Home sales in October were up 36.8 percent from a year earlier in the Charlotte region, and prices also continued to rise, prompting the head of the Charlotte Regional Realtor Association to see an end to the “buyers market” of the past couple of years.
The association said Charlotte region residential closings totaled 2,575 in October, up from 1,882 in October 2011, based on data from Carolina Multiple Listing Services Inc.
Closings also were up 15 percent from September, when 2,244 homes were sold.
Both the median and average sales prices showed gains, the association said. The average home price in October 2012 of $204,335 was up 4.9 percent compared to last year ($194,739). The media price in October ($157,000) was up 3.3 percent from October 2011 ($151,942).
The association said year-over-year prices now have risen for nine straight months.
“Now that the market has reached equilibrium at a six months’ supply, we’re no longer in a buyer’s market,” said Jennifer Frontera, president of the Realtor association and Carolinas Multiple Listing Service.
The average list price in October 2012 ($235,920) increased 6.2 percent over the same period last year ($222,194). That means sale prices average 92.4 percent of list prices in the month, up from 90 percent a year earlier.
Meanwhile, the home sales pipeline remains strong, the association said. Pending contracts in October totaled 2,783, up 58.5 percent compared to the previous period when contracts totaled 1,756.
With signs of a pickup, more sellers are putting their homes on the market. New residential listings in October totaled 3,448, up 6.5 percent from October 2011 (3,238). Inventory continued its downward trend, decreasing 27.3 percent compared to last October, leaving the CarolinaMLS region with a 6 months’ supply of homes for sale.
Homes in October spent less time on market. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 149 days, which is a decrease of 18 days compared to last October. Days on Market until sale (DOM), the metric that accrues for “Active” and “Under Contract-Show” statuses only, was 108 days compared to 122 last year.
Foreclosures and short sales together made up 13.2 percent of all new listings compared with 17.4 percent last year, while 15.3 percent of closed sales were distressed, down from 20.2 percent last October. Foreclosures continued to sell rapidly; the list-to-close figure was 63 days for single-family homes and 47 days for townhome-condo properties.
Said Ms. Frontera: “We’re seeing fewer distressed sales as a share of the market and prices are reflecting this. With inventory dropping, buyers can expect to see prices continue to rise.”
For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Community Data.”