Spring Market in Charlotte NC
Charlotte-Area Home Sales See Spring Upswing - This was the title of the article in the Charlotte Observer I noticed today. Because our office -
EXIT Realty South - is seeing more activity, it is great to see it confirmed in the local paper.
Here is the article:
Charlotte-area home sales jumped in March, posting the biggest gain from February in at least eight years, a sign that a hefty buyer’s tax credit is boosting the usual spring sales surge.
The number of houses, townhouses and condos sold last month rose 36 percent from February, according to results released today by the Charlotte Regional Realtor Association. That gain is likely due in part to improved weather and buyers realizing that tax credits of up to $8,000 will expire April 30. However, sales were also up nearly 14 percent compared with March 2009.
Sales remain well off their peak levels, but March results mark the sixth consecutive month of year-over-year sales gains and a return to the double-digit increases of last fall.
The average price rose 3.2 percent, to $197,564, for transactions through the association’s Carolina Multiple Listing Services.
In an early indicator that sales might continue to strengthen, the number of pending contracts jumped 23 percent, to 2,498. Pendings are signed deals that haven’t yet closed, and March’s level was the highest since August 2008, immediately before the worst of the financial meltdown.
MLS results, which account for the majority of sales in the area, don’t distinguish between sales of new and existing homes. A heavy load of foreclosures has been one factor stifling new home construction. However, Mecklenburg County saw permits for single-family building nearly double last month compared with a year ago.
The 235 single-family permits was the highest number since March 2008 but still far below the 864 issued in March 2006, the peak of the building boom.
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