Now is the time we all have been waiting on, and that is the housing market seems to be turning the corner. No more is the housing market in the slumps so that means the buyers on the open market want some of the best deals available. Anyone in the Charlotte market want to buy a home knows that things are getting better.
According to the Association of Realtors, the Mecklenburg market is on fire compared to the previous year and the previous year was doing okay compared to the year before. Here are some of the numbers that was extracted from the Carolina Realtor Association:
|Median Sales Price||149,900||160,000||+6.7|
|Average Sales Price||196,649||206,051||+4.8|
|Days on Market||126||111||-12.1|
|Inventory on the Market||21,279||15,548||-26.9|
|Months Worth of Inventory||11.3||6.4||-43.9|
This means that inventory is selling +4.8% higher than properties were in September of 2011 and homes are on the market for a shorter period time down -12.1%. The biggest change in the market is the amount of inventory, in 2011 there were 21,000 homes on the month which equated to an 11 month supply of houses if no other house was added down to a little under 6.5 months of houses on the market.
The amount of inventory on the market is still high and that means homeowners that don’t have time to sell, will probably have to wait 6 months before they will sell their home if it sells unless they are willing to give a good discounted price or fix the house up to almost new.
As of September 2012, the Charlotte housing market is looking for good compared to September of 2011 but the market hasn’t fully recovered. Don’t let the numbers trick you into thinking you will get more for your home than it is worth. Buyers are smarter now and want to make sure that they have the best deal on the market for what they are looking for. If your house isn’t the best on the market or at the best price, it’s a good chance that they house will just sit on the market.