A recent article from Charlotte Business Journal shows an increase in the number of homes under contract in the Charlotte area– up by almost 40 percent from this same time last year.Check out the article below to see the real estate market changes that have helped to stabilize the market and essentially bring it to a point of equilibrium. If you’re thinking of buying in Dilworth OR selling your current home, now is a great time!
Charlotte-area closings jump nearly 37% in October
Metro Charlottes residential real estate market zoomed last month as home closings increased 36.8 percent from the same time last year, according to the Charlotte Regional Realtors Associations monthly market activity report released Wednesday.
Closings in the 10-county area totaled 2,575 last month, up from 1,882 in October 2011, the report states.
The average sales price increased year-over-year for the ninth month in a row. The average home sales price was $204,335, up 4.9 percent from $194,739 this time last year. The median sales price considered a more accurate measurement of trends over time was up 3.3 percent to $157,000 from $151,942 in October 2011.
The average list price also increased. Last months average list price was $236,920, up 6.2 percent from $222,194 in October 2011. New listings grew to 3,448 in October, up 6.5 percent from 3,238 in October 2011, as counted through Carolina Multiple Listing Services Inc.
Contracts boomed 58.5 percent year-over-year to 2,783 from 1,756.
Homes also spent less time on the market in October. The average amount of time list to close dropped by 18 days year-over-year to 149.
Of the new listings in October, 13.2 percent involved distressed properties, down from 17.4 percent a year earlier, while 15.3 percent of the closings in October were sales of distressed properties, down from 20.2 percent a year ago.
Overall inventory fell 27.3 percent from the same time last year, leaving the region with a six-month supply of houses.
Now that the market has reached equilibrium at a six months supply, were no longer in a buyers market, says Jennifer Frontera, association president.
Charlotte Business Journal by Susan Stabley, Staff Writer