In what we used to know as a “normal” year, the late summer is typically a slower time in real estate as people wrap up summer vacations and get ready for kids to go back to school. These last few years have been anything BUT normal, yet the usual softening seems to be taking place these last few weeks. Last month’s blog asked the question, “Is the Charlotte Market Cooling Off?” and I would say that temporarily that has happened. But I suspect when the vacations are done and the kids are settled, the low interest rates will call buyers back to the real estate game.
This week we’ve pulled the statistics for July single family home sales in Mecklenburg County. While the market is still incredibly strong and defined by low immediate inventory, we are most definitely seeing data trends that indicate a seasonal peak has been reached for 2021. The average home price in July has fallen back below the $500,000 mark and the number of sales was 8% lower than the previous month. There are still more buyers than sellers and immediately available inventory is still at record lows, but the acceleration of these data points has begun to slow.
This could make for a great opportunity for any buyers who put the brakes on their home search earlier this year due to the frustration of intense competition. While we are still seeing multiple offers on new listings, we aren’t seeing quite as many as before. Perhaps it is time to get back in the game. Interest rates are as low as I’ve ever seen them at 2.87%, which certainly makes me want to buy.
You can view all of the stats we track on our website here: http://wrealtygroup.com/market/stats/
Here is a quick summary when comparing Mecklenburg County single family home sales in July to the prior month and then to the same period last year:
- Home sales were down 8% from last month and 14% from last year.
- Average sales price was down 5% from last month, but up 16% from last year.
- Median sales price was down 1% from last month, but up 16% from last year.
- Average price per square foot was even with last month, but up 22% from last year.
- The average sales to list price ratio in July was 103%.
- Average time on market was up 18% from last month, but down 59% from last year.
- Pending home sales were up 2% from last month, but down 7% from last year.
- Housing supply is down 1% from last month and 28% from last year.
- Mortgage rates at 2.87% are down just slightly from last month and down from 3.02% last year.
- Average house payment is down 7% from last month, but up 14% from last year.