Thursday's Charlotte Observer's headline story declared "Charlotte Home Sales Rebound," a boost of good news just when the Charlotte real estate 
market needed it most! The article provides statistics from the Charlotte Regional Realtor Association, illustrating that sales of single family homes, townhouses and condos were up by 19.6% from sales a year ago in October, 2008. This is the first gain in home sales in the Charlotte Region since February, 2007, when Charlotte, NC began to feel the fallout from the national housing crisis, according to CRRA.
Factors involved in this sales boost, according to CRRA in the Observer article, are the first-time homebuyer tax credit that was initially set to expire on November 1, decreases in asking prices, low interest rates, and pent up buyer demand. This news may herald a turnaround in the Charlotte real estate market, perhaps proving that the market has hit the bottom and will slowly creep back up over the next year. The only negative aspect of the news is that market values continue to decline. The average sales price for homes in Charlotte fell to $196,204 in October, 2009, down 9.5% from October 2008, and down slightly (.003%) from Sept., 2009. Distressed properties (short sales and foreclosures) continue to contribute to the decline in housing values.
But overall, the news in October, 2009 for the Charlotte real estate market is good! More contracts (33.8% increase over October 2008) means more closings, means a reduction in inventory, and therefore a more balanced market.
So let's celebrate, Charlotte! It's time to buy and sell real estate!
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