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Archive for the ‘Cabarrus County’ Category

 

Latest News Release from CRRA

Charlotte Regional Realtor® Association reports

residential real estate monthly activity for February 2011

 CHARLOTTE, N.C. – Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CMLS) data.  The number of closings for February 2011 (1,329) was down 4.9 percent compared to February 2010 when closings totaled 1,397.  Compared to January 2011 (1,414), closings were down 6 percent.  The average sales price for February 2011 ($180,036) was down 5.9 percent compared to February 2010 ($191,288), and was down 4.3 percent compared to the January 2011 average sales price ($188,147).  The median sales price in February 2011 ($143,500) was up 1.8 percent compared to last February’s median sales price of $140,970 and was up 0.3 percent compared to the January 2011 median sales price of $143,126.

 “The median sales price, which is generally considered to be more accurate by those who watch trends and statistics, has been a bit more stable than the average sales price over the last several months,” said Laurie Knudsen, association and CMLS president.  “When figuring the median sales price, which is up slightly, extreme highs and lows are not included as they are when calculating the average sales price.  This is why the median sales price often paints a truer picture when comparing data over time.”

 The average listing price in February 2011 ($206,576) was down 4.6 percent from last February’s average listing price of $216,605, and was down 5.2 percent from the January 2011 average listing price of $217,809.  The residential pending contracts figure for February 2011 (1,672) was down 14.4 percent compared to February 2010 (1,954).  This figure increased 17.8 percent compared to January 2011, when pending contracts totaled 1,419.

 Knudsen further adds, “This time last year the homebuyer tax credit was acting as a stimulus and driving sales.  We’re hopeful the nearly 18 percent increase in contracts over last month will be an indicator of sales later on this spring.”

 New residential listings in February 2011 totaled 4,108.  The average number of days a property was on the market from the time it was listed until it closed (list to close) was 157, which is 2.7 days shorter than last month.  The average number of days a property was on the market (days on market), excluding the days the property was off the market or pending, was 119.9 days, which is about 3.2 days longer than last month.

 In January 2011, CMLS changed its reporting structure to report data from the first day of the month to the last day of the month.  Prior to this, data was reported from the fifth of the month to the sixth of the next month.  CMLS has done everything possible to ensure the accuracy of its statistics; however, we may discover very slight anomalies that will require adjustments and corrections over time.

 For more residential-housing market statistics, visit the association’s website at www.CarolinaHome.com and click on “Community Data.”  For an interview with 2011 association/CMLS President Laurie Knudsen, please contact Kim Walker.

 The Charlotte Regional Realtor® Association is a trade association that leads, educates and equips members to be productive. It provides more than 6,500 Realtor® members with the resources and services needed to conduct ethical, professional, successful and profitable businesses. The association is dedicated to being the region’s primary resource for residential real estate information.  The association operates the Carolina Multiple Listing Services, Inc. (CMLS), which has approximately 7,400 Subscribers and is the private cooperative Realtors® use for access to tens of thousands of residential listings in a 10-county service area, including the high-growth Charlotte area, as well as listings outside this service area.

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The answer is….. NO!  Just checked the MLS and found that as of December 1, Iredell County has seen a total of 91 properties go under contract or close.  I’m sure you’re wondering how many were distressed.  That would be 26 out of the 91.  In Mecklenburg County, the numbers are a total of 696 with 261 distressed.  In Cabarrus, it’s 105 and 42, and Catawba, it’s 37 and 12.

What do you make of this?  For me it means that even though we’re in “the holidays”, there are buyers out there who are ready, willing and able.  It also means that they have many distressed properties to choose from that are somewhat discounted in price.  Price is certainly not the only consideration for most buyers, but it certainly gets buyers’ attention and sets their expectations for what they’re willing to pay when they do make an offer.  Sellers can’t ignore that, and those who set prices with that in mind are able to sell their properties.  Buyers who are in the market during the holidays are very motivated due to some life circumstance that requires them to buy a property at this time of year.  They are very good folks with whom to negotiate a contract.

Are things going to improve anytime soon on prices?  Based on what I’ve seen and read, I wouldn’t count on it.  It appears that we are seeing the early signs of some economic optimism, especially in how buyers are handling their holiday shopping.  If that holds up through the holidays, we may see some small improvement in employment going into the new year.  The housing market is largely controlled by the presence or absence of steady employment, so we hope that employers will start responding to improved sales and start hiring. 

That’s likely to be a slow process, and with it we’ll see a slow improvement in housing sales along with reductions in foreclosures.   Only when the inventory of properties is substantially reduced are we likely to see any real local up-tick in property prices.

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