May 2012 Charlotte Housing Market Report

Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CMLS) data. The number of closings for May 2012 (2,607) increased 19.0 percent compared to May 2011, when closings totaled 2,191.  Both the average and median sales price showed positive increases for a fourth consecutive month. The average sales price in May 2012 ($217,561) was up by 4.0percent compared to the same period last year ($209,288), and the median salesprice ($165,000), the best measure of trends over a period of time, showed prices up by 8.6 percent compared to May 2011 when the median sales price was $152,000.

The average list price in May 2012 ($246,495) decreased 0.5 percent when compared to the average list price for the same period last year ($247,660), bringing the percent of original list price received measure to 92.2 percent as compared to 89.6 percent last May.  May 2012 pending contracts totaled 2,740, an increase of 26.3 percent over last May’s pending contract figure (2,169) for the CMLS region.

New residential listings in May 2012 totaled 4,434, up 5.4 percent compared to the same period last year when new listings totaled 4,205. Overall inventory continued its downward trend, down 18.7 percent compared to May 2011, leaving the CMLS region with a 9.4 months’ supply of homes for sale as compared to 13.5 months’ 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 (list to close) totaled 140, which is a decrease of ten days when compared to last May when the list to close count totaled 150 days.

The share of new listings that were distressed in May was 13.6percent, compared to 16.0 percent the previous year. 14.3 percent of all closedsales in May were distressed, compared to 32.0 percent in May 2011.

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