July Charlotte Market Stats

This past week our listings saw an average of 2.5 showings each which is a definite increase over prior weeks.   Is it a fluke?   Hard to tell.   Seasonally, we usually see an increase in activity after the kids go back to school which happens this week.   Stay tuned here to see if that holds true again in 2011.

This week we’ll publish our monthly E-newsletter with the real estate market stats for Mecklenburg County in July.   When comparing that period to the month prior and again to the same period last year, here’s a brief summary:

– Home sales  were down 7.0% from the prior month, but up 26.7% from last year.

– Average sales price was down about 4.7% both from the prior month AND from last year.

– Median sales price was even with the prior month and up 1.1% from last year.

– Average days on market was about even with the prior month, and up about 4.9% from last year.

– Pending home sales were down 3.3% from the prior month, but up 25.8% from last year.

– Supply was down 3.4% from the prior month and down 8.8% from last year.

– Mortgage rates have remained flat from the previous month and about even with last year.

The most important thing to note in the data above is that both the number of home sales AND pending home sales are both way up from last year.   Home sales show a clear improvement over last year and pendings is a predictor that the next couple months will also be better assuming those contracts close.

This time last year, the market really slowed following the expiration of the tax credits.   This year it seems that the demand has been spread a bit more evenly throughout the year.   This was expected, but I think it will translate into media reports that the market is showing real signs of improvement.   It is good news that sales and pendings are up but that is really just in comparison to last year’s skewed numbers.   2011 was more of a “normal” year because there were no government incentives.   This time next year, we’ll be able to do more of an “apples to apples” comparison and when we do, hopefully we’ll see some true growth.

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