The average sales price in August 2012 ($207,380) was up 3.8 percent compared to the same period last year ($199,842), and the median sales price ($158,000) - the best measure of trends over a period of time - showed prices up 3.3 percent compared to August 2011 when the median sales price was $153,000. These indicators mark seven consecutive months of year-over-year price gains.
The average list price in August 2012 ($233,090) increased 4.2 percent when compared to the average list price for the same period last year ($223,771), bringing the percent of original list price received measure to 92.5 percent compared to 89.7 percent last August. August 2012 pending numbers showed contracts totaled 1,665, down 33.1 percent compared to the previous period when contracts totaled 2,490.
Association/CMLS President Jennifer Frontera said, "August housing results are a continuation of the momentum we've experienced all year. Closings were surprisingly strong again in August. Generally we see contracts and closings gradually decrease as the selling season winds down this time of year. Contracts are following that trend. But historically low interest rates, affordability and a good supply of inventory are keeping buyers in play."
New residential listings in August 2012 totaled 4,311, a decrease of 3.4 percent compared to the same period last year when new listings totaled 4.464. Overall inventory for the CMLS region was down 17 percent compared to last August, leaving the CMLS region with an 8.5-months' supply of homes for sale.
Homes in August spent less time on market, with the average number of days a property was on the market from the time it was listed until it closed (list to close) totaling 145 days, which is a decrease of 14 days compared to last August.
Foreclosures and short sales, or distressed sales, made up 12.9 percent of all new listings compared with 15.1 percent last year, while 13.6 percent of closed sales were distressed, down from 19.0 percent last August. Foreclosures tended to sell the fastest at just 56 days list to close, and also had the largest year-over-year median price gain of 6.7 percent in August.
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 6,000 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.
