Financial markets take toll on Charlotte real estate sales

In the past seven days our listings saw an average of 1.56 showings each.   I don’t think anyone expects much of an increase in showing traffic this time of year.   So I guess the best we can do is just surrender to the holiday season and just enjoy the more important things in life!

This week we posted the Mecklenburg County real estate statistics for November 2008 in our monthly E-Newsletter.   Here’s a quick summary when comparing November 2008 to the same month in 2007:

Home sales are down 42% – Mecklenburg county saw only 516 home sales.

Average sales price is down 17% to $217,252

Average days on market is up to 96 days.

Pending home sales are down 32.7%

Housing supply is up 49.2%

Mortgage rates are down to 6.09% for a Freddie Mac 30 year fixed.

Yes, these numbers are the bleakest that I’ve seen since getting into the business in 2003.   And I’ve talked to lots of agents that have been around a whole lot longer  who are saying the same thing.

However, it shouldn’t be surprising to see such a slowdown in November sales.   Consider that in October the financial markets plummetted.   The drop in the stock market has been unprecedented and its left many of us (myself included) confused about what to do.  

Remember that the home sales in November reflect decisions that buyers made the month prior, which in this case was October.   No one can tell if the markets have stabilized and what direction they will head over the next 6 to 12 months, but at least the plummetting has stopped.   For now, we simply have to live with a volatile market including severe ups AND downs.   My prediction is that home sales will slowly begin to rise over the November figures as the financial markets settle in to a more stable position.

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