The average closing price for the Charlotte area in March 2011 was $194,465, down approximately 1.6% compared to 2010. Average days on market was 159 for the month of March 2011. There were 1903 total closings in March 2011, up 0.2% compared to 2010. The bulk of home sales continues to be in the lower price ranges, with 76% of sales in the $250,000 and under category. Residential Closings - Entire MLS March 2010 - March 2011 March 2011 Closed Sales by Price Range www.helenadamsrealty.com Current Active Listings by Price Range Under $120,000 $120 - $150,000 $150 - $250,000 $250 - $350,000 $350 - $500,000 Total Active Listings = 22,401 Data Courtesy Carolina MLS. 28% 13% 13% 9% 2% ASP = Average Sold Price Data Courtesy Carolina MLS. Total Sold March 2011 = 1903 Data Courtesy Carolina MLS. 14% 11% 8% 4% .08% $500K - $1 Million Over $1 Million 27% 8% Under $120,000 $120 - $150,000 $150 - $250,000 $250 - $350,000 $350 - $500,000 $500K - $1 Million Over $1 Million 36% 26%
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Page 4 On the Move - Helen Adams Realty Volume 4, I ssue 4
Loan Demand Up as Rates Stay Stable
Demand for home purchase loans picked up
at the end of March to the highest level of the
year, while mortgage rates remained mostly
unchanged, according to surveys by the Mort-
gage Bankers Association (MBA) and Freddie
Mac. The MBA's Weekly Mortgage Applica-
tions Survey showed demand for purchase
loans grew a seasonally adjusted 6.7 percent
during the week ending April 1 when com-
pared to the week before.
MBA said last week's increase in purchase
loan demand was due to a sharp increase in
applications in government loans, likely due
to a scheduled increase in FHA insurance pre-
miums. Demand for government-backed loans
(by the Federal Housing Administration, U.S.
Department of Veterans Affairs and U.S. De-
partment of Agriculture) surged a seasonally
adjusted 10.3 percent, to the highest level
since May 7, 2010.
Borrowers Rush to Beat FHA Premium Increase Article excerpts from Inman News, April 7, 2011
Data Source: MBA Mortgage Finance Forecast, March , 2011
With the pool of borrowers who have the
ability to qualify for a refinance continuing to
shrink, requests for refinancings have
dropped to the lowest share since May, 2010.
In a March 15 forecast, MBA economists pre-
dicted that rates on 30-year fixed-rate loans
will continue a gradual rise next year, climbing
to an average of 6.2 percent in the final three
months of 2012.
MBA also predicted a 3.6% increase in existing
home sales for 2011 compared to 2010, and a
6.7 % increase in sales for 2012 vs. 2011.
Interest Rate Forecast
Home Sales Forecast
The average closing price for the Charlotte area in March 2011
was $194,465, down approximately 1.6% compared to 2010.
Average days on market was 159 for the month of March 2011.
There were 1903 total closings in March 2011, up 0.2% compared
to 2010. The bulk of home sales continues to be in the lower price
ranges, with 76% of sales in the $250,000 and under category.
Residential Closings - Entire MLS March 2010 - March 2011