Monday, December 10, 2012

Charlotte's November home sales 'robust'

Charlotte-area home sales rose 35 percent in November compared to the previous year, leading the local Realtor association to describe the jump as "robust." The increase is particularly noteworthy given the housing market is in a traditionally low-point in the sales cycle.

Both the median and average sales prices also rose, according to the Charlotte Regional Realtor Association report released Monday. 

The average price in November was $204,413, up 6.2 percent compared to last year's average of $192,414.  The median price, $160,000, was up 5.6 percent from last year. 

"We're actually in the historically weakest part of the selling season, but home prices are continuing to rise, largely due to decreased supply and solid demand," said association president Jennifer Frontera. "This is good for sellers."

The average list price in November was relatively flat at $223,175, up a slight 0.6 percent from last year. 
Sellers are also receiving 92.2 percent of what they are asking for, up from 90.7 percent last November. 

New listing rose to 3,028, up five percent annually. The supply of homes, meanwhile, fell, dropping 27.5 percent compared to November 2011, giving the area a 5.7-month supply of new homes. A six-month supply of homes is considered healthy. 

This number does not reflect what's known as shadow inventory, or homes that are in the foreclosure process or seriously delinquent. 

Foreclosures and short sales - where a home sells for less than its outstanding mortgage - accounted for proportionately fewer new listings and sales. Distressed homes accounted for 13.7 percent of new listings, down from 18.2 percent last year. They accounted for 13.3 percent of sales, down from 18.3 percent this time last year. 

Home spent less time on market - an average 145 days, a decrease of 15 days. 


NCdirtdigger said...

With the Federal Reserve buying up MBS the banks are under less pressure to sell REO properties and can keep them off the market. It doesn't mean they are not out there, just that it lessens the competition in the market.
So what is happening here is the Fed is printing up $45Billion a month to buy MBS and indirectly funnel money to the very banks that caused the crisis to start with. Meanwhile, the added money in the system will eventually cause inflation, which will lead not only to higher home prices, but higher prieces for everything.

Anonymous said...

Shhhh....... The sheep don't want to hear the truth.... you will scare them.

Anonymous said...

I wonder how much of this can be attributed to the Duke Energy - Progress Energy merger. The merger closed in July and October/November was the main time that hundreds of folks were moving from Raleigh and snapping up homes.

Anonymous said...

Thanks DD,
We live in a world of a willingly clueless population.

Unknown said...

The truth? Since the fed has been doing quantitative easing for 4 years now, I guess the inflation should start, oh - yesterday? Just like the conventional wisdom that says the skyrocketing deficit will make interest rates go up, while in fact interest rates have hit record lows each year of our exploding deficits. I'm not claiming to be smarter than anyone here because I was taught the same thing in economics class, but DirtDigger's analysis just isn't backed up by the facts of what is happening.