Closed Home Sales Prices In Charlotte, NC. Increasing as Inventory Decreases

As people ask me how the housing market is in Charlotte, NC. I cannot help but be ecstatic about the housing market. Prices are increasing and buyers are getting interest rates at the lowest levels ever seen. A factor that helps sellers decide if the it is the right time to put their homes back on the market is the average sale price of homes that sold. There are many pricing matrix's Realtors use. Some prefer the median price of homes; others the average overall price. For me, I believe the average sold price is the best indicator. This is tell you numbers based on what people paid for a house actually. Now, in Charlotte, NC. you may want to have the numbers broken down even more precise by your neighborhood or area. However; this is an indication of where the market is headed. Three years ago in Charlotte, NC. when we thought the housing market was beginning its recovery from the fallout the average sale price of a home that sold was $208,521.00. during that time period we had in the Charlotte, NC. market we had 9,208 available homes on the market. Two years ago in Charlotte, NC. the average sale price of homes that sold was $199,129.00. That actual saw a drop of 4.5% from the previous year and had people wondering if the prices had bottomed out or not. But a factor they did not realize was inventory levels also dropped substantially in that year to 7,297 available homes for sale. that was a 20.7% decrease in inventory. Coupling that with prices going down and people were waiting. Last year in Charlotte, NC. the average sale price of homes that sold was $212,097.00. That was a 6.5% increase over the previous year and a little over 25 form 2010. The trend for just about each and every month in Charlotte NC. last year was an increase in prices. That coupled with low interest rates helped spur the housing market. To the point that inventory levels last year were down to 4,999. That was a 31.5% decrease in available inventory of homes..... because of the low inventory it spurred a lot of buyers to get into bidding wars on homes and forced prices up. As we enter into 2013 it looks like the trend is going to stay that way.....It seems that interest rates are low and are going to maintain a low level right now. That with consumer confidence on the rise; has more buyers are out looking and buying homes. That has caused an economics class scenario of supply and demand.... Looking to sell your house this year; now may be a great time to be on the market. housing prices are increasing, inventory levels are low and days on the market are balanced. Dave diCecco Realtor/Broker Coldwell Banker United www.davedicecco.com