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Sales, prices rise in Union Co., CMLS area in Feb.

The latest figures show an uptick in homes sales and prices in the entire Charlotte region last month as well as a larger rise for Union County.

In February, closed sales rose by nearly 11% in Union County to 227 homes sold compared with year-ago figures. In the entire CMLS region, a total of 2,570 homes sold, which represents a 0.5% increase, according to the monthly report by the Charlotte Regional Realtor Association.

The average and median prices for Union County homes rose 12.1% and 18.1%, respectively in February. The average price of a Union County home rose to $327,946 from $292,451 in February 2016.

The average price of a Charlotte-area home jumped nearly 6% to $243,383, and median sales prices rose 10.2% to $199,000.

The story of low inventory was much of the same in February, as it dropped 21.4% to 8,807 homes on the market across the CMLS region in February, while Union County inventory was down nearly 19% to 798 homes for sale in February or approximately 2.3 months of inventory, which represents a 23.3% drop since February 2016.

"With prolonged low inventory situations, sales are typically slower, but pending contract activity, which is an indicator of buyer demand and future sales, continues to be strong," said Roger Parham, president of the CRRA. "However, the good news this month is in listing activity, which is up nearly 15% and shows us sellers are gaining confidence."

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