Friday, September 9, 2011

Charlotte Realtors report closings up in August

Charlotte Regional Realtor® Association reports that the number of
closings for August 2011 (2,289) increased 25.6 percent compared to
August 2010 when closings totaled 1,822. Compared to July 2011
(2,173), closings were up 5.3 percent.

The average sales price in August 2011 ($205,915) was down 9.2 percent
compared to August 2010 ($226,716), and down 3.5 percent compared to
July 2011 ($213,371). The median sales price in August 2011 ($158,000)
decreased 2.5 percent compared to the August 2010 median sales price
of $162,000, and was down 3.5 percent compared to the July 2011 median
sales price of $163,659.

The average list price in August 2011 ($236,813) increased 2.7 percent
from last August's average list price of $230,481, and was down 3.7
percent from the July 2011 average list price of $245,953. The
residential pending contracts figure for August 2011 (2,258) was up
24.6 percent compared to August 2010 (1,812). This figure increased 8
percent over July 2011 when pending contracts totaled 2,091.

New residential listings in August 2011 totaled 3,886. The average
number of days a property was listed until it closed (list to close)
was 146, which is four days faster than last month.

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 at its lowest level in three and a
half years. Distressed sales represented 22.7 percent of all closings
in August, down from 35.5 percent in August 2010. The share of
distressed new listings in August decreased to 15.2 percent compared
to 24.8 percent in August 2010, which means that a greater share of
distressed properties are selling off the market than entering the
market at this time.

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 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 6,600 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 7,300 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.