Market Report--NoDa/The Arts District Charlotte, NC. February 2012

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 February 1st to february 28th. 3 years ago there were 44 homes that sold for an average sale price of $242,835. They were on the market for an average of 110 days. 2 years ago there was 21 homes that sold for an average of $214,638. They were on the market for an average of 132 days. Last year there was 30 homes that sold for an average of $191,374 They were on the market for an average of 123 days. Currently there are 20 homes actively on the market for an average asking price of $246,630. They have been on the market for an average of 185 days. There are also 16 homes under contract. These homes have not closed yet. They have an average asking price of $197,492 and were on the market for an average of 85 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 just under 9 months of home inventory on the market. This favors the buyer. Dave diCecco Realtor/Broker www.davedicecco.com