Market Report: NoDa/The Arts Distrcit Charlotte, NC. Nov. 2011

NoDa or also known as the Arts District is a suburb of uptown Charlotte. Conveniently located 2 miles from uptown it is home to art galleries and various southern cuisine restaurants. People love living here for the old world charm it still has. An old textile mill area of is a thriving area of Charlotte. Below is the market trends over the past three years for the area from November 1st to october 31st. 3 years ago there were 43 homes that sold for an average sale price of $242,541. They were on the market for an average of 62 days. 2 years ago there was 24 homes that sold for an average of $235,046. They were on the market for an average of 161 days. Last year there was 30 homes that sold for an average of $183,117. They were on the market for an average of 113 days. Currently there are 31 homes actively on the market for an average asking price of $250,258. They have been on the market for an average of 182 days. There are also 7 homes under contract. These homes have not closed yet. They have an average asking price of $277,000 and were on the market for an average of 191 days. Based on the current market conditions inventory levels are still high in this area. A six month supply of inventory is considered to be a blanced market. Currently there is a little over a year supply. this bodes well for buyers in this area right now. Dave diCecco Realtor/Broker www.davedicecco.com