Despite Consumer Confidence Being Up, Sales are Cooling
Okay, I'll be the first to say it - the sizzling market we were experiencing in the spring and early summer months, is beginning to cool a bit.
Yes, you may say that this is typically the 'season' for cooling off but, let's remember, real estate follows supply & demand economics. Currently, buyers' interest is waning somewhat, more homes are hitting the market and some which would have sold overnight 6 months ago, are sitting for weeks and even months now.
Is the market still hot? Yes, just not sizzling hot! NAR's graph of buyer traffic across the US, shows North Carolina's market moving from a very strong to a strong market. South Carolina is holding steady with a very strong market.
Valued Insured's recent study reflects that Americans across the US are feeling good about real estate - both about homeownership and housing confidence - the highest ever on record.
No, I'm not being a Negative Nancy but, escalating sales prices can only escalate for so long. Sales prices are at an all-time high here in Charlotte & Fort Mill - yes, an ALL-TIME high! Hover over the graph below and you'll see the incredible gains since 2004 in both areas. The chances of owning a home bought before the recession and not having equity now are slim to none as demonstrated in the graph below.
6 months ago, during a 7-day period, you may see 5 - 10 price reductions in Charlotte. Now, they're into the hundreds - more of a normal market, yes but, completely different that our spring market.
Also note that in the Charlotte market (only Charlotte proper included in the graph to the left), 63 homes are 'back-on-the-market' in the past 7 days. That is another telling sign that our market hasn't seen much of in the past 9-12 months.
If you're thinking of buying or selling in the Charlotte or Fort Mill markets, give me a call at (704) 491-3310 - let's talk! I'm happy to provide you more data to make an informed decision on listing your Charlotte Metro region.
Or, visit www.ListMyCharlotteHome.com if you're thinking of selling your home in the Charlotte Metro region and want full-service, award-winning customer service. I am also happy to provide references of any of our sellers for you to speak with about their experience. You can also read a few of our reviews on the ListMyCharlotteHome.com website.
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© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | Despite Consumer Confidence Being Up, Sales are Cooling