Residential real estate closings in the Charlotte metro area saw a 40 percent spike in January compared with the same period a year earlier, according to theCharlotte Regional Realtors Association’smonthly market activity report released Thursday.
Closings in the 10-county area totaled 2,163 last month, up from 1,541 in January 2011, the report states.
Realtors have been reporting double-digit gains for the Charlotte area for months when it comes to year-over-year figures.Home closings jumped 23.4 percent in December, 35 percent in November and36.8 percent in October, in comparison with year-earlier levels.
Local industry observers expect 2013 to continue in a steady fashion. This report marks the 12th straight month of positive returns for the Charlotte area.
Still, Eric Locher, association president, urges sellers to remain realistic about their expectations.
“With inventory decreasing and new listings down, we are seeing continued upward pressure on prices, Locher says. “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.”
Average sales price were flat last month compared with January 2012, rising a mere 0.6 percent to $189,007 from $187,803 a year ago. The median sales price — considered a more accurate measurement of trends over time — increased 2.6 percent to $150,000 from $146,200 year-over-year.
Pending sales are up a whopping 62.3 percent, with contracts increasing year-over-year to 2,925 from 1,802.
But listings dropped 1.3 percent to 3,838 as inventory as plummeted 29.4 percent from this time last year, leaving the region with a five-month supply of houses, the report states.
Average list prices last month rose 2.6 percent to $252,586 from $246,197 a year earlier, as counted through Carolina Multiple Listing Services Inc.
The average amount of time from listing to closing decreased by 10 days year-over-year to 155.
Of the new listings last month, 11.1 percent involved distressed properties, down from 14.4 percent a year earlier, while 18.1 percent of the closings last month were sales of distressed properties, down from 21 percent a year ago.
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