NC Is In Phase 2 of Reopening
As of May 1, 2020, real estate was deemed essential in NC. We are now at the end of June and NC is in Phase 2 of reopening. We have seen the social distancing restrictions loosen and we are starting to see more open houses and home sales are increasing in our area. Virtual showings are still very popular for those who cannot see a home in person and we believe this will be an option that will stick around even after the pandemic is gone. Wearing masks and gloves to tour homes is now the new standard for buyers and agents alike.
Inventory Is Low
With record-low mortgage rates and increased demand, the housing market is heating up fast. As of May 31, 2020, Mecklenburg County only had a 1.4 month supply of inventory available compared to 2.4 months in 2019. This has led to bidding wars on homes in our area at all price points. Many sellers aren’t aware of just how strong the demand for new inventory currently is.
Record Home Prices
The decline of inventory and the rise of demand from buyers has pushed prices to a record high. According to Canopy’s local market update for May 2020, Mecklenburg County’s average list price has increased by 17.4% from 2019 to 2020. This moment may not last as online listing sites are already reporting an increase in listings.
What Does This Mean For You?
If you have considered selling, right now is the time to do so. With hungry buyers and record price levels, this is the time you have been waiting for.
If you’re curious about what your home is worth in the current hot environment, use this home evaluation tool or reach out to your preferred agent. Don’t have a preferred agent? Call Catharine Pappas at 704.661.2402 to be paired with an agent.