2020 is almost over and we are heading into the home stretch. Next week is Thanksgiving and the beginning of the holiday season, which generally zooms by in a blur. Then BAM! It’s 2021.
There is no doubt that 2020 is a year that we won’t forget even though many will say they would like to. This year was complete with a pandemic, economic threats, social tensions, and a presidential election. Yet soon we can say we’ve made it through one of the hardest years of our lives.
Still there is much to be thankful for this holiday season! We have learned to adjust to the changing times and this has included a far greater appreciation for our homes. We are working from home, schooling from home and even vacationing from home.
All of this activity at home, coupled with freakishly low interest rates, has fueled a strong wave of positive economic impact from the real estate industry. This includes increased numbers of home improvement projects, renovations, and home sales. Contractors, real estate agents, and other industry professionals are busier than ever. The coronavirus pandemic, no doubt, has had an impact on our economy especially on businesses where social distancing has created restrictions.
We can be thankful of the real estate market for keeping fuel in the economy. It has been said that previous dragging economies have been pulled out of recession by real estate. I have no doubt when we look back on 2020, we’ll see that it was real estate that kept things going. I’m thankful to be part of the industry, and I’m thankful for real estate.
This week we’ll be publishing the numbers for single family home sales in Mecklenburg county, comparing to the prior month and the same month last year. And to be clear, they continue to be strong. Here is a sneak peek:
- Home sales are down 3% from last month, but up 10% from last year.
- Average sales price is even from last month, but up 14% from last year.
- Median sales price is even from last month, but up 15% from last year.
- Average price per square foot is up 1% from last month and 11 from last year.
- Average time on market is down 19% from last month and 40% from last year.
- Pending home sales are down 4% from last month, but up 35% from last year.
- Mortgage rates at 2.83% are about even from last month, but down from 3.69% last year.
- Average house payment is down 1% from last month, but up 3% from last year.
Happy Thanksgiving from W Realty Group!