Market Report: The Arts Distrcit/NoDa Charlotte, NC. December 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 December 1st to November 30th. 3 years ago there were 45 homes that sold for an average sale price of $234,926 They were on the market for an average of 76 days. 2 years ago there was 22 homes that sold for an average of $230,668. They were on the market for an average of 160 days. Last year there was 31 homes that sold for an average of $196,798 They were on the market for an average of 118 days. Currently there are 18 homes actively on the market for an average asking price of $224,797. They have been on the market for an average of 231 days. There are also 7 homes under contract. These homes have not closed yet. They have an average asking price of $206,129 and were on the market for an average of 183 days. Based on the current market conditions inventory levels are leveling off in this area. A six month supply of inventory is considered to be a blanced market. Currently there is a little over a six month supply.which makes this close to a blanced market. Dave diCecco Realtor/Broker www.davedicecco.com