In the past seven days our listings saw an average of 1.6 showings each. This traffic is certainly an improvement over last year when we were beginning to see the most dramatic effects of the market downturn. Relative to last year, just about anything looks good!
My monthly E-Newsletter will be sent out this week along with the Charlotte market stats for September. Here is a sneak peak of the numbers when comparing September 2009 with both the prior month and the same period last year:
Homes sales were down 0.4% from last year and down 2.3% from the prior month.
The average sales price was down 15% from last year and down 11% from the prior month.
Days on market is up 11% from last year and down 1% from the prior month.
Pending home sales are up 38% from last year and down 3% from last month.
Supply is up 34% from last year and down 1.5% from last month.
Rates are down about a point from last year and relatively unchanged from last month.
These statistics taken at face value aren’t great. But given that we are coming out of a terrible recession, it is important to look at the trends. Most indicators are showing significant improvement over last year. Many show a slowdown from the prior month, but that is very normal considering that there is a seasonal slow down as we move into fall.
For anyone looking for some positive news, take a close look at the pending home sales. They are up 38% over last year! Pending home sales represents listings that are under contract but not yet closed. This statistic is a key indicator of the trend that home sales will follow in the next 30-90 days, as many of those contracts will result in closings in a few months. A 38% increase is terrific and very encouraging. Stay tuned into this blog over the next few months for the most up to date market stats as I’ll be reporting more on trends of the recession recovery.