Charlotte-area home sales rose 8.8% in January from the same month last year, and the region is showing signs of a "solid" seller's market that will probably last through the spring, according to a report Tuesday by the Charlotte Regional Realtor Association.
January's market remained tipped in favor of sellers, as the amount of properties for sale stood at a four-month supply — below the six-month level that is generally considered a balanced supply.
"Demand for homes across the region continues to be strong," Maren Brisson-Kuester, the association's president, said in a statement. "However, inventory remains challenged."
Other highlights from the report:
There were 2,359 closed sales last month, according to the report on existing-home sales. The same month last year posted 2,169 sales.
Home prices in the region continue to rise. The average sales price in January was $223,505, up 3% from the same month last year. Tight supplies of homes for sale are helping boost prices, as sellers seek to take advantage of low inventories and buyers seek to outbid one another.
Even as sales rise, fewer homes are being put on the market than a year ago. There were 3,887 new listings in January, down 5.3% from a year ago. Real estate experts say tight supplies are making it tough for potential sellers to find their next home, causing them to delay putting their properties up for sale.
Homes continue to sell faster than they did a year ago. The average number of days a property was on the market until it sold was 78 last month, compared with 100 days in January 2014.
©2015 The Charlotte Observer. Distributed by Tribune Content Agency
