As Summer Approaches Sales Likely to Slow

The Charlotte real estate market has experienced another strong spring market.  Memorial Day and the unofficial start to summer approaches, it is likely that the real estate frenzy in Charlotte will begin to settle down.  Each year sales typically peak in June or July which is the result of April & May contracts.  That is no exception this spring.  This week we’ll send out our monthly E-Newsletter with the market stats for single family sales for Mecklenburg County for April.  While the numbers show strong sales and price appreciation, the pending home sales indicate that it may be time for things to start to cool down.  Here’s a sneak peak when comparing April sales to both the previous month and the same month last year:

  • Home sales are up 7% from last month and 8% from last year.
  • Average sales price is even from last month and up 7% from last year.
  • Median sales price is up 1% from last month and up 2% from last year.
  • Average price per square foot is up 1% from last month and even with last year.
  • Average time on market is down 8% from last month and down 14% from last  year.
  • Pending home sales are even from last month, but down 4% from last year.
  • Housing supply is up 3% from last month, but down 19% from last year.
  • Mortgage rates are up from last month, but about even with last year.
  • The average house payment is up 1% from last month and up 6% from last year.

It is still a seller’s market.  As sales begin to slow heading into summer, homesellers need to be cautious about over pricing.  The market usually peaks before the general consumer public realizes it.  But when the market starts heading the other direction (seasonally) it pays to stay ahead of the curve.



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