For most of us, our homes are the largest assets we’ll ever own-so you are right to want to understand this asset and the market you are in. You deserve an expert guide. Here are the top things you need to know this week.
Home prices continue to rise at a fast pace nationally, with the median sales price of existing homes up 14.1% in January 2021 from the same time last year. Sales were also up, with January’s seasonally-adjusted annual existing home sales climbing 23.7% from the year before. Low supply of homes for sale continues to be an issue as ” sales easily could have been even 20% higher if there had been more inventory and more choices,” according to NAR chief economist Lawrence Yun.
While shopping for homes may be slightly stressful, our three-month average of New Listings coming on the market is slightly higher by 18 homes than the three-month average one year prior. That means homes are still coming on the market at around the same pace. We just have a greater number of ready-to-purchase buyers.
In the Charlotte Region, for the week ending February 27:
• New Listings decreased 11.6% to 1,141
• Pending Sales increased 14.8% to 1,278
• Inventory decreased 60.3% to 3,230
For the month of February:
• Median Sales Price increased 11.4% to $292,500
• List to close decreased 12.0% to 88
• Percent of Original List Price Received increased 2.6% to 99.3%
• Months Supply of Homes for Sale decreased 68.4% to 0.6 months
MORTGAGE RATES HIT NEW HIGH SINCE LAST JULY
Most Prevalent Mortgage Rates for Top Tier Buyers
• 30 Year Fixed – 3.125% – 3.250%
• 15 Year Fixed – 2.500% – 2.625%
• FHA/VA – 3.000% – 3.375%
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. 708.995.7444
Local Data and content was obtained from CanopyMLS and Current as of March 8, 2021. 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.