July 2012 Charlotte Housing Market Report

Charlotte Median Sales Price – July 2012

July 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 July 2012 (2,653) increased 22.2 percent compared to July 2011, when closings totaled 2,171. Both the average and median sales price showed positive increases for a sixth consecutive month. The average sales price in July 2012 ($220,385) was up by 3.4 percent compared to the same period last year ($213,205), and the median sales price ($166,100), the best measure of trends over a period of time, showed prices up by 1.6 percent compared to July 2011 when the median sales price was $163,500.

The average list price in July 2012 ($237,904) decreased 1.4 percent when compared to the average list price for the same period last year ($241,380), bringing the percent of original list price received measure to 92.5 percent as compared to 89.7 percent last July. July 2012 pending contracts totaled 1,738, a decrease of 15.3 percent over last July’s pending contract figure (2,053) for the CMLS region.

New residential listings in July 2012 totaled 3,930, up 6.8 percent compared to the same period last year when new listings totaled 3,681. Overall inventory continued its downward trend, down 16.9 percent compared to July 2011, leaving the CMLS region with an 8.8 months’ supply of homes for sale as compared to 12.5 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 144, which is a decrease of 13 days when compared to last July when the list to close count totaled 157 days.

The share of new listings that were distressed in July was 12.0 percent, compared to 15.8 percent the previous year. 13.8 percent of all closed sales in July were distressed, compared to 16.5 percent in July 2011.

The current active foreclosures on the market are at their lowest level since January 2008. The number of active short sales on the market are at their lowest since April 2009. The long-term trend is heading in the right direction.

U.S. Census – Charlotte’s Population Grew in 2011

U.S. Census – Charlotte’s Population Grew in 2011

According to the U.S. Census Bureau, Charlotte’s population grew 2.7 percent to approximately 751,000 between April 2010 and July 2011. Charlotte comes in as the 17th largest in the country in both population count and in rate of population growth.

Charlotte of course is also the largest city in North Carolina, but it lagged behind Cary and Raleigh in growth rate, both having a growth rate of 3.1 percent in 2011.