June 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 June 2012 (2,657) increased 14.0 percent compared to June 2011, when closings totaled 2,330. Both the average and median sales price showed positive increases for a fifth consecutive month. The average sales price in June 2012 ($227,924) was up by 5.3 percent compared to the same period last year ($216,389), and the median sales price ($171,500), the best measure of trends over a period of time, showed prices up by 9.4 percent compared to June 2011 when the median sales price was $156,775.

The average list price in June 2012 ($244,881) decreased 1.7 percent when compared to the average list price for the same period last year ($249,088), bringing the percent of original list price received measure to 92.7 percent as compared to 89.7 percent last June. June 2012 pending contracts totaled 2,506, an increase of 8.9 percent over last June’s pending contract figure (2,301) for the CMLS region.

New residential listings in June 2012 totaled 4,109, down 0.8 percent compared to the same period last year when new listings totaled 4,143. Overall inventory continued its downward trend, down 17.4 percent compared to June 2011, leaving the CMLS region with a 9.3 months’ supply of homes for sale as compared to 13.1 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 139, which is a decrease of 13 days when compared to last June when the list to close count totaled 152 days.

The share of new listings that were distressed in June was 11.4 percent, compared to 14.7 percent the previous year. 14.2 percent of all closed sales in June were distressed, compared to 30.6 percent in June 2011.

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