18 Feb Mortgage and Real Estate News Recap for February
The Charlotte-area residential real estate market tapered off in January due in part to market uncertainty. Meanwhile, Brunswick County has experienced a great beginning to home sales for 2019. Here is more on the mortgage news stories we are watching:
Slowdown in the Charlotte-Area Real Estate Market
Residential home sales in the Charlotte area were down in January, year-over-year, dropping 9% from 2018 according to data from Carolina Multiple Listing Services. Looking back into 2018, this is the ninth consecutive month that home sales declined from the previous year. Going back about six months, the residential housing market across the nation has been slowing. The government shutdown created some interruption in closings and has created a general sense of uncertainty in the economy. In addition, fewer homes were on the market in January, and the median sales price in the Charlotte area rose 5% compared to last year at the same time.
Good Start to the Year for Home Sales in Brunswick County
The Brunswick County housing market got off to a solid start this year. Based on information and data released by the Brunswick County Association of REALTORS®, Brunswick County experienced its second-best January in a decade for total home sales volume. The best January in the last 10 years was 2018. This January’s total residential sales volume was $62 million, which is a 12% decrease from last year. There were 542 new homes on the market in January 2019, with 241 units selling. This is up from last January’s 496 properties, although more units sold in January 2018. This January’s average home sales price of $269,320 is actually higher than last January’s average home sales price of $257,555.
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Cano, Johanna. “Brunswick County Has Second-strongest January Home Sales.” Web blog post. WilmingtonBiz. 15 February 2019. Web 15 February 2019.
Chemtob, Danielle. “The Charlotte housing market cooled off in January. Here’s what that means.” Web blog post. The Charlotte Observer. 11 February 2019. Web 11 February 2019.