Market Report: NoDa/The Arts Distrcit Charlotte, NC. April 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 April 1st to March 30th. 3 years ago there were 36 homes that sold for an average sale price of $239,340. They were on the market for an average of 120 days. 2 years ago there was 23 homes that sold for an average of $207,245. They were on the market for an average of 116 days. Last year there was 37 homes that sold for an average of $204,321 They were on the market for an average of 116 days. Currently there are 17 homes actively on the market for an average asking price of $230288. They have been on the market for an average of 160 days. There are also 11 homes under contract. These homes have not closed yet. They have an average asking price of $255,624 and were on the market for an average of 84 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