Market Report: NoDa/The Arts Distrcit Charlotte, NC. March 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 42 homes that sold for an average sale price of $242,268. They were on the market for an average of 113 days. 2 years ago there was 20 homes that sold for an average of $221,245. They were on the market for an average of 113 days. Last year there was 34 homes that sold for an average of $195,918 They were on the market for an average of 124 days. Currently there are 17 homes actively on the market for an average asking price of $224,669. They have been on the market for an average of 171 days. There are also 10 homes under contract. These homes have not closed yet. They have an average asking price of $254,326 and were on the market for an average of 75 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 about a 6 month of home inventory on the market. This area is becoming more stable and balanced now. Dave diCecco Realtor/Broker www.davedicecco.com