This week our listings saw 2.0 showings each on average. There has been a significant slowdown in traffic across the board over the past two weeks. Its not uncommon to see a slight slowdown in traffic when school lets out. Also, Father’s Day could explain the complete lack of activity yesterday.
Our monthly E-Newsletter will be published this week and I was somewhat encouraged in looking at the Charlotte/Mecklenburg market data for May 2008. Here is a sneak peak:
1) Homes Sales were down 30.3% from last year, but up 19.6% from the previous month.
2) The average sales price was up 2.5% over last year, and up 4.5% from the previous month.
3) The average days on market is slowly starting to decline.
4) Pending home sales are up very slightly from last month.
5) The housing supply is up 49% from last year and up 4.4% from the previous month.
All of the above data indicates that the market is holding steady to even showing signs of improvement, except for the supply numbers which are still on the rise. I will feel confident that the slowing market has turned the corner when we start to see supply decrease.
Until then, Charlotte is hanging on but we could certainly use a good boost. Opportunities for buying are still tremendous, but there is a limited window there as mortgage rates are beginning to rise as predicted earlier this year.