This week our listings showed an average of 1.9 times each. Not bad, considering that it was the last week before school started today. I am expecting to see an increasing showing trend now that the kids are back to school.
Our monthly E-Newsletter will be distributed today and it includes the July 2008 market data which I’ve summarized below. The numbers are bleak as of July and are down both from the previous month and the same period last year. However, I am always looking for the silver lining and I predict that July marks the bottom of a trough for our local market.
The W Realty Group has now been in business over five years and the activity in our office has always reflected the conditions in the general market. July 2008 was the worst month in our five year history based on sales volume and total closings. However, we have picked up tremendously. Based on new leads, listings and newly scheduled closings, I am feeling very optimistic about the Charlotte market this fall.
So, as you review the numbers below, read with a grain of salt. Personally, I am beginning to see the light at the end of the tunnel.
Summary of Mecklenburg County real estate in July 2008:
– Home sales were down 34.5% from the same period a year ago and down 3% over June.
– The average sales price is down 10.5% to $244,948 over the same period a year ago and down 7% over June.
– The average time on market is up 31% to 80 days from the same period a year ago and even with June.
– Pending home sales are down 34% from the same period a year ago and down 8% since June.
– Housing supply is up 52% over the same period a year ago and up 2% since June.