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Market Report October Update: Mecklenburg County

by Mayes Harris Team

Time to do a quick review of the real estate market in Mecklenburg County for October of 2018. Hard to believe we are nearing the end of yet another year. It went fast, didn't it?!

Let's take a look at the summary of a year-over-year comparison for real estate activity in Mecklenburg County starting with October's new Listings. There were 1,958 new Listings in October 2018, which was an 8.1 percent increase from October 2017 where there were 1,811 new Listings.

The median sales price was $250,000 in October 2018, which was a 7.3 percent increase from October 2017, where it was $233,000.

The days on market until sale increased by 6.5 percent to 33 days in October 2018. In the year previous, October 2017, it was 31 days on market until sale.

Here's a nice visual graph which shows a good summarization of year over year changes for Mecklenburg County. New Listings up 8.1 percent, closed sales down 13.6 percent, median sales price up 7.3 percent and months supply of homes increased by 5 percent.

The median sales price chart below shows the direction of the market in an upward motion from 2013 onward. 

If you would like to discuss listing your home or anything about the local real estate market, don't hesitate to reach out. That's what we're here for. 

May 2017 RE/MAX National Housing Report (Infographic)

by Mayes Harris Team

The May 2017 RE/MAX National Housing Report infographic shows housing market trends throughout 53 metro areas. The report is based on MLS information, includes all residential properties and is not annualized.

More & More Singles Are Falling For Their Dream Home [INFOGRAPHIC]

by Mayes Harris Team

Some Highlights:

  • 24% of all recent home buyers were single at the time of purchase.

  • 47% of single men cite the desire to own a home of their own as the primary reason to buy.

  • 18% of first-time buyers were single women.

91.5% of Homes in the US have Positive Equity

by Mayes Harris Team


CoreLogic’s latest Equity Report revealed that one million borrowers regained equity in their homes in 2015. The outlook for 2016 remains positive as well, as an additional 850,000 properties would regain equity if home prices rose another 5% this year. 

The study also revealed:

  • 95% of homes valued over $200,000 now have a positive equity position
  • 87% of homes valued under $200,000 have entered a positive position
  • The 11.5% growth in home equity in Q4 marked the 13th consecutive quarter of double digit gains

Below is a map showing the percentage of homes with a mortgage, in each state, that have positive equity. (The states in gray have insufficient data to report.)


Significant Equity Is On The Rise


Anand Nallathambi, President & CEO of CoreLogic, believes this is great news for the “long-term health of the U.S. economy.” He went on to say:

The number of homeowners with more than 20% equity is rising rapidly. Higher prices driven largely by tight supply are certainly a big reason for the rise, but continued population growth, household formation and ultra low interest rates are also factors.

Of the 91.5% of homeowners with positive equity in the US, 72.6% have significant equity (defined as more than 20%). This means that nearly three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home now.

The map below shows the percentage of homes with a mortgage, in each state, with significant equity.

Bottom Line

If you are one of the many homeowners who is unsure of how much equity you have in your home and are curious about your ability to move, meet with a local real estate professional who can help evaluate your situation.

Displaying blog entries 1-4 of 4

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