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Charlotte area housing marks 23rd month of increases

CHARLOTTE – October homes sales figures for the Charlotte metro area increased by 10 percent from the year before, with closed sales for the month at 2,831 compared to 2,574 in October 2012, according to numbers released by the Charlotte Regional Realtor Association.

The region’s median and average sales prices also showed gains over the same period, with the median sales price up 8.2 percent in Oct. 2013 to $169,900 from $157,000. The average sales price rose 2.9 percent from Oct. 2012, increasing to $210,278 from $204,284. According to the CRRA, this was the 23rd month of consecutive gains in the housing market.

Average list prices also rose 9.2 percent between Oct. 2012 and Oct. 2013 to $252,415 from $231,150, with the percentage of original list price received increasing to 93.9 percent from 92.3 percent.

There were 2,989 pending sales listed for Oct. 2013, an increase of 22 percent from last year, and new residential listings increased 17 percent to 4,160 properties from Oct. 2012.

At the same time, inventory declined by 7.7 percent in October from the previous year; the report found that the metro area had a 5.3-months’ supply of homes for sale in Oct. 2013 as compare to a 6.9-months’ supply in Oct. 2012.

Eric Locher, Charlotte Regional Realtor Association president, expects sales to slow going forward, which is typical for the holiday season, but he does see some challenges on the horizon. “Our local housing recovery continues, though given the challenges of persistently low inventory, tight credit, rising interest rates and uncertainty on the federal level, future sales could be impacted.”

Other positive news from the analysis was a decline in the number of days a property was on the market, list to close, averaging 133 days this October, down 16 days from the same time last year.

The Charlotte MLS is also seeing fewer foreclosures and short sales, totaling 8.1 percent of new listings and 8.8 percent of closed sales in October.

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