July 2011 Market Update

Welcome to the Scot Williams Realty blog. hopefully you will find us imformative, helpful, and maybe at times fun. We look forward to your comments.

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.

This entry was posted in Uncategorized. Bookmark the permalink.

2 Responses to July 2011 Market Update

  1. iphone 5 says:

    Hello there! I could have sworn I’ve been to this web site just before but following searching by means of a few of the article I recognized it is new to me. Anyways, I’m surely pleased I discovered it and I’ll be book-marking and checking again usually!

  2. Iphone 5 says:

    Possessing examine this I assumed it absolutely was really beneficial. I enjoy you taking some time and hard work to place this short article jointly. I when once more locate myself investing approach to significantly time equally reading through and commenting. But so what, it absolutely was nevertheless worthwhile!

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>