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Home sale prices rise again in February

Charlotte-areas home sales in February 2013 dwarfed the volume of February 2012, leaping 26.6 percent.

According to the Charlotte Regional Realtors Association’s monthly market activity report, closings totaled 2,043 last month in the 10-county area. In February 2012, closings numbered only 1,614.

As impressive as February’s jump was, it doesn’t measure up to the 40.4 percent leap in January compared with January 2012.

Both the average and median sales prices continued to increase in February. The average sale price last month was $194,900, up 5.5 percent compared with February 2012, which had an average price of $184,766. The February median price, $150,923, rose 3.8 percent over the previous February, which had a median price of $145,450.

The average number of days on the market also dropped to 147 days, a 12-day decrease compared with February 2012.

The average list price bumped 8.1 percent over February 2012, to $267,708 from $247,736. This brought the percent of original list price received to 92.6 percent compared with 90.7 percent last year.

The report shows that demand is still strong in the area, with pending sales increasing 52.7 percent from 2012–from 2,023 to 3,089 contracts.

New listings also were up last month by 4.7 percent from February 2012, and inventory continues to fall, dropping 28.9 percent from the same time last year. This left the Carolina Multiple Listing Services with a 5-month supply of homes for sale.

In the report, Eric Locher, Charlotte Regional Realtor Association President, said 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,” Locher said.  “In some situations, we’re seeing more multiple offers and sales price exceeding list price.”

Bennett can be reached at (704) 247-2911, abbie.bennett@mecktimes.com or on Twitter at @AbbieRBennett.

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