Home sales and prices continue the steady climb as the local real estate market in Charlotte is well into the spring busy season. All of the key indicators from March show strong growth and the median sales price has just hit an all time high at $233,450. Other indicators showing major market strength include home sales which are up 26% from last year and pending home sales (which are a predictor of next month’s sales) which are up 7% from last year.
Each month we publish the single family home stats for Mecklenburg county at wrealtygroup.com/market/stats. Here is a brief summary comparing this past March to the prior month and to March last year:
– Home sales are up 50% from last month and 26% from last year.
– Average sales price is up 9% from last month and 13% from last year.
– Median sales price is up 14% from last month and 16% from last year.
– Time on market is down 9% from last month and down 12% from last year.
– Pending home sales are up 7% from last month and 7% from last year.
– Housing supply is up 4% from last month, but down 14% from last year.
– Mortgage rates are holding steady from last month but still down from last year.
– The average house payment based on current prices and interest rates is up 10% from last month and up 6% from last year.
These are the strongest numbers that I’ve seen since before the great recession. Over the past ten years that I’ve been tracking these stats, we generally see the highest number of sales and prices in the summer months. If that pattern continues we should see continued price and home sales gains in the next few months.
However, these price and sales numbers reflect CLOSED transactions and it takes time to get to that point. For those thinking about selling, NOW is the time to get your home listed if you want to be a summer closing and maximize your selling price. Keep in mind that it can take 30-90 days to find a buyer then another 30-60 to close. 2015 is the best time I’ve seen for sellers since before the great recession and so if you or anyone you know is thinking about selling, give us a call right away so you don’t miss your chance!