Metro Charlotte’s residential real estate market continues its streak of steady and strong improvements as home closings increased 35 percent in November from the same time last year, according to theCharlotte Regional Realtors Association’smonthly market activity report released Monday.
Closings in the 10-county area totaled 2,276 last month, up from 1,686 in November 2011, the report states.
That’s a continuation of a positive trend for sellers. In October, Charlotte area home closings were up 36.8 percent year-over-year.
Both average and median sales price were up, which is unusual for this time of year.
“We’re actually in the historically weakest part of the selling season, but home prices are continuing to rise, largely due to decreased supply and solid demand,” saysJennifer Frontera, association president.
The average sales price increased year-over-year for the 10th month in a row. The average sales price was up 6.2 percent to $204,413 from $192,414 in November of last year. The median sales price — considered a more accurate measurement of trends over time — increased 5.6 percent to $160,000 from $151,470.
Pending sales are up 37.9 percent, as contracts have increased year-over-year to 2,490 from 1,806.
Listings increased 5 percent to 3,028 from 2,883 while list prices that month stayed pretty much the same. Last month’s average list price was $223,175, nearly flat at a 0.6 percent uptick from $221,737 in November 2011, as counted through Carolina Multiple Listing Services Inc.
The average amount of time from list to close dropped by 15 days year-over-year to 146. Of the new listings in November, 13.7 percent involved distressed properties, down from 18.2 percent a year earlier, while 13.3 percent of the closings in November were sales of distressed properties, down from 18.3 percent a year ago.
Overall inventory fell 27.5 percent from the same time last year, leaving the region with a 5.7-month supply of houses.
“As far as supply and demand, we are in a good place,” Frontera says.
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