This past week our listings saw an average of 1.6 showings each. Showing traffic is about the same as it was this time last year. The difference is that it seems more of the lookers are actually buying this time around.
This week we’ll publish our monthly E-Newsletter and will report the Charlotte real estate market stats for September. When comparing to the prior month and then to the same month last year, here’s a quick summary of how things look:
– Home sales are down 15% from the prior month, but UP 27% from last year.
– Average sales price is down 6% from the prior month and down 11% from last year.
– Median home price is down 11% from the prior month and down 11% from last year.
– Average time on market is up 3% from the prior month, but down 3% from last year.
– Pending home sales are down 5% from the prior month, but UP 14% from last year.
– Supply is down to 9.9 months which is 5% below the prior month and 18% below last year.
– Mortgage rates are hitting rock bottom. Currently around 4.1% they are down both from last month and last year.
I feel like I have a secret. The general buzz is still that the real estate market is in the dumps. I don’t see that. Sure, prices are still down and the numbers above show that they are still falling. But real estate follows supply and demand just like anything other product and the numbers above clearly show signs of strong improvement.
First of all, the number of home sales is way up from last year. Additionally, pending home sales are also way up from last year which means that the pattern of better than last year sales almost certain to continue in the next couple months. So, it is clear that demand is up.
On top of the increased demand, we see that supply is dropping. In fact, my latest stats show that supply is down to 9.9 months which is the lowest it has been since December of 2008. This is huge news for Charlotte real estate. Basically, this tells us that demand is up and supply is down. The result of that ultimately means increasing prices. Yes, that will take some time but we are absolutely heading in the right direction.
As a practicing Realtor, I can thankfully say that I’ve been busier in the last two months than I have been in a few years. Sales seem to come in waves, but I am definitely riding one right now. My ego would love to believe that I’m the only one experiencing this wave, but in my experience, whenever I get busy I find that other agents around me are in the same boat. Such is definitely true this time around.
There’s no telling what the economic and polictical climates will bring over the next few months and even years. But right now, the numbers are showing positive signs. So grab your boards and get ready to ride the next wave with me.