Is The Charlotte, NC. Housing Market Improving In 2012?

A question that is always asked by home sellers during a listing presentation and home buyers looking for homes; "How is the market performing now as compared to the past few years?" the answer has always been subjective depending on who you talked to. Charlotte was one of the last areas to get hit by the housing crisis and has been slower than others to recover...however the trends are showing we are coming out of the housing slump. The data says that Charlotte is recovering along with the rest of the country now. Inventory levels peaked around January 2010 as families were trying to short sale their home or sell it. Unfortunately at that time the amount of buyers out looking made it very difficult to get your home sold if it was not priced right... In January 2010 we had an average of 13.2 months of homes for sale based on sales at that time. Currently we have an average of 10.8 months supply of homes on the market. That may not seem like a lot but it is a drastic drop in inventory levels. Considering that a six month supply is considered a balanced market Charlotte is trending toward a more balanced inventory level right now. The other factor that plays into this is the amount of homes for sale right now. We had a high in January 2009 of homes on the market (due to foreclosures running rampant). We are down 28% in total inventory in the Charlotte area in the past 2 years. That is a large reduction and the trend seems to be heading in lower inventory levels. With lower levels of homes to choose from the demand will start to increase and prices will begin to climb slowly. I know currently being on both the selling side of it and the buying side of it; i have noticed a substantial uptick in home offers and multiple offers on house right now...if you are priced right and have the home marketed well you can and should sell your home rather quickly as compared to the past 2 years. The other variable is the amount of homes sold. From last year to this year we have seen an upswing of almost 27% more homes sold and the amount of homes pending to close has increased by almost 30%. both are great signs that the housing market is in the rebound in the Charlotte, NC. area. With interest rates being at historic lows and maintaining that level and rental prices increasing dramatically; more people are finding it more affordable to own a home than to rent one right now. As the economy has stabilized in the Charlotte region and more jobs have been increased consumer confidence has risen with it. That i believe has sparked the increase in home sales today and will continue to help the housing market in Charlotte, NC. recover from the recession. Dave diCecco Realtor/Broker www.davedicecco.com