Charlotte area real estate sales, prices show gains in October

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Charlotte Regional Realtor® Association reports that residential sales outpaced last year with closings in October 2012 (2,575) up 36.8 percent compared to October 2011, when closings totaled 1,882. Both the median and average sales prices showed gains. The average price in October 2012 ($204,335) was up 4.9 percent compared to last year ($194,739), and the median price ($157,000) was up 3.3 percent compared to October 2011 ($151,942). These gains mark nine months of year-over-year price increases for both price indices.
The average list price in October 2012 ($235,920) increased 6.2 percent over the same period last year ($222,194), bringing the percent of original list price received measure to 92.4 percent compared to 90.0 percent last October. Pending sales data show demand is strong. Contracts in October totaled 2,783, up 58.5 percent compared to the previous period when contracts totaled 1,756.
New residential listings in October 2012 totaled 3,448, an increase of 6.5 percent compared to last year when new listings totaled 3,238. Inventory continued its downward trend, decreasing 27.3 percent compared to last October, leaving the CarolinaMLS region with a 6 months’ supply of homes for sale.
Association/CMLS President Jennifer Frontera said, “Now that the market has reached equilibrium at a six months’ supply, we’re no longer in a buyer’s market.”
Homes in October spent less time on market. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 149 days, which is a decrease of 18 days compared to last October. Days on Market until sale (DOM), the metric that accrues for “Active” and “Under Contract-Show” statuses only, was 108 days compared to 122 last year.
Foreclosures and short sales together made up 13.2 percent of all new listings compared with 17.4 percent last year, while 15.3 percent of closed sales were distressed, down from 20.2 percent last October. Foreclosures continued to sell rapidly; the list-to-close figure was 63 days for single-family homes and 47 days for townhome-condo properties.
Frontera said, “We’re seeing fewer distressed sales as a share of the market and prices are reflecting this. With inventory dropping, buyers can expect to see prices continue to rise.”
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Community Data.” For an interview with 2012 association/CarolinaMLS President Jennifer Frontera, please contact Kim Walker.
The Charlotte Regional Realtor® Association is a trade association that leads, educates and equips members to be productive. It provides more than 6,000 Realtor® members with the resources and services needed to conduct ethical, professional, successful and profitable businesses. The association is dedicated to being the region’s primary resource for residential real estate information. The association operates the Carolina Multiple Listing Services, Inc. (CarolinaMLS), which has approximately 7,200 Subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a multicounty service area, including the high-growth Charlotte area, as well as listings outside this service area.

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