Real Estate Information Archive

Blog

Displaying blog entries 1-5 of 5

Home Sales Slip As Summer Winds Down

by Mayes Harris Team

The brokerage I work for, RE/MAX,  has taken a look at the national real estate trends for August. I thought I'd share that with you today.

Here's the full report -

August 2019 existing home sales slipped 1.6% from a year ago, despite buyer demand exceeding available housing supply, according to the RE/MAX National Housing Report. Following July’s year-over-year sales increase of 2.3%, the slight August decline marks the sixth month of 2019 that produced fewer sales than 2018.
 
Buyer demand outpaced homes listed for sale in August, causing the largest inventory decline in 13 months. An analysis of the report's 53 metro areas shows August inventory shrank 5.5% year-over-year, the largest drop since 7.8% in July 2018. August’s inventory contraction followed July’s year-over-year inventory decline of 1.5% after nine consecutive months of year-over-year inventory growth. Months Supply of Inventory decreased to 2.8 compared to 2.9 in July 2019 and eclipsed the previous August low in the report’s 11-year history.
 
“The modest inventory growth that started last fall has been swallowed up by demand as buyers have returned to the market, likely spurred on by attractive interest rates,” said RE/MAX CEO Adam Contos. “Home sales dipping at the same time inventory falls suggests there may have been some reluctance on the part of sellers to list their homes. Nevertheless, demand is again ahead of supply, extending the favorable seller’s market that has been in place for several years.”
 
Inventory has remained below four months in 39 of the last 42 months, dating back to March 2016. Six months is considered a market balanced between sellers and buyers.  
 
Homes moved quickly and August saw a year-over-year price increase of 5.7%, further evidence of buyer demand. The August Days on Market total of 44 represented the second-fastest pace of August home sales in the report’s history. The previous record was set last August, when homes sold in an average of 43 days.
 
August weighed in as the eighth consecutive month of year-over-year price growth as the Median Sales Price rose to $263,000. Going back to February 2012, prices have increased year over year in 89 of the past 91 months.
 
Despite the favorable conditions for sellers, there were still a few encouraging signs for buyers in the last of 2019’s peak months for home sales:  

While home prices typically decline from July to August, the decrease of 3.6% was the steepest drop-off in report history from July to August.

Despite August’s significant year-over-year inventory shrinkage, the seasonal decline in inventory from July-to-August of 3.9% is on par with the 3.7% average since the RE/MAX National Housing Report began in August 2008.

 
Closed Transactions
Of the 53 metro areas surveyed in August 2019, the overall average number of home sales is down
4.2% compared to July 2019, and down 1.6% compared to August 2018. Leading the month-over-month sales percentage decrease were Miami, FL at -13.5%, Dover, NH at -13.1%, and Washington, D.C. at -10.3%.
 
Median Sales Price – Median of 53 metro median prices
In August 2019, the median of all 53 metro Median Sales Prices was $263,000, down 3.6% from July 2019, and up 5.7% from August 2018. Two metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -3.2% and Wichita, KS at -1.2%. Six metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +13.2%, Milwaukee, WI at +11.3%, and Manchester, NH at +11.2%.
 
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in August 2019 was 44, up one day from the average in July 2019, and up one day from the August 2018 average. The metro areas with the lowest Days on Market were Omaha, NE at 19, Cincinnati, OH at 25, and Nashville, TN at 28. The highest Days on Market averages were in Des Moines, IA at 95, Miami, FL at 79, and Hartford, CT at 75. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
 
Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in August 2019 was down 3.9% from July 2019 and down 5.5% from August 2018. Based on the rate of home sales in August 2019, the Months Supply of Inventory was 2.8, a decrease compared to 2.9 in July 2019 and 3.5 in August 2018. A six months supply indicates a market balanced equally between buyers and sellers. In August 2019, of the 53 metro areas surveyed, only Miami, FL, at 6.9, reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were Phoenix, AZ and Manchester, NH, both at 1.5.
 

Here Is Some Weekend Fun Coming Up For Mecklenburg County!

by Mayes Harris Team

There's so much to do this weekend in Mecklenburg County that it will be hard to decide which to choose from, but here's what we found and would like to share with you!

MECKLENBURG COUNTY WEEKEND EVENTS -

SEP 28TH from 1 PM to 5 PM
Freedom Boat Club of Lake Norman, 17505 W. Catawba Ave., Cornelius, NC
END OF SUMMER LAKE BASH!!
DETAILS

SEP 28TH from 2 PM to 8 PM
Oak Street Mill, 19725 Oak Street, Cornelius, NC
TAWBA WALK ARTS & MUSIC FESTIVAL
DETAILS

SEP 28TH from 6 PM to 10 PM
D9 Brewing Company, 11138-C Treynorth Drive, Cornelius, NC
LKN SUMMER CONCERT SERIES
DETAILS

SEP 28TH starting at 9 AM
442 South Main Street, Davidson, NC
DAVIDSON FARMER'S MARKET
DETAILS 

SEP 28TH from 8 AM to 12 PM
7930 W. Kenton Circle, Suite 100, Huntersville, NC
HACKER HUSTLE 8K/5K and FUN RUN
DETAILS 

SEP 28TH starting at 8 AM
Rural Hill, 4431 Neck Road, Huntersville, NC  
INSANE INFLATABLE 5K RACE
DETAILS 

SEP 28TH from 11 AM to 4 PM
10325 Hambright Rd, Huntersville, NC
ALPACA FIESTA
DETAILS

SEP 28TH from 5:00 PM to 10:00 PM
Lake Norman Wildlife Conservationists - LNWC
138 Village View Drive, Mooresville, NC
LNWC OYSTER & SHRIMP FESTIVAL 2019
DETAILS

SEP 29TH from 11 AM to 2 PM
Midwood Smokehouse, 16710 Birkdale Commons Parkway, Huntersville, NC
POOCHES ON THE PATIO!
DETAILS

Enjoy and wear comfortable shoes!!

