Monday, January 25, 2010

Real Estate Market Report

CHARLOTTE is experiencing a buyers market with prices trending downward. Average prices of existing homes range from 180k and 240K

-->Based on all data from the Charlotte Regional Realtor Association, as of November 9, 2009 the average sales price of homes in our area was $195,244. This was an increase of 1.1% over November of 2008. amd .5% over October 2009.

-->A recent study indicates that 31% of the active listings in Charlotte have been reduced an average reduction of 9.1%.

-->Things have improved in the last several months, with home sales averaging about 800 per month, (up from the first half of the year it where it was about 600 per month).

-->With 6,831 homes on the market, there is about an 8 1/2 month supply of inventory in the Charlotte area was given the rate of sales.

-->It is still a buyer's market, but the price per square foot sold is up--showing a positive sign for our market. Prices on closed sales has been as low as $95.00 in the last year and is now at $105 per square foot on average.

-->The Charlotte Observer reports that foreclosures are increasing. Sales increased due to government incentives and current listing showing activity seems to indicate that the current 2010 government home buyer incentives are working.

Listen to us LIVE on the Radio every Saturday from 2-3pm. WBT-Talk Radio 1110am. - Talk to Rich Ferretti - Call 704.374.3500 with questions!

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