Reprinted from Charlotte Regional Realtors Association! The Market is Up!
Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CarolinaMLS) data. CarolinaMLS July sales rose 5.9 percent this year with 3,750 properties sold, compared to 3,540 properties sold in July of the previous year. Sales are up 3.3 percent compared to last month.
The average sales price ($241,485) increased 3.7 percent compared to the average sales price last July. The median sales price ($192,000) increased 5.5 percent compared to the median sales price for the same period last year.
The average list price in July 2014 ($268,657) increased 10.0 percent over July 2013 ($244,281), bringing the percent of original list price received measure for July 2014 to 94.6 percent, a decrease of 0.1 percent when compared to the same period last year. Preliminary pending sales counts for the month of July totaled 3,902, an increase of 22.8 percent over the previous period when contracts totaled 3,177.
2014 Association/CarolinaMLS President Joe Rempson said, “Pending sales continue to be a bright spot, signaling strong demand and future sales. However, inventory is still challenged, with months of supply unchanged and new listings down. Fortunately, the rate of price increase is slowing across the region, with both the average and median sales price down 6.3 percent and 2.8 percent respectively compared to last month.”
New residential listings decreased in July and were down 2.9 percent compared to the same period a year ago. Inventory declined 4.9 percent compared to July 2013, leaving the CarolinaMLS region with a 5.3-months’ supply of inventory with 15,709 properties for sale.
The average number of days a property was on the market from the time it was listed until it closed (list to close) was 125 days, which is unchanged compared to the same period last year. Days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 69 days compared to 88 days last July.
Distressed activity (foreclosures and short sales) accounted for 5.6 percent of closed sales in July, down from 9.5 percent the same time last year.
