Real Estate Professional Network

March 2010 Market Activity

Charlotte Regional Realtor® Association reports

residential real estate monthly activity for March 2010

CHARLOTTE, N.C. – Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CMLS) data. The number of closings for March 2010 (1,900) was up 13.7 percent over last March 2009 when closings totaled 1,671. Closings increased 36 percent over last month (February 2010) when closings totaled 1,397. The average sales price for March 2010 ($197,564) was up 3.2 percent over last year’s average sales price ($191,433), and is up by 3.3 percent over February’s average sales price of $191,288. The average listing price of solds in March 2010 ($223,319) increased 3.1 percent over last month’s average listing price of $216,605 and is up 3.3 percent over the average listing price for March 2009.

The residential pending contracts figure reported in March 2010 (2,498) was up 23.2 percent compared to last March 2009 (2,028), and is up 27.8 percent over last month.

“First quarter has started out strong, with March statistics showing the third consecutive year-over-year gain in closings. With pending contracts up substantially for a second consecutive month, Realtors® are optimistic that these indicators will bolster consumer confidence. However, inventory is increasing and we need this trend to continue in order for the inventory to decrease. Nonetheless, consumers appear to be taking advantage of the homebuyer tax credit, which is due to expire at the end of the month,” says Lyn Kessie, 2010 association and CMLS president.

New residential listings in March 2010 totaled 6,147. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 144.9, which is nearly nine days less than last month. The average number of days a property was on the market (days on market), excluding the days the property was off the market or pending, was 118, or nearly unchanged compared to last month.

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