I am very thankful for an incredibly strong finish to 2015. Next week is Thanksgiving. Priorities tend to shift between then and the end of the year and that generally means a slower market. However, 2015 sales have remained strong much further into the year than they have in previous years. In fact, it appears that the market is getting a second wind. The October average sales price was the highest average of any October since I’ve been tracking. Of course, it is down from the peak price in summer but that is normal in a calendar year.
What is most surprising to me about the current market is that pending home sales continue to climb. They are up almost 20% from last year and up 2% from the previous month. Generally this time of year, we see this statistic fall until early spring. All indicators suggest that the market will continue to be strong through the end of the year and into the first quarter of 2016. Then we are back to the spring selling season which is always a busy time……
This week we’ll send out our E-Newsletter which will include the housing stats for single family homes in Mecklenburg County. We’ll compare the stats from October 2015 to the prior month and again to the prior year. Here’s a quick summary:
– Home sales are down 10% from last month, but up 1% from last year.
– Average sales price is even from last month, but up 8% from last year.
– Median sales price down 5% from last month, but up 7% from last year.
– Average price per square foot is up 3% from last month and up 9% from last year.
– Average time on market is up 6% from last month, but down 4% from last year.
– Pending home sales are up 2% from last month and up 15% from last year.
– Housing supply is down 2% from last month and down 20% from last year.
– Mortgage rates at 3.8% are down slightly from both last month and last year.
– Average house payment is down 1% from last month, but up 4% from last year.