We all have a foundational need for certainty in our lives in order to feel safe in the world. Current events are causing many of us to feel that certainty on shaky ground right now. But for the time being, at least the local real estate market in Charlotte seems to be holding steady. Last night, I posted a video update for our clients summarizing my team’s experiences over the last couple of weeks. The theme is strong showing traffic, multiple offers and contracts on homes. https://youtu.be/fW-vfdUxOsU
While the stock market has fallen dramatically in the past two weeks, the real estate market hasn’t responded to the panic yet. We seem to be living day to day right now, and things are changing quickly. But from the front lines of the real estate market, there are data points we can look at to tell us what is happening, and right now that data shows strength for the time being.
Most notably, data from ShowingTime, the tool that Realtors use for scheduling appointments to tour homes, tells us that viewing traffic is trending upwards over the past six weeks. And data from our MLS system shows that the number of homes that have gone under contract in the past week is substantially higher than the same week last year. Can this change over the next days and weeks? Of course. But reliance on the recent past data is fact. Reliance on what could happen is speculation.
I am monitoring the facts, and for the time being we are encouraging our clients to stay the course. Interest rates are extremely low which makes home purchasing extremely attractive. Additionally, our inventory levels remain low which means that buyers have limited options, ultimately leading to competition for homes that drives prices upwards.
My team and I are committed to staying focused during these difficult times. In past times of financial hardship, real estate has carried the economy. Real estate has always been considered a safe investment asset. And if real estate has the ability to help sustain our economy, then we’ll be here to help keep that engine going.
If you have questions about the market or just want to talk, the team is here to help! We’ll continue guiding our clients to make smart decisions about real estate, and we intend to do just that. So over the next weeks, count on us to focus on maintaining good health, washing our hands and staying busy!
And oh by the way, the latest market stats for the Mecklenburg County Single Family home sales market can always be found on our website here:
Here’s a quick summary comparing February 2020 to the month prior and the same month last year:
- Home sales are up 16% from last month and 15% from last year.
- Average sales price is flat from last month and up 8% from last year.
- Median sales price is up 3% from last month and 8% from last year.
- Average price per square foot is up 1% from last month and 8% from last year.
- Average time on market is up 6% from last month and down 5% from last year.
- Pending sales are up 18% from last month and 15% from last year.
- Supply is up 8% from last month and down 19% from last year.
- Mortgage rates are at 3.47% are down slightly from last month and down from 4.37% last year.
- Average house payment is down 1% from last month and down 3% from last year.