Charlotte NC homes for sale in February for the Charlotte-Gastonia-Rock Hill Metro Area numbered 17,811 as of 2/29/2012, a tiny uptick from the previous month. The average sales price for Charlotte real estate was $184,775, or 90.7% of the list price, which is $3,835 or + 2.1% higher than the average sales price at the same time last year. The average amount of time on the residential market for Charlotte real estate is 5.0 months, a slight improvement from 2011. The trend in the time on market, as tiny as it may be, is a welcome positive sign that the Charlotte real estate market is not only surviving, but recovering its former vitality.
Other indicators give even more proof that spring has returned, and we're not just talking about the red buds and dogwoods starting to blossom. The dramatic reduction in the number of homes for sale continues to inspire optimism, which reinforces our conclusions from last month's analysis. Just look at these numbers: Last year at this time, we had 23,015 homes for sale. This month, we have an inventory of 17,811 homes for sale. Yes, that's a -22.6% reduction in inventory. As the backlog of homes for sale continues its disappearing act (decreasing supply), the impact on price also continues to be positive. The increase of + 2.1 % is a further confirmation of the slow but certain signs we've been seeing recently of returning health to the Charlotte real estate market. That's one of the positive factors cited recently by executives with Wells Fargo Home Mortgage who now say the Charlotte real estate market is "excellent" and "really solid." We happily agree!
It's still a buyer's market, but one that's making both buyers and sellers happy. Now's the time to jump in and enjoy the return of spring!
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