Last month I reported that the average and median sales prices for March had hit an all time high for Mecklenburg County.  It is likely we are going to see that record broken month after month for the next few months.  Based on the seasonality of the market, prices typically hit a peak in June or July of any given calendar year.  Well, April’s closed home sales have fallen right in line with what we expected, new records for average and median sales price.

The average sales price for Mecklenburg county now stands at $375,000 and the median at $282,ooo.  More than likely we’ll continue to see these numbers increase as we head into the summer.  Across the nation, the common theme that defines the real estate market is a lack of inventory.  Until housing inventory numbers begin to increase, it is likely that we’ll continue to see upward price movement.

Each of these market stats impacts the other.  Low inventory drives prices upwards as buyers compete for homes.  But as the prices push upwards, current home owners become tempted to sell which introduces new inventory to the market.  If buyer demand stays ahead of the new listings, then we remain in a sellers market.  This is basic supply and demand.

The market stats for April show that inventory is down from the same month last year, which tells us that a buyers market is nowhere in sight.  The only signal that perhaps things might be slowing somewhat is that pending home sales are lower than they were last year.  But then, this could just be related to the low inventory.

Homeowners and sellers beware:  being in the trenches listing and selling everyday, I can attest that contrary to what you may be reading elsewhere, buyers are still very price sensitive.  The current marketplace of buyers would rather wait to move forward with a home purchase than settle for the wrong home or pay more than the perceived market value of a home.  This could explain why pending home sales are currently lower right than they were this time last year.  Serious home sellers must be realistic about pricing their home to the market otherwise, they could find themselves on the market for long periods of time.  Real estate owners should have no trouble selling in today’s market, but they must be proactive in responding to the market.  That means being open to price adjustments even in a sellers market.

As always, the full market stats for Mecklenburg County comparing the current month to the previous month, and again to the same month last year are available on our website here:  http://www.wrealtygroup.com/market/stats/  And below is a brief summary of the stats from April:

• Home sales are up 6% from last month and 3% from last year.
• Average sales price is up 7% from last month and 12% from last year.
• Median sales price is up 1% from last month and 9% from last year.
• Average price per square foot is up 5% from last month and 11% from last year.
• Average time on market is down 24% from last month and 7% from last year.
• Pending sales are up 1% from last month, but down 9% from last year.
• Supply is up 6% from last month, but down 7% from last year.
• Mortgage rates are at 4.47% which is up slightly from last month and up from 4.05% last year.
• Average house payment is up 8% from last month and 18% from last year.