I always find that the numbers speak the truth. We are in the middle of a global pandemic and things are changing rapidly. When fear sets in and emotions start taking over, I always find that numbers have a way of bringing me back to center. I remember, clearly, the fear and uncertainty of the great recession from 2009-2012. It was scary, and the focus was always on the future and what might happen. I also remember looking back after it was over and seeing that it wasn’t as bad as it felt at the time.
I have no idea how things will turn out this time. But I know I will keep watching the numbers, so I can stay grounded in the truth of the situation. As for Charlotte real estate, the market stats for our area have remained steady until just recently. Looking at the stats for March 2020 compared to the same month last year, home sales are up 5% and prices are up around 6%. However, pending home sales have fallen 19% from a year ago which suggests that we will see a dip in sales next month. This is the first statistical data that I’ve seen that hints a slowdown.
Additionally of note is that the housing supply has fallen 26% from last year. This is likely due to sellers waiting to list their homes. While demand has also slowed, reduced inventory could very well keep supply and demand in check, and therefore keep prices stable. We’ll be watching those statistics closely over the coming months.
While the market may experience a slower pace, buyers are still buying and sellers are still selling. The “Stay at Home” order for Mecklenburg County went into effect on March 26. Since that time, there have been 784 new listings that have come on the market in the county. 246 of those new listings and a total of 547 listings (which includes those listed before March 26) have gone under contract in that time. The market has not stopped! It is only beginning to slow. The numbers tell a very different story than the one painted by the media. Lean in to our team for the true facts.
In the meantime, here is a summary of the stats in Mecklenburg County comparing March 2020 with the prior month and the same month last year:
- Homes sales were up 31% from last month and 5% from last year.
- Average sales price was up 4% from last month and 6% from last year.
- Median sales price was up 4% from last month and 7% from last year.
- Average price per square foot was up 2% from last month and 3% from last year.
- Average time on market is down 9% from last month and 17% from last year.
- Pending sales are down 17% from last month and 19% from last year.
- Housing supply is down 3% from last month and 26% from last year.
- Mortgage rates at 3.45% are stable from last month and down from 4.27% last year.
- Average house payment is up 4% from last month, but down 4% from last year.
You can find all of stats on our website here:
Be healthy and be safe!