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As I’m sure you are all well aware the real estate market remains unsettled. The good news is that numbers posted in July in the Charlotte Region seem to continue to signal improvement. New Listiings are down 27.1% in July vs. July 2010, 20.2% year to date; and that trend has continued in both the week ending 7/30 and that ending 8/6/11. Pending sales increased 20.5% in the week ending 7/30, and closed sales in July incresed 9.7%. This combination of trends has reduced available inventory 20.4% to 22,009 homes. We are not out of the woods yet, average sales price was down 1.5% in July year to year; and average days on the market of 150 is still high historically matching its average over the last twelve months.
Select Area Results for July 2011 (From research provided by The Charlotte Regional Realtor Association)
Area 04 (includes Eastover and Cotswold)
New Listings in July -37.9%, year to date -25%
Closed sales in July +3.5%, year to date +5.8%
Average price in July -13%, year to date less than 1% change
Area 05 (includes Myers Park and Southpark )
New listings in July -25.5%, year to date -18.1%
Closed sales in July +12.9%, year to date less than 1% change
Average price in July -1.7%, year to date -1.9%
Area 06 ( Dilworth)
New listings in July -27.5%, year to date -21.6%
Closed sales in July +34.4%, year to date +11.5%
Average price in July +15.8%, year to date +3.5%
Area 99 (Center City)
New Listings in July -11.1%, year to date -36.7%
Closed sales in July +15.4%, year to date +12.2%
Houses are selling at more affordable prices, and as this trend continues, inventory will evaporate and you will see a revival in construction and with it all the secondary supply chains that the local economy depends on. Forget the voatility in Washington and the stock and comodity markets, NOW seems to be the time to buy.
Look for our story on Green technology for residential construction after the August update.