Housing Market in Charlotte, NC. Showing Signs Of Stabilizing

The economic outlook for the housing market in Charlotte, NC. seems to be taking a swing in the direction to being more stabilized after years of uncertainty. As unemployment figures decrease and more companies are relocating to the Charlotte, NC. area the housing market is starting to feel the positive effects of that. January started the year off to a good start and quickly looks like it is a momentum builder for the year ahead. A quick snapshot of January 2012 to January 2011 showed that home sales rose 9.2%. That is one of the largest increases since the downturn (not factoring in the home buyer tax credit time period). Those home sales were homes that actually closed...A very positive sign for the housing market. Skeptics will say but there is a lot of other inventory homes available out there to buy. Well actually from last year inventory levels are down an astonishing 23.6%. That is almost one fourth of what was out there last year. Inventory levels have been slowly dwindling. But this is a large drop off. Even going back two years I found the numbers are reflecting us getting back to a more stable market. Sold homes rose 18% from January 2010 numbers. Average homes on the market has dropped 34% since January 2010. Now, home prices are not reflected in the change in inventory levels yet...I am uncertain as to why; except that short sales and bank owned properties still account for over one third of all sales out there last year. AS the average home price remained relatively the same from January 2011 to January 2012 decreasing only .1% and decreased 8.7% since January 2010. As inventory levels begin to go down I think we are going to see home prices starting to slowly creep back up. It is a basic economic situation. Supply and demand. When the supply is greater than the demand prices are lower and when the demand is greater than the supply prices are higher. A balanced market is said to be six month supply of homes available based on closed transactions. Based on January sale numbers we are now at 8.8 months’ supply down from 13 months in January 2010. All this bodes well for buyers and sellers today. Rates are historically low. Making your buying power greater. Rents are increasing faster than income because of demand. This is pushing more buyers to buy now. A wise investment. Sellers are going to start to be able to sell their homes and get what would be a fair market value in a stable economy and housing market.... Dave diCecco Realtor/Broker www.davedicecco.com

Market Report: NoDa/The Arts Distrcit Charlotte, NC. January 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 january 1st to December 31st. 3 years ago there were 47 homes that sold for an average sale price of $241,489 They were on the market for an average of 88 days. 2 years ago there was 22 homes that sold for an average of $213,563. They were on the market for an average of 141 days. Last year there was 30 homes that sold for an average of $196,724 They were on the market for an average of 123 days. Currently there are 18 homes actively on the market for an average asking price of $210,124. They have been on the market for an average of 126 days. There are also 8 homes under contract. These homes have not closed yet. They have an average asking price of $210,124 and were on the market for an average of 150 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 balanced market. Dave diCecco Realtor/Broker www.davedicecco.com

Market Report---Crestdale Crossing Matthews, NC. 28105 January 2012

Crestdale Crossing is a quaint 110 single family home subdivision located in Matthews, NC. 28105 just outside of the center of town. This quiet community was built in 2002-2003. It's families love the location to the highways, the great schools and family like atmosphere with children playing in the park or riding bikes through the cul de sac's. Below are the market trends for Crestdale Crossing for the past three years. This will give you a good idea of how the housing has trended in there. These numbers are from February 1st through January 31st. 3 years ago there were 4 homes that sold for an average sale price of $121,875. They were on the market for an average of 23 days. 2 years ago there were 5 homes that sold for an average sale price of $114,350. They were on the market for an average of 81 days. Last year there were 7 homes that sold for an average sale price of $84,371. They were on the market for an average of 92 days. Currently there is only one home for sale at $74,000. There are 3 other ones under contract right now. The average asking price of the ones under contract is $89,125 and they have been on the market for an average of 82 days. Based on the trends for the past three years this community has a shortage of inventory based on the average sales for the past three years. This bodes well for sellers in the neighborhood. David diCecco Realtor/Broker www.davedicecco.com