This week our listings saw an average of of 1.36 showings each. A slow week for traffic to be sure. But the Charlotte area real estate statistics tell a different story.
Our monthly E-Newsletter was sent out this week which included the stats for the Mecklenburg County real estate market. Here’s a quick summary when looking at home sales in August:
Home sales are down 3.8% from the previous month and down 14.6% from the same month a year ago.
Average sales price is down 2.6% from July and down 10.5% from last year.
Average days on market is down 1.9% from July and up 20% from last year.
Pending home sales are up 4.4% from July and 13.4% from last year.
Housing supply is up 0.7% from July and 36% from last year.
Mortgage rates are about even from July but down almost 125 points from last year.
It is very important to note that July is seasonally one of the best months for real estate sales and prices in our area. So its not surprising that the numbers are down slightly since July; that is likely just due to seasonality. The best news to take from the August stats is that pending home sales are on the rise and that interest rates are still low. A slow recovery was expected and a slow recovery is what we’re getting. But one thing is for sure…..at least we are recovering!