Charlotte-region home sales surge by 21.8 percent in February

Residential real estate sales saw a significant increase in February, rising 21.8 percent from the number of closings during the same period in 2011, according to the Charlotte Regional Realtor Association.

Closings last month totaled 1,614, jumping from 1,325 a year earlier. Also, the average sales price ticked up 2.1 percent to $184,775 from $180,940. And the median price saw a rise of half a percentage point to $145,450 from $144,750.
February's spike follows a healthy increase in closings in January, when sales were up 9.2 percent from January 2011 levels, according to the association. A year earlier, the association was reporting a nearly 5 percent year-to-year drop in homes sales.

“A second month of positive housing trends only further confirms that we’re seeing our local market continue to stabilize,” says Jennifer Frontera, association president. “Prices are fairly steady, and Realtors are reporting increased foot traffic, all good indicators as we move into the spring selling season.”

The average list price last month was $254,902, up 6.4 percent from $239,466 a year earlier. Pending contracts numbered 1,969, up from 1,616 in February 2011.
New listings dipped 5 percent to 3,958 from 4,165 a year ago.
Inventory figures are moving downward, dropping 28.3 percent year-over-year.

The association reports the region has an 8.9-month supply of homes for sale, down from 12.4 months in 2011. Of the new listings last month, 13.1 percent involved distressed properties, down from 22.1 percent a year ago. The association says 18.9 percent of last month’s closed sales involved distressed properties. That’s a major turnaround from this time last year, when 36.7 percent of the properties sold were distressed.

The association compiles its data from the 10-county area covered by its Carolina Multiple Listing Services Inc.

These numbers reflect a much stronger market than the most recent report of the Standard & Poor’s/Case-Shiller Home Price Index. The local association's figures are also more current. Case-Shiller is always two months behind. It last reported home prices in the Charlotte market were down 2.3 percent for the year ended in December.

By Susan Stabley, Charlotte Business Journal