Charlotte Real Estate Recovery – July 2011 Housing Numbers Promising
Charlotte Metro region’s home sales posted 10% gains in July from same period last year. 2,170 single family homes, condos and townhomes sold in the Charlotte region in July while pending sales (in Escrow) are up nearly 17% from July 2010. These positive numbers are reflective of a market that had no artificial inflation due to the tax credits of last year.
We’re seeing upward movement in Closings and pending sales, partly because of the typical springtime boost and partly because foreclosures and short sales are beginning to finally be absorbed around the Charlotte Metro region. The Charlotte real estate recovery is showing positive movement in the distressed housing, where inventory has fallen for the seventh straight month. 20% percent of new listings were distressed in July, compared with 25 percent the previous year. As well, lender mediated sales (distressed property sales) fell from 36% in July 2010 to 26%, July 2011.
Here’s to a strong fall with continued record-low interest rates, making it a great time to buy in this Charlotte real estate recovery market!