Progressive Stabilization - Steady Recovery Continues!
February 2013 Real Estate Market Update
All signals currently point to a progressive stabilization in the housing market and the positive trend in home price appreciation.
We still have a long way to go to return to 2005-2006 levels, but we are seeing significant upward movement of single family prices.
The National Association of Realtors (NAR) say “pent-up demand is sustaining the market.” Record low mortgage interest rates clearly are helping many home buyers as their financial ability and confidence steadily grows.
And for the first time since 2006, the real estate numbers are largely positive.
Pending Home Sales were up 62.3% 2,925 compared to 1,802 in 2012.
Closing Sales in January were up 40.4%, 2,163 closings compared to 1,541 in 2012.
The price range with the largest gain in sales was the $300,001 and above price range where they increase 43.1%
Absorption rates improved as Months Supply of inventory was down 46.6% to a 5 months supply.
New Listings in the Charlotte region decreased by 1.3% to 3,838 down from a total of 3,889 in January 2012.
Market wide inventory levels shrank 29.4% to 12,862 units, compared to 18,212 in January 2012.
January 2013 CHARLOTTE, NC Real Estate Market Update
All real estate is local down to the neighborhood you live in contact me today for your free market analysis and let me show you what the market is saying in your area.