CHARLOTTE, N.C. – CRRA reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CMLS) data.  The number of closings for February 2009 (1,348) rose 7.2 percent over last month when closings totaled 1,258.  Closings compared to the same period a year ago decreased 38.1 percent.  The average sales price for February ($182,865) decreased 3.3 percent over last month but is down 15.5 percent when compared to last February 2008.  The average listing price of solds in February ($206,172) decreased 9.9 percent over last February’s average list price of $228,916. 

Residential contracts reported in February (1,712) decreased 7 percent over last month when contracts totaled 1,841.  New residential listings for February totaled 4,637, down 13.2 percent over last month.  The average days a property was on the market from the time it was listed until it closed (list to close) was 145.9 days for February.  The average days a property was on the market (days on market), excluding the days the property was off the market or pending, remained virtually unchanged at 113.2 for February.

 “February marks the second consecutive month of sales-price declines in the CMLS service area.  Some of the pricing drop can be attributed to foreclosure transactions since they typically sell below market prices,” says Donna Anderson, CRRA/CMLS president.  “However, we are optimistic that the increase in closings in February, and the most recent passage of legislation addressing the housing industry issues will all work in concert to increase consumer confidence and bring buyers back to the market.”