Charlotte Regional Realtors Report Increased Home Sales in February

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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 February 2012 (1,614) increased 21.8 percent compared to February 2011,when closings totaled 1,325. Both the average and median sales price showed positive increases. The average sales price in February 2012 ($184,775) was up by 2.1 percent compared to the same period last year ($180,940), and the median sales price ($145,450), the best measure of trends over a period of time, showed prices up slightly by 0.5 percent compared to February 2011 when the median sales price was $144,750.

The average list price in February 2012 ($254,902) increased 6.4 percent when compared to the average list price for the same period last year ($239,466), bringing the percent of original list price received measure to 90.7 percent as compared to 87.7 percent last February. February 2012 pending contracts totaled 1,969, an increase of 21.8 percent over last February’s pending contracts (1,616) for the CMLS region.

“A second month of positive housing trends only further confirms that we’re seeing our local market continue to stabilize,” said Jennifer Frontera, 2012 association and CMLS president. “Prices are fairly steady and Realtors® are reporting increased foot-traffic, all good indicators as we move into the spring selling season.”

New residential listings in February 2012 totaled 3,958, down 5.0 percent compared to the same period last year when new listings totaled 4,165. Overall inventory continued its downward trend, down 28.3 percent compared to February 2011, leaving the CMLS region with an 8.9 months’ supply of homes for sale as compared to 12.4 months’ supply during the same time last year. The average number of days a property was on the market from the time it was listed until it closed (list to close) totaled 150, which is a decrease of four days when compared to last February when the list to close count totaled 154 days.

The share of new listings that were distressed in February was 13.1 percent, compared to 22.1 percent the previous year. 18.9 percent of all closed sales in February were distressed, compared to 36.7 percent in February 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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