February Home Sales Up 27 Percent Across Charlotte Region

The Charlotte Regional Realtor® Association reported last week that February home sales continued to show positive gains, with closings up 26.6 percent compared to February 2012. February 2013 sales totaled 2,043 compared to 1,614 for the same period last year.

Both the average and median sales prices continued to post increases. The average sales price in February 2013 ($194,900) was up 5.5 percent compared to February 2012 ($184,766), and the median price ($150,923) was up 3.8 percent over February 2012 ($145,450).

The average list price in February 2013 ($267,708) increased 8.1 percent over February  2012 ($247,736), bringing the percent of original list price received measure to 92.6 percent compared to 90.7 percent last February. Demand across the region was still strong; pending sales totaled 3,089, an increase of 52.7 percent over the previous period when contracts totaled 2,023.

New residential listings totaled 4,207, which is up 4.7 percent over February 2012. Inventory continued to fall, decreasing 28.9 percent compared to February 2012, leaving the CarolinaMLS region with a 5-months supply of homes for sale.

2013 Association/CarolinaMLS President Eric Locher said, “With new listings up nearly 5 percent we’re hopeful that this is an early sign of seller confidence being restored throughout the region. 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 number of days a property was on the market from the time it was listed until it closed (list to close) was 147 days, which is a decrease of 12 days compared to February 2012.  Days on Market (DOM), the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 106 days compared to 119 days for the same period last year.

Foreclosures and short sales within CarolinaMLS continued to fall.  Distressed properties accounted for only 10.2 percent of new listings compared with 13.8 percent last February.  15.9 percent of all closed sales in February 2013 were distressed, which is down from 18.7 percent in February 2012.

Source: Charlotte Regional Realtor® Association

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