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.

Charlotte Housing – Our Homes Are Some of the Newest in the Nation

Charlotte, North CarolinaCharlotte Housing – Our Homes Are Some of the Newest in the Nation

According to recent U.S. Census Bureau data, Charlotte’s housing is some of the newest in the nation. A recent Biz Journal’s On Numbers analysis of the U.S. Census Bureau data shows that nearly 12% of the 741,000 housing units counted in the Charlotte metro area in 2010 were built after 2004. In the list of the 100 largest U.S. metro areas, in regards to percentage of new homes, this places Charlotte in 10th place.

Only 17 markets nationwide are growing so rapidly that more than 10% of their housing was built in 2005 or later.

Another interesting fact … almost 24% of homes in the Charlotte area were built prior to 1970.