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Davidson Real Estate Market - August 2018

by Mayes Harris Team

 

What happened in the Davidson Real Estate Market in August 2018? That's what I'd like to share with you today! I have a visual that spells it out, but let's review it anyway and if you have questions please reach out to me. 

In August of 2017, we had 63 new Listings to the market and in 2018, that number decreased by -6.3 percent to only 59 new Listings. The year to date through August 2017, was 452 new Listings to the market and in 2018 it was 472 which was an increase of +4.4 percent. 

In August of 2017, there were 50 pending sales and in 2018, that number went up slightly by +4.0 percent to 52. The year to date through August 2017, there were 341 pending sales and in August 2018, the year to date was 361 which was an increase of +2.9 percent.

Let's skip ahead to the Median Sales Price. In 2017, it was $367,000 and in 2018, it was $440,000 which was a +19.9 percent increase! The year to date through August 2017, the median sales price was $324,500 and in 2018, it was $375,000 which was an increase of +15.6 percent. 

Interesting real estate market. Again, contact me if you wish to discuss how this would impact your purchase or sale of a home in Davidson, North Carolina!

Big weekend for Mecklenburg County!!

by Mayes Harris Team

If you are local then you have probably heard and anticipated the two festivals scheduled for this weekend! Mecklenburg County loves the arts and these two festivals definitely reflect that. 

First, there's the Tawba Walk Arts & Music Festival hosted by the Cornelius Arts Center. There will be 100 local artisans, live music, food trucks, kid's activities and more! This is held on Saturday, September 22nd from 2 to 8 pm in the heart of Cornelius. For a map and further info click here - Cornelius.org

Next, there's the Davidson Fall Art Festival hosted by the Town of Davidson. This festival is also on Saturday, September 22nd from 5 to 9 pm. Stroll the historic streets of Downtown Davidson and find over 40 of the areas best makers! There will be a wide variety of handmade gifts including pottery, jewelry, photography, fine art, metalwork, textiles and more. Crawlers will also be treated to live music on the Davidson Green by Billy Jones. For more info click here - ci.davidson.nc.us

So enjoy my friends!! Will hopefully see you there!

We are thrilled to share the following with you!

by Mayes Harris Team

What a day!! Finding out that Gina Harris has earned recognition as a Top RE/MAX Producer in North Carolina for not just the month of July, but also from the beginning of the calendar year through the month of July! The #1 spot!!!

She's an amazing leader and we couldn't be more proud of her. Thanks to her clients for also making this recognition possible. Without the people who come to her to buy and sell their homes this wouldn't happen and I know that Gina doesn't take that for granted. She gives 125 percent of herself when it comes to her clients' needs.

Thank you! Thank you! Thank you!

New research from the Urban Institute suggests that one of those things may be inherited from your parents.

Children are More Likely to Own a Home if Their Parents Did

According to an analysis of millennial homeowners, the homeownership rate of those whose parents rent their homes is 14.4%, while the rate amongst millennials whose parents are homeowners is 31.7%!

A young adult’s odds of homeownership are highly correlated with their parent’s homeownership.

Without controlling for such factors as age, income, education, marital status, and race or ethnicity, there is a 17 percentage-point gap between the homeownership rate for young adults whose parents are renters and young adults whose parents are homeowners.

The study also revealed that as a parent’s net worth increases, so does the likelihood that their child will own a home. These two findings are not surprising as we know from the Survey of Consumer Finances that a homeowner’s net worth is 44x greater than that of a renter.

So, a parent who is a homeowner will have more wealth which will, in turn, increase the chances that their children will own their own homes in the future.

Below is a breakdown of the relationship between a parent’s wealth and a millennial’s likelihood to own a home.

The Good News: The high homeownership rate amongst baby boomers (likely the parents of many millennials) is a great sign that millennials will want to own homes. We are already seeing this in the high-demand environment that we are currently experiencing in the starter and trade-up markets.

Bottom Line

Even though millennials took longer than many of the generations before them to start home searches of their own, the data shows that they will not be waiting much longer!

Displaying blog entries 1-4 of 4

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