As everyone is well aware, the real estate market has slowed as has the overall economy.  I will say it again–even though sales have slowed considerably in the Charlotte area, our real estate market is faring much, much better than those in other areas of the country. 

Stats are in for March and some of the highlights are as follows:

  • 55% of residential properties that closed were on the market for more than 90 days and 42 % were on the market 120+ days, with the overall average days on market being 132
  • The average listing price of closed properties was $233,882, with the average final sales price coming in at $220,620
  • Contracts reported decreased at a little over 32%
  • Closings decreased at just over 25%
  • The average closing price only decreased 3.5% compared to the same time period in 2007
  • 46% of the closed properties were priced under $200,000
  • There are currently over 29,000 active listings in the Charlotte Multiple Listings

(Statistics obtained from Charlotte Multiple Listing Services)

Taking all this into perspective, we are probably in more of a “normal” market than we have been in the past 5 years.  If you are selling, I cannot emphasize enough how important it is to stage and to price correctly.  If you are thinking of buying and your credit score is acceptable, what are you waiting for?  It doesn’t get much better than this!

Thought for today:  “Success usually comes to those who are too busy to be looking for it.”  Henry David Thoreau