Here are the latest year-over-year and month-over-month statistics from your Charlotte metro market.
From February 2019 to February 2020:
- New listings increased 1.9% from 4,588 to 4,676
- The number of homes for sale dropped 32.2% from 9,831 to 6,667
- Pending sales rose 24.8% from 3,197 to 4,890
- The number of closings dropped 3.9% from 3,035 to 2,918
- The median days on market decreased 28.6% from 28 to 20 days
- The median price increased 11.6% from $234,748 to $262,000
From January 2020 to February 2020:
- New listings increased 2.5% from 4,560 to 4,676
- The number of homes for sale dropped 12.9% from 7,658 to 6,667
- Pending sales rose 14.8% from 4,258 to 4,890
- The number of closings dropped 2% from 2,978 to 2,918
- The median days on market decreased 9.1% from 22 to 20 days
- The median price increased 3.7% from $252,604 to $262,000
What does all of this mean? There aren’t enough homes for sale, so prices continue to rise and the average days on market continues to drop. Until we see more inventory, things will stay this way. One significant change to mention is that the financial markets are going crazy due to the coronavirus. Treasury bills are way down, and mortgage rates are loosely tied to them. The morning I recorded this video, I spoke to a lending professional who told me buyers were locking in rates right around 3%.
If you’re a homeowner with a mortgage rate over 3.5%, you should refinance. If you’re a buyer, now’s the time to buy, because your buying power just got much stronger. Just a quarter of a percentage point in an interest rate is worth about 10% of your buying power. Basically, it’s the difference between being able to afford a $200,000 house and a $220,000 house.
If you have more questions about our Charlotte Metro market or you’re ready to buy or sell a home, don’t hesitate to reach out to me. I’d love to help you.