In April the market continues to improve year over year. In fact, back in 2011 we had 13.2 months of inventory on the market (clearly a big time buyers market). That went to 9.7 months last year and this year we are down to 5.1 months. What this means is we are absorbing a lot of the supply of existing homes and because of this we have gone from a “buyer’s market” into a “seller’s market”.
Real estate experts normally say that having 6 months of inventory (or it takes 6 months on average to sell a home) is par for the market. Any more inventory or time on market tends to favor buyers as they have more to choose from and any less tends to favor seller’s as the competition to sell against is less.
Furthermore, another proof positive point that the recession is truly behind us is foreclosure activity is going away. In fact, we have gone from market conditions where nearly 50% of the listings were “distressed sales” down to about 25% of the market being in a position where they have to sell at a foreclosed or short sale rate.
Here are some other important statistics to take away from this month’s report.
- The average sales price to asking price is now at 93% of value as compared to 88% of value in 2011
- The average sales dollars for a property in the Greater Charlotte area has gone for $195K in 2011 up to $216K now
- The average days a home sat on the market was 171 in 2011 and is now down to 131 days on market now
In closing, if you are in the market to buy OR sell real estate anywhere in the Greater Charlotte, NC area…please contact Mike Sposato from Carolina Realty Advisors at 704-619-7070 or email Mike at Mike@CarolinaRealtyAdvisors.com Mike offers 100% FREE buyer services and FREE Consultation meetings for those clients that are serious about making a move in the near future.
