Total home sales and average sales prices were higher in September in the Charlotte area, compared with a year earlier, Charlotte Regional Realtor Association reported Tuesday. The association also said homes spent less time on the market compared to a year ago.
Closings totaled 2,244 around the region in September, up 14 percent from September 2011, when closings totaled 1,968, according to Carolina Multiple Listing Services Inc. data.
The average sales price in September 2012 was $206,051, up 4.8 percent compared to the same period last year, when it was $196,649. The median sales price ($160,000) — the best measure of trends over a period of time — showed prices up 6.7 percent compared to September 2011 when the median sales price was $149,900. It marked the eighth straight month for year-over-year price increases, the association said in a press release.
Asking prices also inched up. The average list price in September ($247,110) increased 3.1 percent when compared to the average list price for the same period last year ($239,732), bringing the percent of original list price received measure to 91.9 percent compared to 89.4 percent last September.
September 2012 pending data showed contracts totaled 2,573, up 36.1 percent compared to the previous period when contracts totaled 1,891.
Jennifer Frontera, president of both the Charlotte Regional Realtor Association and Carolina MLS, was optimistic about the latest figures. She said in a statement:
“The Charlotte housing market is steadily improving with consistent gains in both closed sales and pricing. We are experiencing the perfect mix of favorable conditions: high affordability, fewer distressed listings, steady demand and inventory that has finally reached equilibrium at six months supply. Inventory along with the consistent gains in pricing shows us that we are no longer wedged in a buyer’s market.”
New residential listings in September 2012 totaled 3,290, a decrease of 3.5 percent compared to the same period last year when new listings totaled 3,409. Overall inventory for the CarolinaMLS region was down 26.9 percent compared to last September, leaving the CarolinaMLS region with 6.4-months’ supply of homes for sale.
Homes in September spent less time on market. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 150 days, which is 18 days less than last September. Days on Market until sale (DOM) totaled 111 days, which is 15 days less than last September.
Foreclosures and short sales, or distressed sales, made up 12 percent of all new listings compared with 16.5 percent last year, while 15.3 percent of closed sales were distressed, down from 20.9 percent last September. Foreclosures continued to sell the fastest at 60 days list to close.
For more residential-housing market statistics, visit the association’s website at www.CarolinaHome.com and click on “Community Data.”