G4 Realty

CHARLOTTE, N.C. - CRRA reports on the residential real estate market in this region. The number of closings for August 2008 was 2,469, which is a 34.5 percent decrease from August 2007. The average sales price for August 2008 was $230,472 which is a 4.5 percent decrease from the average sales price in August 2007. The average listing price for solds for August 2008 was $247,323, a decrease (1.5 percent) over August 2007’s average list price of $251,164, but a slight increase over July 2008.

Residential contracts reported in August 2008 (2,655) decreased 20.3 percent from August 2007 (3,331). New residential listings reported for August 2008 totaled 5,558. The average days-on-market for August 2008 was 136.1 days, which is an increase (5.4 days) over the previous month.

“The gradual downward trend in closings and contracts show that the Charlotte housing market is not immune to what has been happening in other housing markets across the country,“ said Dot Munson, president of CRRA and Carolina Multiple Listing Services, Inc. (CMLS). “However, we should be encouraged because the average sales price of homes has steadily increased since January 2008 and the average sales price is somewhat unchanged since last month. We are optimistic that based on the overall strength of the Charlotte market and the federal government’s recent takeover of secondary mortgage giants Fannie Mae and Freddie Mac, we will see interest rates continue to fall, which should spur activity in the region.”