October 2017 home sales in the Ballantyne area of Charlotte, North Carolina (28277 zip code) continued the trends we've seen all year with home prices up, inventory tightening, pending and closed sales struggling to hold on.
The average sale price of Ballantyne area homes increased by 3.8% to just under $361,000 as compared with the same period one year ago. (Median sale price in October 2017 was also up 6.7% versus one year ago.)
Average days on market for property listings dropped to 31 days from 33 days one year ago--a 6.1% improvement over the same period last year. Median days on market also dropped by 30.8% to 8 days in October 2017.
Average price per square foot increased by 6.1% to $140/square foot in October 2017 versus the same period in 2016. Pending sales were down 1.7% in October versus the same month last year, October 2017 closed sales were up 1.2%. It's not unreasonable to assume that both pending and closed sales would have been higher if there had been more inventory in October.
The number of showings per listing and the number of showings until pending contract per listing also dropped. During October 2017, listed homes averaged 10 showings (down 3.8% versus October 2016) and 22 showings until pending contract (down 8.3% versus the same time period one year ago). Given the tight inventory of available homes for sale, it's not surprising that listed homes get less "foot traffic" prior to going under contract, while showings until pending contracts decrease as homes sell more quickly.
The median percent of original list price that sellers received for their homes was up 0.7% compared with last year at 98.4%, showing how little negotiating room there is in the 28277 zip code for Ballantyne area homes.
New listings decreased 2.1% versus October 2016, barely relieving the strain to a high demand market starved of available inventory. The Ballantyne area's months supply of homes remains at below two months at 1.8 months (down 10.0% versus October 2016).
Without doubt, it continues to be a seller's market in the 28277 zip code and very competitive, with many homes selling within days of being listed for sale and with little indication that this will change in the remaining months of 2017. The strong housing market we've seen in Ballantyne area throughout 2016 continues through the final months of 2017, as Ballantyne homes continue to sell, sell faster, and sell for more money.
Ballantyne Area Local Market Update - October 2017
Previous Ballantyne Area Housing Market Updates:
This Charlotte, North Carolina real estate monthly update for Ballantyne is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Ballantyne area neighbors and Charlotte metro area real estate consultants.
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