Charlotte Realtors Report Monthly Sales Increase for Sept. 2011

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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 September 2011 (1,970) increased 26 percent compared to September 2010 when closings totaled 1,564. Compared to August 2011 (2,289), closings were down 13.9 percent.

The average sales price in September 2011 ($196,686) was down 6.5 percent compared to September 2010 ($210,257), and down 4.5 percent compared to August 2011 ($205,854). The median sales price in September 2011 ($149,900) decreased 4.5 percent compared to the September 2010 median sales price of $157,000, and was down 5 percent compared to the August 2011 median sales price of $158,000.

The average list price in September 2011 ($246,472) increased 5.4 percent from last September’s average list price of $233,906, and was up 4.9 percent from the August 2011 average list price of $235,021. The residential pending contracts figure for September 2011 (1,913) was up 14.3 percent compared to September 2010 (1,674). This figure decreased 15.5 percent compared to August 2011 when pending contracts totaled 2,263. New residential listings in September 2011 totaled 3,349.

CMLS distressed housing inventory, or the transactions that deal with distressed sales, continues to decrease, with the number of foreclosures for sale in the MLS in September 2011 totaling 662. Distressed properties comprised 15.9 percent of all new listings in September 2011 and accounted for 21.4 percent of closings, which indicates that consumers are absorbing these property types faster than lenders are listing them.

In April 2011, CMLS began using a new reporting tool to create reports. In order to report the most up-to-date figures each month, the tool is constantly “updating history” instead of allowing data to remain static 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 are 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 7,300 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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