The latest Residential Real Estate Sales Trend report was released last week and it is my opinion that our market is still strong and is in the process of rebounding.
According to statistics the average days a listed property is on market is now 130.7. The amount of contracts between July 6 and August 5, 2008 decreased by almost 28.2% compared to last year at this time and residential closings were down by 29.8%.
At the present time there are 30,000 listed properties in our MLS area which encompasses 10 counties with estimated closings at 2,700. These figures equate to an inventory absorption rate of 11. This means at present time we have 11 months worth of inventory and still in a buyers market. With prices trending downward there are some great buys in our area.
Go to my Charlotte Real Estate website for additional information and available properties.
10801 Johnston Road
Charlotte, NC 28226