WE'RE GONNA HAVE THE HAP-HAP-HAPPIEST CHRISTMAS: WEEKLY UPDATE 12/20/24

The Charlotte area knows how to put a bow on Christmas!  

There are many events, festivals, and must-see attractions all over town.  Head just 16 miles West of Uptown to McAdenville and take in the bright lights of Christmastown USA, North of town and you can enjoy the Speedway Christmas Lights Winterfest and Christmas Village at the Charlotte Motor Speedway, or stay in uptown at Truist Field and experience the Charlotte Knights’ Light the Knights Festival.  This festival offers visits from Santa and Mrs. Claus., a regulation-size ice skating rink, a 10-lane 150-foot snow tubing hill, lighting displays, and here are the 3 things you need to know this week.

Holly Jolly: Up 10.7 points YoY; Consumer Housing Sentiment Up Significantly From Last Year.

The Fannie Mae Home Purchase Sentiment Index® (HPSI) rose by 0.4 points in November, reaching 75.0, and maintaining its significant upward trend over the past year.  23% view it as a “good time to buy a home,” this metric has continued to rise and is significantly higher than last November's 14%. “Over the past year, we have seen a significant improvement in general consumer sentiment toward the housing market, largely driven by increased optimism that mortgage rates will fall and improved perceptions of both home-buying and home-selling conditions,” said Mark Palim, Fannie Mae Senior Vice President and Chief Economist. The percentage of respondents who believe it’s a “good time to sell” remained steady month-over-month but has increased compared to last year. 

Under the Tree (and Hill): Homeowners aged 30-49 expected to dominate the housing market as 54.8% plan to sell in 2025. 

According to a national survey conducted by Bright MLS, nearly one in five homeowners are gearing up to list their home in 2025.  After years of downsizing Baby Boomers leading the way, the data indicates the homeowners most likely to sell are younger and more recent buyers.  Homeowners aged 30-49, many of whom bought their homes during the pandemic, are planning to sell in record numbers.  The survey found nearly 27% of 30 to 39 year olds and 28% of homeowners aged 40 to 49 plan to list, 6.7% of homeowners aged 60 to 69 will sell, and 5.4% of those aged 70 to 79 looking to list in the coming year.  The driver for this younger group to sell is likely the historicaly low interest rates and rapidly appreciating home values creating opportunities for swift equity gains.  

North Pole: In Nov 2024 the overall average sales price in the Charlotte Region is up 8.3% YoY.

The housing data is just in; the numbers are pointed north in 11 out of 12 key metrics for Charlotte Region.  The increase across the board includes; pending sales - up 22.5% in Nov ’24 as compared to the same time last year.  Days on market are up 36.4%c YoY as well.  The one metric that doesn’t indicate growth is the percent of original list received.  Sellers on average are receiving 95.7% (down from 96.9%) of the price they originally listed their home at.  Even as days on market (up 36.4%) have increased both the average price is  $487,455 (up 8.3%) and median sales price is up 3.7% YoY.  Despite headwinds over the past 18 months, the Charlotte Region for residential real estate has remained resilient; dare I say robust. It should give optimism for a positive ‘25 market!

Wishing you a Joyful weekend and Merry Christmas and remember…We’re never as great as our best day - We’re never as bad as our worst day; Be Confident - Stay Humble.