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The Day After Labor Day

This past week our listings saw an average of 2.1 showings each.   Not too bad considering that it was a holiday weekend and school has just started for most.

In my blog last week, I reported Mecklenburg County sales data for July 2008 and the numbers were bleak at best.   However, I predicted that July would be the bottom.   Its very early to tell but, being anxious, I took a sneak peak at the preliminary data for August and so far things look to be holding steady.   The total number of sales reported so far for August is slightly less than that of July, but the average sales price is significantly up.   Additionally, while the average sales price was down 10% July 08 over July 07, the average price reported so far for Aug 08 is only off 2% from Aug 07.

Keep in mind that the subprime lending bust really kicked off full force in Charlotte around mid-August 2007.   So up until last month, we’ve been comparing sales in this year’s slow market to last years strong market.   Starting this month, we’ll be comparing this year’s market to last year’s post-subprime-bust market.   The result is that we should begin seeing improvement in our numbers.

While the Charlotte market was slow to boom relative to the rest of the nation, it may be following suit with its recovery.   Recently the National Association of Realtors reported that existing homes sales in July 08  was at its highest level in five months.   Of course, the Charlotte market did not see the significant gains in home prices that areas like California, Florida, and  Las Vegas saw and we shouldn’t expect to see the mega-losses that those same areas are now experiencing….and that is a relief!

Today is the day after Labor Day which typically marks the unofficial end of summer.   The kids are back in school, the summer pool parties are over and most people will return to their normal routines at least for a few months until holiday season kicks in.   In real estate terms, we typically see a slight burst of activity during the months of September and October.   So if history is any indicator, today is the first day of the early fall real estate rush.   Lets hope that the economy has held up and that historical trend holds true this year.

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