-Newsletter data actually showed a small loss. My data is based on average sales prices for Mecklenburg County. I think that the Case Schiller Index calcuation is a bit more complex and likely more accurate than simple averages. To me, the more important predictor right now is the pending home sales figures which rose 25% from March to April. (See last week’s blog).