The market is turning. There is a different positive energy out there with buyers. Everything happens out West then moves this way.

In California there was a 15.9 month inventory of active homes for sale in January 2008. January 2009 there was a 5.9 month inventory. Effective April 2009, there are 3.9 months worth of inventory on the market. This is now a seller’s market.

Sales are up in California:

• October 2008, up 63%
• November 2008, up 111%
• December 2008, up 84%
• January 2009, up 100%
• February 2009, up 83%

Granted, a lot of these were foreclosures and short sales, but they are working their way through these. There will be more REO properties, but it will come in waves. This bodes well for re-sales and new home construction.

All real estate is local. According to the Charlotte Multiple Listing Service, the end of second quarter 2008 there was a 17-month inventory. Today, there is an 11-month inventory.

Area 11 is Cabarrus County (which includes the cities & towns of Concord, Harrisburg, Kannapolis, Mt Pleasant, and Midland), and currently has a 10-month inventory in ALL price points. For properties under $200,000, there is a 7-month supply which is almost balanced. If you are looking to purchase in this price, you are not in a buyer’s market any more. We are now encountering multiple offers and increased activity in this sector. Under $300,000 there is an 8-month supply; under $500,000 there is a 9-month supply.* As suggested, the Charlotte market is seeing increased activity from what is occurring in the Western U.S.

Because of the economy and unemployment rates, with dwindling real estate inventory, prices will go up but not drastically. Home prices will rise slowly, and we will have a more stable market.

Someone once told me that you will not know where the bottom of the market is until it has passed you by. With historically low interest rates and the $8,000 home buyer tax credit, the time to purchase a home is now.

*Statistics from CMLS Realtor Resources