There’s no denying that the Charlotte real estate market is red hot and 2017 has been a peak year for home prices. June was the record setting month with an all time high average sales price for Mecklenburg County. It also set the new record for number of home sales in a given month. The previous record was back in August of 2006.
The market has now surpassed both the pre-recession prices and demand numbers. This begs the question “when will things slow down?” Prior to the market crash in 2008, an unusual percentage of buyers were investors. While there is still a strong segment of investors in today’s market, I don’t think it is as high as it was before the recession. Charlotte is a vibrant and growing city and it continues to attract new people and businesses.
The real estate market indicators don’t suggest any sort of slow down yet, other than the usual seasonal shift. That said, we are heading into fall and already seeing prices dip from the summer highs. Historically, prices and sales drop into the winter months and then pick up again in the spring. That means for buyers looking to get into the market, now is the time while price increases take a breather for the rest of the year.
The market stats for Charlotte can be found in detail here: http://wrealtygroup.com/market/stats/ When comparing the single family home sales stats for Mecklenburg County in August of this year to the previous month and again to the same month last year, here’s a quick summary:
- Home sales are up 3% from last month, but down 4% from last year.
- Average sales price is down 2% from last month and down 1% from last year.
- Median sales price is down 4% from last month, but up 2% from last year.
- Average price per square foot is down 1% from last month, but up 2% from last year.
- Time on market is up 18% from last month, but down 5% from last year.
- Pending sales are down 5% from last month, and down 4% from last year.
- Supply is down 3% from last month and down 10% from last year.
- Mortgage rates remain steady from last month, but they are up to 3.9% from 3.4% last year.
- Average house payment is down 3% from last month, but up 4% from last year.