Charlotte, NC. Housing Stats And trends For March 2013

There is a lot of talk about the housing market in Charlotte, NC. and whether it is improving or if this is a smoke screen. Being one of the largest metro areas in the United States and one of the fastest growing this trend plays a vital impact on home sellers and home buyers alike. So I decided to do a monthly analysis versus the previous year and two years ago during the same month and see where the trends are and how they are impacting the housing market in Charlotte, NC. here are the stats for march 2013: First, let's look at inventory of available homes buyers have to choose from in the Charlotte, NC. region. In 2011 there were 23781 homes for sale in March. In 2012 there were 19473 homes for sale in March. Last month there were 13746 homes for sale. That is a decline of 58% in two years of available homes buyers have to choose from. Second, the average sale price of homes in the Charlotte, NC. region for March 2011 was $195,336. In 2012 the average sale price was $196,214 and last month the average sale price was $216435. That is an increase of 10.7% in the average sale price in the Charlotte, NC. market. Third, let’s look at days in inventory. How long are houses sitting on the market? In 2011 the average home sat on the market for 13.2 months before being sold. In 2012 the number improved to 9.7 months and last month it improved to 5.0 months. That is a dramatic drop in inventory of over 75% in two years. What the trends are showing is that the housing market is out of the recession and available homes for sale have decreased to the lowest levels we have seen in over 5 years coupled with prices slowly creeping back up and more buyers out there than homes available and you have signs of a robust market in Charlotte, NC. If all three factors were trending equally it could be the market fixing itself. But the fact that inventory has declined 25% less than average days on market means we are getting more buyers out there than homes right now and it is starting to cause prices to go up. This is a good thing for the housing industry and the economy. Coupled with the fact, home prices are not skyrocketing to adjust for decrease of inventory shows a stable growth in the Charlotte, NC. market. Dave diCecco Realtor/Broker Coldwell Banker United Cell: 704-519-7895 ddicecco@cbunited.com www.davedicecco.com