For the past several years, low inventory has been the defining factor of the real estate market both nationally and locally here in Charlotte. The most recent stats for Charlotte show that in September, inventory has increased year over year for the first time since 2014. All of the key market stats we’ve been tracking since 2003 are currently showing signs of a slowing market except for the average and median sales price which are typically the last to fall.
It is by no means time to panic! Housing inventory still sits at 3.83 months which is well below the 6 month market which is considered to be a balanced market. It does mean that perhaps the pendulum is beginning to swing back to even which is good news for buyers.
Each month we publish the local stats for Mecklenburg County by comparing single family sales for the most recent month compared to the prior month and again to the same month last year. Here’s a summary of the numbers from September:
- Home sales are down 18% from last month and 14 % from last year.
- Average sales price is down 2% from last month and up 12% from last year.
- Median sales price is down 3% from last month and up 9% from last year.
- Average price per square foot is up 1% from last month and 11% from last year.
- Average time on market is up 20% from last month and 3% from last year.
- Pending sales are down 8% from last month and 14% from last year.
- Housing supply (inventory) is down 5% from last month and up 1% from last year.
- Mortgage rates at 4.6% are about even with last month but up from 3.8% last year.
- Average house payment is down 4% from last month but up 23% from last year.