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.

Pending Home Sales Index Rise Slightly In September, Currently More Than Its Last Year’s Levels

According to a recent report released by the National Association of Realtors (NAR), the Pending Home Sales Index is now more than the year-over-year levels for the first time in 11 months although the increase last September was only small.

The Pending Home Sales Index from September rose to 0.3% to 105.0 from 104.7 last August. It is now a percent higher than September last year where it was only 104.0.

Furthermore, it has reached the second highest level since September now that the index is above 100 for the fifth consecutive month.

“Housing supply for existing homes was up in September 6% from a year ago, which is preventing prices from rising at the accelerated clip seen earlier this year,” NAR chief economist Lawrence Yun said. “Additionally, the current spectacularly low mortgage rates should help more buyers reach the market.”

As for the regional statistics, the PHSI in the Northeast rose from 1.2% to 87.5 in September and is currently 2.9% above September 2013. As for the South, there was an increase in September of 1.4% to an index of 118.5 and is now 1.7% higher than last year. The Midwest index is presently below 4% from September last year as it saw a drop of 1.2% to 101.2 in September 2014. Lastly, West index is still 3.6% above from last year as it showed a slight reduction of 0.8% to 101.3 in September this year.

Latest Local Housing Trends In Charlotte Metro Area, From Nancy Braun, Winds Charter Member

Tuesday, July 06, 2010
Posted by: Shelley Kaye

Articles/Press Releases:

New Home Sales Plunge 33% Nationally in May: The sales of new homes fell in May to their lowest level ever, decreasing 33 percent from the previous month. Additionally, a report provided earlier in the week stated that the sales of existing homes dropped as well. Because of this situation, the Federal Reserve has repeated their pledge to hold interest rates at record lows to help stimulate economic growth. Besides the issues with homebuyer tax credits, high unemployment and slow job growth also add to the housing market’s condition. On Wednesday, June 23rd, the Commerce Department stated that new-home sales for May came in at a seasonally adjusted annual sales pace of 300,000, which was the slowest in the 47 years recorded. Also, this was the largest monthly drop on record and sales have decreased 78 percent from their peak five years ago. Publication Date: Thursday, June 24, 2010 Publication Title: Charlotte Observer Author: Alan Zibel

Article Link:   //www.charlotteobserver.com/2010/06/24/1520672/new-home-sales-plunge-33-nationally.html   Please feel free to click on the link above to read the complete article!

Mecklenburg County Home Losses Surge: The foreclosure situation in Mecklenburg has doubled so far this year. By June, Mecklenburg citizens had lost 2,185 homes to foreclosure and this increase can be accredited to the high unemployment rates and extensive federal efforts to stem foreclosures by modifying home loans. These foreclosures do not just affect the home owners, but the homes lost also drag down nearby property values, which makes it hard for neighbors to sell their homes as well. In order to help stop this vicious cycle, North Carolina created new laws including one that allows county courts to extend foreclosure sale dates to give homeowners more time to work with their lenders. Additionally, in February of last year, President Obama made a foreclosure prevention effort with Home Affordable Modification Program. Lastly, there are nationwide efforts to provide bridge loans and other stopgap measures for the unemployed. Publication Date: Sunday, July 4, 2010 Publication Title: Charlotte Observer Author: Stella M. Hopkins Article

Link: //www.charlotteobserver.com/2010/07/04/1542926/mecklenburg-home-losses-surge.html Please feel free to click on the link above to read the complete article!

Delinquencies Inch Up in May, Foreclosure Inventories Remain Flat: LPS Lender Processing Services has reported that the seasonal improvement period for delinquencies and foreclosure inventories has come to a halt. According to the article, the total U.S. delinquency rate jumped to 9.2 percent in May, which is 7.9 percent higher than May of 2009. The foreclosure inventory rate has remained stable from the month prior at 3.18 percent, but it was 13.5 percent higher than May of 2010. Also, the national noncurrent loan rate came in at 12.38 percent and if including REO properties, the number of noncurrent loans in May increases to almost 7.4 million. Publication Date: Friday, July 2, 2010 Publication Title: DSNews.com Author: Brittany Dunn Article Link: //showcaserealtyblog.com/delinquencies-inch-up-in-may-foreclosure-inventories-remain-flat-lps/ Please feel free to click on the link above to read the complete article!

Charlotte Area Statistics for May 2010:

Average List Price of Sold Properties $238,736
Average Sales Price $212,454
Average Days on Market 116
Total Number of New Listings 4,744
Total Residential Closings Reported 2,537
Total CMLS Listings on Market 26,008
Mortgage Rates 4.79%
Charlotte/Gastonia/Rock Hill Unemployment Rate 10.90%
National Unemployment Rate 9.50%
Sold Price vs. List Price 88.99%
I hope that you find this information interesting and helpful!

Sincerely,

Nancy Braun, Broker/Owner NC & SC Showcase Realty LLC 315 Main Street Pineville, NC 28134

P: 704-889-5600 Efax: 704-625-2361

Source: //www.womeninds.com/news/45090/LATEST-LOCAL-HOUSING-TRENDS-IN-CHARLOTTE-METRO-AREA-FROM-NANCY-BRAUN-WINDS-CHARTER-MEMBER.htm