For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset and the market you are in. You deserve and expert guide. Here are the top things you need to know this month.
Housing price bubble chatter has increased this summer, as market observers attempt to predict the next residential real estate shift. It is too early to predict a change from higher prices and lower inventory, but the common markers that caused the last housing cooldown are present.
How does this impact homeowners? Today’s market is quite different than the last recession. The growing economy, solid lending practices and the potential for improved inventory from new listing and building activity, market balance is more likely than a bubble.
Inventory is still down, and demand still is up.
There are still generally more buyers than sellers in most price points and housing style categories, so prices will continue to rise until that situation changes. Buyer competition is still manifesting itself into several quick sales above asking price with correctly priced, well-marketed homes.
Consumer spending on home goods and renovations are up, and more people are entering the workforce. The latest recorded national unemployment rate of 3.9% is historically low and has served as a general indicator of a strong economy.
⎫ For our Charlotte region, year over year, closed sales are down 2.8 %, median sales price is up 2.1%, and homes for sale is down 16.3 %. Homes with the strongest sales showing a 13.9% increase are homes above $300,001. Supply of inventory is 2.4 months. Cumulative days on market until sale has decreased 11.9 % to 55 days. So, what does this mean? There are fewer homes for sale, but demand is still very strong, so correctly priced homes are hot, hot, hot.
You’ve worked hard for what you’ve earned, and you’re right to want the best experience. With ROI-based updates, highly targeted pre-listing marketing and a systematized approach, you can rest easy knowing you are in good hands.
If you are thinking about selling your home in the next 6 months, call me today for your strategic marketing consultation.
We will cover your goals, and my unique approach to getting you the highest possible price in the fewest days on market.
To Your Success!
Stats for Denver Stanley Area
Area coverage: Hwy 150 – Beth Haven Rd – Killian Rd – Lake Norman; 80.6 sq miles
|Median Sale Price||Down 2.1%||Median sales price has been trending down since June of 2017 with the height being $348,010 in June 2017. Current Median sales price is $337,500 an increase from May 2018 median sale price of $330,000. So it appears we are continuing to trend back up in price.|
|Median Days on Market||Up 17.2%||Median days on market have increased 17.2% to 34 days. July 2017 median days were 29 days on market. Perhaps because of buyer fatigue or homes being slightly over priced.|
|Sale-to List Price Ratio||Down 0.8%||Correctly priced, strategically marketed homes sell at or above list price, and sellers focused on ROI often seek my advice on how to invest in strategic updates before listing their home for sale. This year’s ratio is showing a steady decline. Perhaps because of buyer fatigue or homes being slightly overpriced.|
Local Data was obtained from CarolinaMLS and Current as of August 5, 2018. Data is refreshed regularly to capture changes in the market activity. The Charlotte Region Report includes Alexander, Anson, Cabarrus, Catawba, Cleveland, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, Stanley and Union Counties in North Carolina and Chester, Chesterfield, Lancaster and York counties in South Carolina.