Friday, February 8, 2013

Home Sales up 40 percent across the Charlotte region

Charlotte Regional Realtor® Association reports that sales in January soared, with closings up 40.4 percent compared to January 2012. In January 2013 there were 2,163 closings compared to 1,541 last January.

With a year of gains in 2012, both the median and average sales prices continued to post increases in the first month of 2013. The average sales price in January 2013 ($189,007) was up 0.6 percent compared to January 2012 ($187,803), and the median price ($150,000) was up 2.6 percent over January 2012 ($146,200).

The average list price in January 2012 ($252,586) increased 2.6 percent over January 2012 ($246,197), bringing the percent of original list price received measure to 92.6 percent compared to 90.2 percent last January. Demand across the region was quite strong in January 2013; pending sales totaled 2,925, an increase of 62.3 percent over the previous period when contracts totaled 1,802.

New residential listings are nearly unchanged from last year at 3,838, a decrease of 1.3 percent over January 2012. Inventory continued to fall, decreasing 29.4 percent compared to January 2012, leaving the CarolinaMLS region with a 5-months' supply of homes for sale.

2013 Association/CarolinaMLS President Eric Locher said, "With inventory decreasing and new listings down, we are seeing continued upward pressure on prices. We are a couple of months ahead of the selling season and it's a good time for sellers to prep homes for listing, keeping in mind that the property still needs to be realistically priced for what the market will bear."

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 155 days, which is a decrease of 10 days compared to January 2012. Days on Market (DOM), the metric that accrues for "Active" and "Under Contract-Show" statuses only, totaled 108 days compared to 122 days for the same period last year.

Foreclosures and short sales within CarolinaMLS continued to fall. Distressed properties accounted for only 11.1 percent of new listings compared with 14.4 percent in January 2012. 18.1 percent of all closed sales in January 2013 were distressed, which is down from 21 percent in January 2012.

For more residential-housing market statistics, visit and click on "Market Data." For an interview with 2013 Association/CarolinaMLS President Eric Locher, 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 6,300 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. (CarolinaMLS), which has approximately 7,100 Subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in North and South Carolina, including the Charlotte area.