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Charlotte home sales, prices up

Continuing an upward trend, sales of Charlotte-area homes and prices rose in May versus the same month last year, the Charlotte Regional Realtor Association said today.

But the average price at which homes were listed for sale fell from a year ago.

There were 2,607 closings in May, an increase of 19 percent compared with 2,191 in May 2011.

May’s average sales price, $217,561, rose 4 percent from $209,288 in May 2011. The median sales price also rose over the period, increasing 8.6 percent from $152,000 to $165,000.

There was a decrease in the average list price, which fell 0.5 percent in the period, to $246,495 from $247,660.

The CRRA also said:

• pending contracts in May totaled 2,740, an increase of 26 percent over May 2011’s 2,169;

• May had 4,434 new residential listings, an increase of 5.4 percent from 4,205 the same month last year;

• inventory fell 18.7 percent from May 2011, leaving the Carolina Multiple Listing Services’ region with a 9.4-month supply of homes for sale, down from the 13.5 months of supply during the same time last year;

• the average number of days a property was on the market from the time it was listed until it closed was 140, down from 150 days the same month last year;

• the share of new listings that were distressed in May was 13.6, down from 16 percent a year ago; and

• of all closed sales in May, 14.3 percent were distressed, down from 32 percent in May 2011;

The increases in prices and sales come on the heels of prices and sales rising in April versus the same month last year.

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