They just couldn’t resist and who could blame them. Our newest waterfront listing on Lake Wylie was just too nice to miss out on the opportunity to chill out by the lake. This month Scott & Maria decided to film our market update dockside and they milked it for sure. Check out the video blog to find out more about our featured listing and listen to Scott’s market update. For a quick summary of the market stats for Mecklenburg County single family home sales in February compared to the previous month and the same month last year, here’s a snapshot:
- Home sales are down 2% from last month and 6% from last year.
- Average sales price is down 8% from last month, but up 10% from last year.
- Median sales price is even with last month, but up 19% from last year.
- Average price per square foot is down 2% from last month, but up 5% from last year.
- Time on market is up 2% from last month, but down 25% from last year.
- Pending sales are up 16% from last month, but down 3% from last year.
- Supply is up 15% from last month, but down 8% from last year.
- Mortgage rates are at 4.17% which is about even from last month, but up from 3.66% last year.
- Monthly house payment is down 7.44% from last month, but up 17% from last year.
Inventory is still low but we are seeing signs that there will be lots of homes coming on the market in the next few months. February is likely to be the bottom of the market for 2017, as is historically the case each year. Expect both inventory and prices increase over the next several months! Good time for buyers because prices are going to go up for the next several months, but even better for sellers because prices are at all time highs.