This week our listings saw an average of 1.4 showings each. It was another week of slow traffic and fearful buyers. But is the national market beginning to show signs of recovery?
The National Association of Realtors has reported recently that the number of existing home sales rose nationally in September. The numbers show a 5.5% increase over August and a 1.4% increase over September 2007. The report goes on to explain that this is the first time the year over year data has increased since November 2005. In addition to the increase in the number of home sales, the report also reveals that total housing inventory has fallen two months in a row.
The Charlotte market cannot boast either of these two statistics. We have seen a decline in the number of homes sales in both periods that were compared to September in the national report. Additionally, our housing inventories have increased over the last several months. While the national supply has dropped to 9.9 months in September, Charlotte’s supply has increased to 10.0 months.
For the past several years, we’ve seen a pattern of the Charlotte market lagging the national market. It’s important to note that our highs haven’t been as high as the national market and our lows haven’t been as low. So while things seem to be pretty bleak in the Charlotte real estate market right now, perhaps the positive national stats will continue to lead us. I know at least one Realtor that is hoping that will be true. 🙂