WHEW! Another year is in the books! You could sum up 2011 as another “transition year” for the local housing market. With many ups and downs, our positive developments seemed to be stunted by political paralysis, joblessness or other economic issues. Nonetheless, the housing sector took great strides forward.
Buyers took to the Charlotte streets, with their ridiculously low interest rates, and began snapping up our excess housing supply. Those sales gains have helped tremendously in inventory stabilization as well reduce seller concessions. With sellers facing tougher economic times, foreclosures as well as short sales did see a rise in 2011. While distressed property sales have somewhat limited price gains in many communities, it’s also hastened the absorption of listed properties and greatly reduced our supply.
With regards to single family homes in the Charlotte Metro region, this past week resulted in:
• New Listings decreased 3% to 607
• Pending Sales increased 15% to 377
• Inventory decreased near 30% to 12,958
Below are historical data for the Charlotte Metro region’s residential sales:
