Residential real estate sales in the Charlotte metro area continued a months-long streak of double-digit gains in February, as closings jumped nearly 27 percent from a year earlier, according to the Charlotte Regional Realtors Association’s monthly market activity report.
Closings in the 10-county area totaled 2,043 last month, up from 1,614 in February 2011, the report released Friday shows. That’s an increase of 26.6 percent.
The CRRA reported a 40 percent spike in closings in January from the previous year, marking 12 straight months of positive returns. And local industry observers are optimistic about continued recovery in the housing market in 2013.
New residential listings also increased in February, with 4,207 counted, up 4.7 percent from a year earlier, according to the new report. At the same time, inventory continued to shrink, falling 28.9 percent year-over-year and leaving the region with a five-month supply of houses.
Still, Eric Locher, CRRA president, urges both sellers and buyers to remain realistic about their expectations.
“With new listings up nearly 5 percent, we’re hopeful that this is an early sign of seller confidence being restored throughout the region,” he says in the association’s latest report. “Sellers should still be mindful that homes need to be priced right for the current market. Buyers need to understand that we’re edging closer to a seller’s market and in some situations, we’re seeing more multiple offers and sales price exceeding list price.”
The average sales price in February was $194,900, up 5.5 percent from a year earlier. And the median sales price — considered a more accurate measurement of trends over time — increased 3.8 percent over the year to $145,450.
List prices, on average, climbed more quickly, rising 8.1 percent from a year earlier to $267,708.
Properties are remaining on the market an average of 147 days from listing to closing, a decrease of 12 days from February 2011.
Of the new listings last month, 10.2 percent involved distressed properties, down from 13.8 percent a year earlier, while 15.9 percent of the closings last month were sales of distressed properties, down from 18.7 percent a year ago.
The CRRA, a trade association with more than 6,000 Realtor members, compiles its monthly market report based on data from its Carolina Multiple Listing Services Inc.
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