A Fun Mooresville Fall Activity For The WHOLE Family!!

by Mayes Harris Team

Carrigan Farms is family owned and operated. Just like my family, they’ve been native to the area for over 100 years and they’ve been farming that long as well! In the Summer, you’ll find fresh produce and this time of year, in the Fall, you’ll be able to pick your own apples, take a hayride, night or day, and if you dare, walk the Haunted Trail!! Let's learn some more about this wonderful venue.

The Haunted Trail opens up in October and asks visitors to be prepared for Scarrigan Farms to get their hearts pumping!! The farm transforms its 170 acres into the scariest haunted trail in the region!! This is not designed for those under 12 years old and that tells you something about it to begin with. Definitely bring your courage when you come. Tickets begin being sold at 6:30 pm and they close based on attendance.

Arrival times are suggested as follows:
Arrive before 9 pm on Thursdays.
Arrive before 10 pm on Fridays.
Arrive before 11 pm on Saturdays.
Arrive before 9 pm on Sundays.

Pick your own apples begins on September 7th and runs through the month of September. They are open each weekend, Saturday and Sunday, from 9 am to 4 pm. The cost is $11 per person and includes a hayride to the orchard as well as a half peck bag of apples for each person.

You can also come during the week and ride the apple hayrides on Tuesday, Wednesday or Thursday at 2 pm, 3 pm or 4 pm. This begins the week of September 10th and lasts throughout the month of September.

Do beware that they only accept cash or checks. There are no exceptions.

In October you can pick your own pumpkins. There will be hayrides to the pumpkin patch too!

Maybe you would like to try out the hayrides at night. This activity happens during the months of September, October and November. Reservations are required. These rides are 45 minutes long and accommodate up to 30 people. A bonfire will be provided for roasting marshmallows and hot dogs. The nighttime hayrides being at 6 pm and are scheduled on the hour until 9 pm and the cost is $12 per person with a 12-person minimum. Kids under the age of 2 are free.

Fieldtrips are welcomed and are popular with preschool through second graders. The kids will learn about farm life through exploring various topics. During the month of September the tour includes apple picking and in October pumpkin picking is included.

Learn more about the farm by visiting their WEBSITE.

 

Market Report Update: Mecklenburg County's August 2019 Stats

by Mayes Harris Team

It is time once again to take a look back at yet another page on the calendar. This month we begin by reviewing Mecklenburg County's August 2019 Stats.

Let's dive a little farther than this starting with the Median Sales Price in AUGUST. If we look back at 2017, we see a median sales price of $250,000. The following year, 2018, that price increased by +11.5 percent to $278,750. In 2019, we increased again by +4.0 percent to a median sales price of $290,000 in Mecklenburg County.

Next, we are going to review the number of New Listings that came on the market in Mecklenburg County in AUGUST. We start with 2 years ago, 2017, and see that there were 1,705 new homes that came on the market. The following year, 2018, there was a decrease of -1.9 percent with 1,673 new homes coming on the market. This year, 2019, there was an increase of -+7.2 percent with 1,794 homes coming on the market.

The next statistic we will review is the AUGUST Median Days on Market. Starting in 2017, we saw 8 median days on the market and then the following year, 2018, we increased by +37.5 percent to 11 median days on the market. In 2019, we increased by +18.2 percent to 13 median days on the market.

So there you have it. A quick overview of what is happening in our local market of Mecklenburg County. If you have questions or need real estate assistance than please reach out to us. We would love to help you!!

What does Move In Ready really mean?

by Mayes Harris Team

If you’ve been searching for a new home no doubt you’ve seen the term, “move-in ready.” This description sounds very appealing, but understanding what it actually means is important so you have the right expectations when arranging your home listing tour.

First, it’s important to remember that the descriptions in real estate Listings are written by the listing agent or broker. There is no set industry standard for what agents can say in their listings. While there are guidelines and rules which prevent blatant lying, most home buyers have become aware of the fluffy language used to market a home for sale.

The meaning of “move-in ready” is fairly straightforward; it means that the home is in a condition which is acceptable for immediate occupancy. The home meets the standards of living and assures the buyer that the essential elements needed to occupy the home are present and in running condition. For example, the home should have working plumbing, appliances, sound roof, electricity, gas and locking doors and windows.

What “move-in ready” does not necessarily mean is that the home is in pristine condition. A home that is “move-in ready” might still need significant updating and while systems are assumed to be operational, they might still be old or outdated.

“Move-in ready” is a common phrase in real estate Listings. Understanding that the home might still need quite a bit of work to suit your taste and lifestyle, you can approach the listing with realistic expectations and determine if the property is the right fit for your needs. Contact us if you have questions or need real estate assistance.

Displaying blog entries 1-5 of 5

Syndication

Categories

Archives

Subscribe to our blog for the latest in real estate news.