Generally the market begins to slow down as the calendar year nears to a close. While we still have a few months left in 2016, the Charlotte real estate market stats aren’t showing any signs of slowdown. Steady demand and historically low supply continues to yield strong sales and rising prices. The supply of housing inventory for Mecklenburg County currently sits at 4.6 months which is a whopping 20% lower than last year. Generally, supply hits a low around December each calendar year so I would expect it to continue to fall for the next few months. But supply has never been as low as we are currently experiencing this early in the year. As long as demand remains steady, this low supply is likely to continue to push prices upwards.
This week we’ve published the real estate stats for Mecklenburg County comparing September 2015 to the previous month and again to the same month last year. Here’s a sneak peak:
– Home sales are down 9% from last month, but up 12% from last year.
– Average sales price is down 1% from last month, but up 7% from last year.
– Median sales price is even with last month, but up 9% from last year.
– Average price per square foot is up 1% from last month and up 6% from last year.
– Average time on market is down 6% from last month and down 14% from last year.
– Pending home sales are down 7% from last month, but up 13% from last year.
– Supply is down 9% from last month and 20% from last year.
– Mortgage rates at around 3.9% remain steady from last month, but are well down since last year.
– Although prices are up, because interest rates are down the average house payment is down 1% from last month and up only 3% from last year.
Overall sellers have the advantage in the current market. It is clearly a great time to be a seller. There are currently no signs that the market is going to change directions other than the typical seasonal slowdown. Fortunately, interest rates are lower now than they were last year. This is keeping buyers in the game because while prices are rising, the average mortgage payment hasn’t risen as quickly due to the lower rates.