We are nearing the end of May which traditionally means the spring selling season is likely to slow down. Schools get out soon and families will be getting started with summer vacations. No signs of slowdown yet though! Year over year the numbers for the Charlotte real estate market show strong continued growth both in number of sales and home prices.
Last year the average sales price in Mecklenburg County hit its all time high in June at $311,335. It fell from there as it always does due to seasonality. Will this summer’s prices exceed last year’s record? Well considering that April’s prices are up about 6% over last year, I’d say its likely that we’ll see another record this year. Of course, we won’t know until July or August once the data is in.
Even though we are seeing steady price growth, the effect of lower interest rates has actually resulted in a LOWER average house price this year over last year. This means that there’s good news for both buyers AND sellers in today’s market. This key statistic has been critical to the continued, healthy growth in our area.
You can always find the monthly market stats for Mecklenburg County on our website at http://wrealtygroup.com/market/stats/ . But here’s a quick summary when comparing April to the previous month and then again to April last year:
– Home sales are up 2% from last month and 16% from last year.
– Average sales price is down 3% from last month, but up 6% from last year.
– Median sales price is down 4% from last month, but up 7% from last year.
– Average time on market is down 15% from last month and 14% from last year.
– Pending sales are up 11% from last month and 13% from last year.
– Supply is up 6% from last month, but down 16% from last year.
– Interest rates are down slightly to 3.67% from 4.34% last year.
– Average house payment is down 4% from last month and down 2% from last year.