It is typically this time of year that we begin to see a seasonal slow down of the real estate market in Charlotte. Well of course, in 2020 everything is different! Regarding real estate, things might be different but they are not surprising. The market in Charlotte has not slowed yet as it typically does, but this is most likely due to to the complete shutdown months earlier in the year. The market dropped significantly in March and April in terms of units sold, but then quickly recovered. The March and April sales that never were, seem to have been added on to the back end of the season.

To be sure, it appears that home prices have likely peaked for this calendar year, and that happened in August. The average sales price has fallen 1% in September from the previous month and the median price has fallen 2% in the same period. Yet, the number of sales is up 1% during that period and up a whopping 18% from the same month last year. What’s more, pending home sales in September are up 31% from last year which means closings in October are likely to be substantially higher than last year as well.

All of this is positive for the real estate markets and almost seems too good to be true for sellers. This might scare some buyers from the market, however there is an incredible silver lining for them too. The Federal Reserve has recently made the statement that they expect to keep interest rates at the current low levels for the next three years. (Click to see the associated article from Bloomberg.com.) These low interest rates will continue to make real estate a great investment. Buyers and sellers, you might just consider striking while the iron is hot!

This week we’ll release our E-Newsletter reporting all the market stats comparing Single Family Home Sales in Mecklenburg County in September with the same month last year. Here’s a sneak peak:

• Home sales are up 1% from last month and 18% from last year.
• Average sales price is down 1% from last month, but up 20% from last year.
• Median sales price is down 2% from last month, but up 13% from last year.
• Average price per square foot is up 2% from last month and up 14% from last year.
• Average days on market is down 7% from last month and 38% from last year.
• Pending sales are down 3% from last month, but up 31% from last year.
• Supply is down 4% from last month and 11% from last year.
• Mortgage rates at 2.9% are about even with last year, but down from 3.6% last year.
• Average house payment is down 2% from last month, but up 9% from last year.