February Home Sales Edge Up Slightly

CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CarolinaMLS) data.

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Homes Sales Increased

CarolinaMLS February home sales increased 1.4 percent with 2,345 properties sold in February 2016 compared to 2,312 properties sold in February 2015.  Sales are up 15 percent compared to January 2016.

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Average Sales Price Increased

The average sales price ($230,943) increased 4.2 percent compared to the average sales price in February 2015 ($221,690).  The median sales price ($182,000) increased 2.2 percent compared to the median sales price in February 2015 ($178,000).

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Average List Price Increased

The average list price in February 2016 ($313,725) increased 10.8 percent compared to February 2015 ($283,266), bringing the percent of original list price received measure to 94.9 percent, which is an increase (1.4 percent) compared to the same period last year. Preliminary pending sales counts for the month of February 2016 totaled 3,814, an increase of 22.2 percent over last year at this time (3,122).

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“Sellers are testing the market”

2016 Association/CarolinaMLS President Maren Brisson-Kuester said, “Though inventory challenges continue, sellers are starting to test the market, with February new listings up 7 percent compared to January. This is a trend we’d like to see continue as we head into the spring selling season.”

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New Listings Unchanged

New residential listings were relatively unchanged, down 0.2 percent in February 2016 compared to February 2015.  Inventory declined 26.4 percent compared to February 2015, leaving the CarolinaMLS region with a 2.8-month supply of inventory with 9,935 properties for sale. Last February’s supply was higher with 13,505 properties for sale, or 4.3 months of supply.

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Less Days on Market

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 126 days, which is 5 days less time on market than February 2015.  Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 72 days, which is 8 days less time on market than last February.

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