This past week our listings saw an average of 2.3 showings each. It’s still early in the season, but contract and showing activity has been on the slow side. That will likely change as winter turns into spring. But for now, the cold weather seems to be keeping buyers inside.
This week we are publishing our monthly E-Newsletter where we’ll report the December Mecklenburg County market stats. Here’s a sneak peak when comparing December 2010 with the previous month and again to December of 2009:
– Home sales were up 41% from the previous month, but flat with a year ago.
– The average sales price was down 18% from the prior month and down 15% from a year ago.
– The median sales price was down 12% from the prior month and down 6% from a year ago.
– Average time on market has dropped 15% from the prior month and down 3% from a year ago.
– Pending home sales are down 5.5% from the prior month and about even with the same time last year.
– Housing supply is down 8% from the prior month and down 2% from last year.
– Mortgage rates have risen very slightly from last month and are getting very close to where they were this time last year.
The scary data in the above summary is the sizable drop in prices. This is not surprising as prices seem to follow home sales and the number of sales has been dropping consistently. However, the number of home sales in December 2010 is up significantly so perhaps that means good things for prices in 2011.
To me, the data is somewhat inconclusive right now. Sales and prices are both still down. But the economy in general is showing signs of improvement. January and February are typically the worst months in Charlotte real estate, so if we can just get through the next couple months, then hopefully the spring will bring more positive numbers.