Charlotte Realtors Report Decline In Sales in May

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Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CMLS) data. The number of closings for May 2011 (2,194) decreased 11.5 percent compared to May 2010 when closings totaled 2,480. Compared to April 2011 (1,882), closings were up 16.6 percent.

The average sales price for May 2011 ($208,999) was up slightly, 0.6 percent, compared to May 2010 ($207,711), and was up 2.7 percent compared to the April 2011 average sales price ($203,480). The median sales price in May 2011 ($151,995) was down 3.2 percent compared to the May 2010 median sales price of $157,000, and was down 0.7 percent compared to the April 2011 median sales price of $153,000.

The average listing price in May 2011 ($257,971) increased 2.2 percent from last May’s average listing price of $252,446, and was down 2 percent from the April 2011 average listing price of $257,486. The residential pending contracts figure for May 2011 (2,240) was up 13.5 percent compared to May 2010 (1,974). This figure increased 1.8 percent compared to April 2011, when pending contracts totaled 2,200.

New residential listings in May 2011 totaled 4,139. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 150, which is four days less than last month.

In April 2011, CMLS began using a new reporting tool to create reports. To report the most up-to-date figures each month, the tool is constantly “updating history,” instead of freezing the data once it’s reported. Therefore, with each new month of reporting, there could be slight variances in what was reported in the previous month as transactions are updated and adjustments made within the MLS system.

For more residential-housing market statistics, visit the association’s website at www.CarolinaHome.com and click on “Community Data.” For an interview with 2011 association/CMLS President Laurie Knudsen, 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 6,700 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. (CMLS), which has approximately 7,500 Subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a 10-county service area, including the high-growth Charlotte area, as well as listings outside this service area.

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