Real estate is local and the nuanced specifics vary from market to market. But there is still much to learn from national trends, especially when industry professionals from across the nation get together to share ideas. Early this month, Maria and I attended a real estate conference in Arizona with 750 of the top selling agents in the country. More importantly, we spent four days with a group of people who have become trusted partners and friends.
This was our first time traveling for a business event in almost a year and a half and since Covid-19 began to rapidly spread. It was refreshing to step away for a few days and we’ve returned with three major points of focus to better serve you, our valued clients.
First, it was clear that low inventory, strong demand, and rapidly rising prices are common to just about every market that was represented. What we are witnessing in Charlotte is happening all across the country. Low interest rates and injections of money into the economy are fueling this demand and it appears that inflation is happening before our eyes. Thankfully, real estate is one of the best hedges against inflation. Buying real estate is still a smart decision.
Second, sharing with agents across the country has filled our tanks with great, creative ideas that we’ve brought back with us so that we can better serve you here in Charlotte. I found it particularly interesting to speak with agents from California where multiple offers and contracts over asking price have been the norm for many years. I learned of many practices they’ve been doing for years that may make sense to implement in Charlotte if the current market conditions are going to continue.
Third and finally, we re-connected with many of the people we know who are serving their clients in other cities to the same high standards that we stand by here in Charlotte. It’s a great reminder that if you or someone you know and love needs help buying or selling a home anywhere in the United States or Canada, we have got your covered. Our network is second to none, so please reach out if we can connect you with an agent wherever you need help.
Back here at home, the market is still going strong as we cross through the middle of the spring selling season. We have recently released the market stats for Mecklenburg County single family home sales for the month of April. Compared to the previous month and the same month last year, here’s a quick market summary:
- Home sales are down 8% from last month, but up 26% from last year.
- On average homes sold for 102% of asking price in April.
- Average sales price is even with last month, but up 17% from last year.
- Median home price is up 1% from last month and 12% from last year.
- Average price per square foot is down 2% from last month and 2% from last year.
- Average time on market is down 25% from last month and 52% from last year.
- Supply is down 1% from last month and 24% from last year.
- Mortgage rates at 3.06% are about even with last month but down from 3.31% from last year.
- Average house payment is down 1% from last year but up 13% from last year.