Housing Demand and Sales Strengthened In October

The Charlotte Regional Realtor Association recently released a report regarding the region’s current residential real estate market according to the Carolina Multiple Listing Services, Inc. (CarolinaMLS) data.

Based on the CarolinaMLS October data, from 2,832 properties sold October year, the home sales rose 1.3. percent this year with 3,210 properties sold. However, sales have decreased 1.3 percent compared to September 2014.

As for the average list price, there was an increased of 7.8 percent from October 2013’s $246,400 to October 2014’s $265,718. This brings the percent of original list price received measure to 93.9 percent, which remains unchanged as compared to the same period in 2013.

The preliminary pending sales also rose 20.5 percent for the month of October with 3,198 compared to last year’s 2,654.

“Demand for homes in the Charlotte area has persisted throughout the year and continues to create momentum for sales, with year-to-date sales up nearly 4 percent and on pace to outperform 2013. However, inventory continues to be a challenge, and buyers may face limited choices since inventory generally falls as we enter the holidays,” said Joe Rempson, President of Association/CarolinaMLS.

On the other hand, new residential listings dropped in the month of October by 4.4 percent compared to the same period last year. Inventory as well dropped 12.6 percent compared to October last year, hence, leaving a 4.8-month supply of inventory with 14,519 properties for sale within the CarolinaMLS region.

As for the average number of days of a property in the market from the period it was listed until the closing, the report showed a decrease of 128 days from 130 days of October 2013.

However, the Days on Market, that comprises of “Active” and “Under Contract-Show” statuses only, showed a total of 72 days, which remains unchanged as compared to October 2013.

Last but not the least, the report showed a decreased in the activities of distressed properties, both foreclosures and short sales, from 8.8 percent in October 2013 to 6 percent of closed sales in October this year.