Charlotte Realtors reports residential real estate activity up in January

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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 January 2012 (1,541) increased 9.2 percent compared to January 2011, when closings totaled 1,411. The average sales price in January 2012 ($187,785) was somewhat flat, down -0.1 percent compared to the same period last year ($187,971). However, the median sales price ($146,550), the best measure of trends over a period of time, showed prices up 2.4 percent compared to January 2011, when the median sales price was $143,127.

The average list price in January 2012 ($254,168) increased 11.2 percent when compared to the average list price for the same period last year($228,521), bringing the percent of original list price received measure to 90.2 percent as compared to 88.2 percent last January. January 2012 pending contracts totaled 1,777, an increase of 27.6 percent over last January’s pending contracts (1,393) for the CMLS region.

“We’re encouraged by several positive factors that suggest the market is continuing to improve and stabilize,” said Jennifer Frontera, association and CMLS president. “We appear to be moving in the right direction with stats that show closings up, sales prices flat with last year, a substantive increase in pending sales and the comparison of sales price to original list price received reaching 90 percent.”

New residential listings in January 2012 totaled 3,813, down 6.2 percent compared to the same period last year. Overall inventory continued its downward trend, down 23.6 percent compared to January 2011, leaving the CMLS region with an 8.8 months supply of homes for sale. The average number of days a property was on the market from the time it was listed until it closed (list to close) totaled 155, which is unchanged compared to the same period last year.

The share of new listings that were distressed in January was 13.7 percent as compared to 23.1 percent the previous year.

“Due to the number of foreclosure prevention programs available to consumers, it is quite difficult to accurately predict the number of distressed homes that will enter the market this year,” said Frontera. “The current trend in MLS reports shows less distressed properties coming on market and an overall decrease in foreclosure inventory.”

21.2 percent of all closed sales in January were distressed, compared to 35.9 percent in January 2011.

For more residential-housing market statistics, visit the association’s website at www.CarolinaHome.com and click on “Community Data.” For an interview with 2012 association/CMLS 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 6,600 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 7,200 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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