Thursday, February 9, 2012

Charlotte Realtors reports residential real estate activity up in January

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 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.