The Charlotte, NC Real Estate Housing Report for January 2008 As Reported In The Carolina Multiple Listing Service: 

Using the Carolina Multiple Listing Service statistics for January 2008 found that overall home sales closings were down as days on market and homes listed for sale continue to rise when compared to the previous January 2007.

  • Contracts were down 25%
  • Actual closings fell 23%
  • Of note, the average residential closing price remained virtually unchanged at $218,610 from last year
  • Average days on market are up almost 10% over last year…129.8 days…this is a steady overall increase over the past 12 months
  • The list price VS sales price differential for Jan 07 was 4%…for Jan 08 was 9.3%.  Sellers continue to ask more for their homes without a cooresponding increase in sale price.  Sellers have not come to grips with the current market realities.
  • New listings are way up over last January…5,902 in Jan 07…6,716 in Jan 08.  More people are trying to sell their home resulting in an increase in inventory available to the buyer to buy.

Based on January 2008 review, it is imperative that sellers that must sell need to list their home at a competitive price now and not chase the market price…supply is up…buyers have more choices…sellers need to adjust their expectations accordingly.

Respectfully,

Rufus Hutchinson

Charlotte NC Real Estate Broker