Charlotte area home sales rose 26.6 percent in February compared to last year, the Charlotte Regional Realtor Association reported Friday. This follows a 40 percent annual surge in sales seen in January.
Slightly more than 2,000 Charlotte homes sold in February, compared with 1,614 homes sold in February 2012.
Both the average and median sales prices posted increases. The average sales price in February was $194,900, up 5.5 percent compared to February 2012's average price of $184,766. The median price, $150,923, was up 3.8 percent over a year earlier.
Average listing prices are also on the rise - increasing 8.1 percent to $267,708.
Sellers also got more of what they asked for than sellers in February 2012. Buyers paid 92.6 percent of the list price, compared to 90.7 percent.
New listings rose 4.7 percent to 4,207. Overall inventory of available homes, however, continued to fall. The amount of available homes for sale dropped nearly 29 percent leaving the region with a five-months supply of homes for sale. Agents consider a six-month supply of available homes as a healthy balance.
"With new listings up nearly 5 percent we’re hopeful that this is an early sign of seller confidence being restored throughout the region," association president Eric Locher said in a statement. "Sellers should still be mindful that homes need to be priced right for the current market. Buyers need to understand that we’re edging closer to a seller’s market and in some situations, we’re seeing more multiple offers and sales price exceeding list price.”
The average number of days a property was on the market from the time it was listed until it closed was 147 days, which is a decrease of 12 days compared to February 2012.
Foreclosures and short sales also continued to fall. Distressed properties accounted for 10.2 percent of new listings compared with 13.8 percent last February.
Distressed homes accounted for nearly 16 percent of homes sold in February, down from 18.7 percent in February 2012.