How Is The Housing Market Performing In Charlotte, NC. In October 2013?

There is a lot of talk about the housing market in Charlotte, NC. and whether it is improving or if the rise in interest rates has caused the market to slow down and prices to lower while inventory creeps back up . A monthly analysis versus the previous year and two years ago during the same month allows me to compare and see where the trends are and how they are impacting the housing market in Charlotte, NC. Here are the stats for October 2013: First, let's look at inventory of available homes buyers have to choose from in the Charlotte, NC. . In 2011 there were 7682 homes for sale in October. In 2012 there were 5536 homes for sale in October. Last month there were 3956 homes for sale. That is a decline of 49% in two years of available homes buyers have to choose from. Second, the average sale price of homes in the Charlotte, NC. for October 2011 was $205,902. In 2012 the average sale price was $208,853 and last month the average sale price was $229,521. That is an increase of 11% 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 11.2 months before being sold in October. In 2012 the number improved to 7.1 months and last month it improved to 3.9 months. That is a dramatic drop in inventory of over 65% 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. However; in comparison to last couple of months the trend is showing that the housing market has stabilized and some prices are remaining stable for the past few months with slight increases being seen. Generally this time of the year we start to see homes slowly decline a little bit as sellers are taking their homes off the market with the holiday's coming up. Yes there are fewer buyers now but it still is a gresat time to sell your home and buy a home. As a seller you have less competition with existing homes and buyers have less competiton when looking at a home and are not feeling as rushed to buy a home in fear that someone else may scoop it up first. The out look is looking good for both sellers and buyers as interest rates are still at hiostoric lows and affordability is high and sellers are takign advantage fo the limited inventory to get their homes sold. Dave diCecco Realtor/Broker Helen Adams Realty Cell: 704-519-7895 ddicecco@helenadamsrealty.com www.davedicecco.com