Charlotte, NC and the Surrounding Area Home Sales Overview for November 2011.
Total Closed Sales Up, Average Home Sales Prices,Inventory and Foreclosures Down.
Home prices are one of the most popular barometers of market vitality, yet that is only a small part of the big picture.
Soft prices may accompany improvements in other indicators, such as purchase demand (supply & demand) absorption rate( sales rate per month that properties are being absorbed into the market) seller concessions or market times.
Regional, market-wide prices fall short by not recognizing the mix of homes that close each month, be it weighed toward single family, lender mediated or new construction. Price movements often lag changes elsewhere in the marketplace.
In November, new listings in the Charlotte region decreased 16.3%, pending sales were up 12.8%, inventory levels shrank 24% and average home prices decreased by 10.3%.
Foreclosed inventory levels have dropped nearly 75% from their peak in 2010.
Not only do forces beyond supply and demand affect home prices, but other factors such as new job growth helps to boost consumer confidence, which in turn fuels purchase demand and pressure prices. When real income rises, families can afford more house, and move up buyers become increasingly motivated.
In November the jobless rate fell from 9.0 to 8.6% - the lowest in 2.5% that is encouraging news! With Consumer Confidence comes Consumer Spending.
December is usually a slow month for most Realtors but we are finding that we are busier than usual. Buyers are jumping off the fence to take advantage of the historical low interest rates and the opportunity to move up now. Sellers may have to settle for less on the seller end but will more than make up the difference on the buyer end.
Please read below my monthly news letter which will provide you with more market data for the entire MLS.
Data courtesy of Carolina MLS
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