Whenever I hear talk from fellow Realtors about an increase in activity of any kind I usually go immediately to our Multiple Listing Service to search for data that might substantiate a change in our market. Such was the case today but unfortunately the numbers are not reflecting any perceptible change.
Here is a snapshot of our inventory and recent sales which have yet to close compared to the past 4 quarters:
As you can see, our number of active listings is at an all time high of 1735 while the number of contingent and conditional sales have decreased since fall of 2007 but have remained fairly constant since January of this year. The number of pending sales which are those due to close have dropped 38% since last July and are barely equal to our January 1, 2008 figures. The bottom line is that we experienced a small increase in sales in about March of this year but now, when we should be at our annual peak, our pace slowed to about the same as January which is traditionally the slowest time of the year here in the Lake Norman area
In the past 30 days, a total of 92 homes sold as compared to 133 in the exact period of 2007. This is a -31% drop in sales from a year ago
At the same time we have a +33% increase in active listings compared to the end of the second quarter of 2007. At this rate we have about a 19-months of supply on hand compared to the desirable 6-8 months of a balanced market.
Interest rates are low and buyers are looking but seem to lack the confidence to buy.
As always, I qualify that my analysis uses numbers from the Charlotte Regional MLS and that I use areas 13/1 – 13/4 covering all of Lake Norman with the exception of the northern Catawba River area.