This past week our listings saw an average of 3.73 showings each. Looking back over last year, the showing traffic seems to be right on pace with the same period in 2008. In 2008, my February 9th blog reported 2.43 showings each and the February 18 post reported 3.9 showings each. Does this mean that spring of 2009 will be on track with last year? Only time will tell. One thing is for sure: the market data is showing a significant sign of coming sales this spring.
Our monthly E-Newsletter will be published this week reporting the market data for January 2009. The data is about as bad as we’ve seen to date, but with one significant piece that reveals the silver lining. Here’s a sneak peak of the data in comparison to the same period last year:
1) There were only 469 home sales in Mecklenburg County in January which is a 35.5% drop over the same period last year.
2) The average selling price was down 14.3% to $193,201.
3) Average time on market is up 37.2% to 107 days on market.
4) Pending home sales are down 26.5%.
5) Supply is up 45.5%
6) Rates are down to 5.05% from 5.76% a year ago.
These numbers look pretty bleak, but the siliver lining is that the current pending home sales figures are up 20% over last month. Looking back in 2008, from January to Feburary the pending sales had jumped 14%. When considering the percentages, we are off to a better start this year than we were last year. The increased pending sales should reflect a high sales number next month. So stayed tuned to see if the prediction comes true.