This past week our listings saw an average of three showings each. It seems that the increase in activity that started right around Thanksgiving continues. This is a very good sign for 2011. Are buyers getting more serious as interest rates are on the rise? Time to act before they continue up any further?
This week we’ll publish our monthly E-Newsletter and report the real estate stats for Mecklenburg County. I’m pleased to announce that for 2011 I’ve added a new stat to the list: median sales price. This is an important distinction from average sales price because a few high end homes can really skew the data. For example, in November there was only one home that sold for over $2M in Mecklenburg County. But that one sale had a $4000 impact on the average sales price for the entire county. I will continue to report the average price, but now we can compare the differences. You will also notice that the median home price is roughly $75,000 lower than the average price. Again, that shows how higher priced homes can really affect the average.
Here’s a sneak peak of the data from November when comparing to the prior month and the prior year.
– Home sales (472) are almost 10% from October and 36% from last year.
– Average sales price ($252,898) is up 14% from October and 16% from last year.
– Median sales price ($175,000) is up 10% from October and 9% from last year.
– Average time on market (117 days) is up 16% from October and 14% from last year.
– Pending home sales (1367) are down 6% from October and up 2% from last year.
– Supply (11.9 months) is holding steady both from last month and down about 1% from last year.
– Mortgage rates were up to 4.3% from October, but still down from last year. They are on the rise.
The most encouraging news is the price data. Whether you look at average sales price or median home price, both stats are way up from last year and from the prior month. Home sales are down from last year, but remember that the tax credit was still in play this time last year. That pending sales are up from last year and only down slightly from last year is a very good sign.
There is no doubt that buyers are still after the hot deals. It is the very aggressively priced homes that are selling and foreclosures are still a huge part of the market. But it is good to see that demand seems to be picking up. Its been a very hard few years for real estate. Lets hope for strong continued growth in 2011.