CHARLOTTE, –N.C. – CRRA reports on the residential real estate market in this region. The number of closings for October 2008 was 1,848, which is a 30.6 percent decrease from October 2007. The average sales price for October 2008 was $216,777, which is a decrease of less than one percent when compared to October 2007. The average listing price for solds in October ($237,436) increased 4 percent over last year’s average list price of $228,082.
Residential contracts reported in October (1,798) decreased by 37 percent over last year when contracts totaled 2,855. New residential listings for October totaled 4,682. The average days-on-market for October 2008 was 134.4 days, which is a decrease of 3.3 days over the previous month.
Dot Munson, CRRA president says, “With the severe financial crisis that has gripped our economy nationally and locally, along with decreased consumer confidence, we expect to see some sharp drops in closings and decreases in sales volumes, especially at the end of the year and probably over the next few months. However, with overall pricing holding steady and listing prices increasing, we are cautiously optimistic that these small signs are indicators that the Charlotte region is strong enough to endure this necessary phase of correction.”
